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GRG.V ·

Golden Arrow Reports on Puna Operations Financials

Corporate Updates

Terminal City Club Tower, Suite 411 - 837 West Hastings Street

Vancouver, BC CANADA V6C 3N6 TSX Venture Exchange (TSX-V): GRG

Tel: 604-687-1828 • Fax: 604-687-1858 • Toll Free: 1-800-901-0058 Frankfurt Stock Exchange (FSE): GAC

www.goldenarrowresources.com • [email protected] OTCQB Venture Market (OTCQB): GARWF

___________________________________________________________________________________________________

NEWS RELEASE – February 23rd, 2018

Golden Arrow Reports on Puna Operations Financials

Vancouver, BC / Marketwired / February 23, 2018 / Golden Arrow Resources Corporation (TSX -V: GRG,

FSE: GAC , OTCQB: GARWF ), “Golden Arrow” or the “Company”) is pleased to report that the fourth

quarter and year end 2017 financial results and Mineral Resource and Reserve statement are now available for

the Puna Operations Inc. (“Puna”) joint venture, as reported by the operator SSR Mining (“SSRM”), in a news

release dated February 22nd, 2018 and filed on SEDAR.

Following the completion of the transaction announced on May 31, 2017, Golden Arrow owns a 25% share of

Puna, which is producing silver concentrate from stockpiles at the Pirquitas operation and developing the

nearby Chinchillas silver project.

“The 2017 financial results for Puna demonstrate strong operational performance ,” stated Golden Arrow

Executive Chairman, President and CEO Joseph Grosso. “We look forward to similar excellence from SSRM as

they bring the Chinchillas deposit into production later this year.”

Qualified Persons

Brian McEwen, P.Geol., VP Exploration and Development to the Company is a Qualified Person as defined in

National Instrument 43-101, and has reviewed and approved the contents of the news release.

About Golden Arrow:

Golden Arrow Resources Corporation is an exploration company earning production income. The Company

has a successful track record of creating value by making precious and base metal discoveries and advancing

them into exceptional deposits. Golden Arrow ow ns a 25% share of Puna Operations Inc., a joint venture

operated by SSR Mining, with more than 8 years of forecast production and upside potential at the Pirquitas -

Chinchillas silver mining project. Golden Arrow is actively exploring on its more than 20 0,000 hectares of

properties in Argentina. The Company is a member of the Grosso Group, a resource management group that

has pioneered exploration in Argentina since 1993.

ON BEHALF OF THE BOARD

“Joseph Grosso”

_______________________________

Mr. Joseph Grosso,

Executive Chairman, President and CEO

For further information, please contact:

Corporate Communications

Tel: 1-604-687-1828

Toll-Free: 1-800-901-0058

Email: [email protected]

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.

News Release January 17, 2018

Golden Arrow Resources Corporation Page 2

This news releas e 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. Rea ders 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. We advise U.S. investors that the SEC's mining guidelines strictly

prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on

adjacent properties are not indicative of mineral deposits on our properties.