Golden Arrow Forming Team for Joint Venture

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 1, 2017) - Golden Arrow Resources Corporation (TSX VENTURE:GRG)(FRANKFURT:GAC)(OTCQB:GARWF) ("Golden Arrow" or the "Company") is pleased to announce that it is establishing a production work committee which will include the very experienced mining engineer Mr. Alf Hills, who will monitor the production procedure to comply with the joint venture agreement conditions, corporate management responsibilities and governance.

Initially, Mr. Hills will be an advising consultant to Golden Arrow. He will then be appointed to represent Golden Arrow on the board of the recently announced joint venture company, that will be structured to hold Golden Arrow's Chinchillas project and the Pirquitas mining and processing facilities of Silver Standard Resources Inc. (NASDAQ:SSRI) (TSX:SSO) ("Silver Standard"), both of which are located in Jujuy Province in the north of Argentina. Upon closing, expected on or before May 31, 2017, the joint venture will hold Chinchillas and Pirquitas owned 75/25 by Silver Standard and Golden Arrow.

Alf Hills has over 35 years of international mine evaluation, development and operational experience. From 2006 to 2013, he was the CEO and a director of Kobex Minerals Inc. and its predecessor company, International Barytex Resources. Prior to that he spent 26 years with the Placer Dome group. He was involved in development of the CIM Best Practice Guidelines for Mineral Resource and Mineral Reserve Estimates. Mr. Hills is registered as a Professional Engineer and is a graduate of the University of British Columbia in Mining and Mineral Process Engineering.

On the exploration side, Brian McEwen will continue his role as the VP of Exploration and Development with his focus being the elaborate and advanced property portfolio that remains 100% owned by Golden Arrow to discover a potential fourth new discovery.

Nikolaos Cacos will be VP of Corporate Development and budgeting for compliance and governance in respect of the JV partnership and GRG responsibilities.

In commenting on this latest development the CEO of Golden Arrow, Joseph Grosso noted: "With a relatively short timeline to the pooling of assets as proposed by the joint venture we are very pleased to have put in place a veteran mining engineer to represent our interests as this moves forward and as Chinchillas goes into development mode".

Respectfully submitted,

Mr. Joseph Grosso, Executive Chairman, President and CEO

About TSX Venture 50™

The TSX Venture 50™ are the top 10 companies listed on the TSX Venture Exchange, in each of the five major industry sectors - mining, oil & gas, clean technology & life sciences, diversified industries and technology - based on a ranking formula with equal weighting given to return on investment, market cap growth, trading volume and analyst coverage. All data was as of December 31, 2016.

About Golden Arrow:

Golden Arrow Resources is a Vancouver-based exploration company focused on creating value by making precious and base metal discoveries and advancing them into exceptional deposits at its more than 200,000 hectares of properties in Argentina. The Company's pre-feasibility level Chinchillas Silver-Lead-Zinc Project is moving towards production via a joint venture with Silver Standard Resources Inc. Golden Arrow is now actively exploring the new Antofalla silver-gold-base metal project, an exciting new exploration opportunity with similarities to Chinchillas. 

Golden Arrow was recognized as a TSX Venture 50™ company in 2017. TSX Venture 50™ is a trademark of TSX Inc. and is used under license.

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.