NEWS

GOLDEN ARROW CLOSES PRIVATE PLACEMENT

Golden Arrow Closes Private Placement

-NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO OR THROUGH US NEWSWIRE SERVICES-

Vancouver, BC / Marketwired / May 19, 2016 / Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") is pleased to announce it has received regulatory approval from the TSX Venture Exchange for the Company's private placement of 8,550,000 units, announced on April 20, 2016 and April 26, 2016.

The Company will issue 8,550,000 common shares of the Company at a price of CAD$0.27 per share for gross proceeds of CAD$2,308,500. The non-brokered private placement consists of a maximum of 8,550,000 units ("Units") at a price of $0.27 per Unit with each Unit consisting of one common share of the Company at $0.27 per common share, and one warrant at $0.30 per warrant ( the "A Unit"). An additional 800,000 units will consist of a maximum of 800,000 units at a price of $0.27 per unit, and one warrant at a price of $0.33 per warrant (the "B Unit"). Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company. A Unit warrants are exercisable at a price of CAD$0.30 per share for two years from the date of issue and the B Unit warrants are exercisable at a price of CAD$0.33 per share for two years from the date of issue.

The Company will pay a finder's fee of CAD$46,421; 334,196 finder's warrants and 162,264 finder's shares, at a deemed fair value of CAD$0.30 per finder's share. Securities issued pursuant to this private placement will be subject to a four-month hold period under applicable Canadian securities laws expiring September 17, 2016. The proceeds of this private placement will be used for general working capital.

About Golden Arrow:
Golden Arrow is a Vancouver-based explorer focused on identifying, acquiring and advancing precious and base metal projects in Argentina with the goal of achieving a world class discovery. The main focus is on advancing the flagship Chinchillas Silver Project located in Jujuy, Argentina. Golden Arrow is a member of Grosso Group, a management company specialized in resource exploration, and working in Argentina where it is highly regarded and trusted since 1993.

ON BEHALF OF THE BOARD

"Joseph Grosso"
_______________________________
Mr. Joseph Grosso, Executive Chairman, President and CEO

For further information please contact:

Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@goldenarrowresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements.

The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.