May 2012 - Golden Arrow Resources Corporation

Chinchillas Silver Project, Jujuy Advanced-stage, previously-drilled project with 5mineralized zones within a 1.5 km by 0.6 km area14 drill holes completed of which 11 holes cutpotentially economic mineralized intercepts.3,000m Phase 1 infill and expansion drill programongoing Option Agreement with Vendor to earn a 100%interest over a 4 year work program.Located in the prolific Bolivian silver–zinc-tin beltSilver Standard’s Pirquitas silver mine (148 MozProven and Probable reserves at 140.6 g/t Ag fromwhich 7.1 Moz silver was produced in 2011) 1 is 30km SW of ChinchillasGolden Mineral's El Quevar project, with aMeasured and Indicated Resource of 59.9 Mozgrading 310 g/t Ag 2 , is located 200 km south1Pirquitas Mine Reserves from Silver Standard Resources Inc.'s website.2El Quevar Mine Resources from Golden Mineral's website.6