NEWS RELEASE.

May 17, 2013: Vancouver, B.C. – Golden Arrow Resources Corp. (Stock Profile – TSXV:GRG) announced it is adjusting the company’s strategy under current market conditions, and for the next phase of the development and advancement of the Chinchillas silver project, it is enacting a program to review and restructure the management team. In this light, the employment agreement with Carlos Fernandez will not be renewed. Accordingly, the company will not be proceeding with the previously announced private placement and loan (see news release dated May 3, 2013). The company wishes Mr. Fernandez well in his future endeavours. In the interim, Joseph Grosso, the company’s executive chairman, will act as president and chief executive officer.

While the status of the current economy persists and calls for management to implement a conservative approach toward corporate expenditures, the technical team will continue with the advancement of the Chinchillas project. This includes further metallurgical testing, an internal preliminary economic assessment, and an exploration program aimed at upgrading and expanding the current resources.

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