Golden Arrow Announces C$2 Million Program at Antofalla & Provides Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 17, 2016) - Golden Arrow Resources Corporation (TSX VENTURE:GRG)(OTCQB:GARWF)(FRANKFURT:GAC)(WKN:A0B6XQ) ("Golden Arrow" or the "Company") is pleased to announce that it has initiated its first exploration program at the recently optioned Antofalla silver-gold-base metal project in the province of Catamarca. With a cash balance of approximately C$8 million, Golden Arrow has outlined a C$2 million program that includes remote sensing, IP/Resistivity geophysics, and geochemical sampling to delineate targets that will be tested with an estimated 3000 metre drill program. Historic work at Antofalla includes 18 metres averaging 128 g/t silver, 0.23 g/t gold and 0.88% lead in a drill hole and two metres averaging 9.2 g/t gold, 52 g/t silver and 5% lead in historic trench samples. The 8,760 hectare Antofalla project has strong geologic similarities to the Company's flagship Chinchillas silver project, where a development decision is expected at the end of the year.

Chinchillas Pre-Development Program
The pre-development work is advancing at the Chinchillas Silver Project in Jujuy, Argentina. In particular, Golden Arrow is continuing its diligent community relations efforts to establish secure and lasting social license for the project. Exploitation permitting for the project is proceeding routinely, with the critical Environmental Report having been submitted to the mining authorities in September. A drilling program is underway to support mine planning, and the prefeasibility study work is expected to be complete by the end of the year.

Corporate Update

"With the recent softness in the overall market we are gratified to see continued high trading volume for Golden Arrow. We are confident that a return to market strength will lead to a further increase of our market capitalization, and in the meantime we will continue to build and advance our strong asset base," commented Joseph Grosso, President and CEO of Golden Arrow.

Golden Arrow's strategy is to maximize value in all market conditions by maintaining a pipeline of strong mineral project assets from exploration to development stage. In addition to Chinchillas and Antofalla, the Company's technical team is reviewing dozens of orphaned projects for acquisition, and continuing the evaluation of the existing portfolio of over 214,000 hectares of well-located properties in Argentina.