Golden Arrow Resources Corporation
TSX VENTURE : GRG
FRANKFURT : GAC

Golden Arrow Resources Corporation

November 15, 2007 03:01 ET

Golden Arrow Commences Drilling on Poncha Gold-Copper Project, San Juan, Argentina

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2007) - Golden Arrow Resources Corporation ("Golden Arrow" or "the Company") (TSX VENTURE:GRG)(FRANKFURT:GAC)(WKN A0B6XQ) is pleased to announce that the 3,000m drill program at Poncha, that commenced in April 2007 and was suspended due to the onset of winter, has re-started. This drill program will focus on testing high priority geochemical and geophysical anomalies at the Southern Gold-Zinc Target. Holes completed to date on this target have confirmed the presence of a large breccia, stockwork and vein-hosted intermediate sulphidation epithermal gold/base metal system covering a 2km by 2km area.

A total of 1176m in 4 holes were completed prior to the drilling break. It is anticipated that approximately 2000m in 6-7 holes will be completed prior to the end of 2007.

Highlights of the drilling completed to date include:

- 6m @ 7.40 g/t gold from DDHPC9 (including 1m @ 35.03 g/t gold)(i)

- 2m @ 2.68 g/t gold from DDHPC9(i)

- 2m @ 0.92 g/t gold from DDHPC8(i)

- 9m @ 0.53g/t gold DDHPC1(ii)

- 9m @ 0.66 g/t gold DDHPC2 (including 1m @ 3.38 g/t gold)(ii)

Previously reported in September 6, 200(i) and April 10, 2007 News Releases(ii)

This portion of the drill program is being operated by Golden Arrow staff. An RC drill rig is being used for this portion of the drill program in order to increase efficiency and minimize cost.

Golden Arrow entered into an option agreement with Teck Cominco Limited's subsidiary Teck Cominco Argentina Ltd. ("Teck Cominco") to earn an undivided 100% interest in the 3000 ha Poncha Project. Teck Cominco has an option to re-earn up to a 65% interest in the Poncha Property through a "Back-In" right and an "Additional Earn-In" right. In order to exercise its initial Back-In right to acquire a 51% interest, Teck Cominco is required to fund expenditures equal to twice Golden Arrow's expenditures (to a maximum of $6,400,000). The Poncha Project is located in the Cordillera Frontal of Argentina, San Juan Province. The project includes two main targets, separated by 2km of young, post mineral material; the Northern porphyry copper-gold target and the Southern structural and breccia-related, epithermal target (See April 10, 2007 News Release).

Golden Arrow Resources is a member of the Grosso Group, engaged in mineral exploration in Argentina and Peru. The Company has an extensive property portfolio, ten of which are in the drill ready stage, giving the company a great opportunity for a world-class discovery. With an experienced technical and management team, combined with the business development and financial acumen of the Grosso Group, Golden Arrow represents a premier exploration Company that is well funded and well managed.

ON BEHALF OF THE BOARD

Mr. Joseph Grosso, President & C.E.O.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. 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.

2007 Number 18

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Golden Arrow Resources Corporation
    Joseph Grosso
    President & CEO
    (604) 687-1828 or Toll Free: 1-800-901-0058
    or
    Golden Arrow Resources Corporation
    Bruce Korhonen
    Investor Relations Manager
    (604) 687-1828 ext.248 or Toll Free: 1-800-901-0058
    (604) 687-1858 (FAX)
    Email: bkorhonen@goldenarrowresources.com
    Website: www.goldenarrowresources.com