Golden Arrow Increases Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 26, 2016) -

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

Golden Arrow Resources Corporation (TSX VENTURE:GRG)(FRANKFURT:GAC)(WKN:A0B6XQ) ("Golden Arrow" or the "Company") is pleased to report that the non-brokered private placement previously announced on April 20, 2016 has been increased to $2,308,500.

The non-brokered private placement will consist of a maximum of 7,750,000 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 A Unit warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at a price of $0.30 per share for two years from the date of issue. Each B Unit warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at a price of $0.33 per share for two years from the date of issue.

This financing is subject to regulatory approval and securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. The Company may pay finder's fees on a portion of the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The proceeds of this financing 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

Mr. Joseph Grosso, Executive Chairman, President and CEO

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.