Mr. Joseph Grosso reports

GOLDEN ARROW PROVIDES UPDATE ON PUNA OPERATIONS SECOND QUARTER 2018 RESULTS

Golden Arrow Resources Corp. has released the 2018 second quarter results for Puna Operations Inc. as reported by Golden Arrow's joint venture partner and project operator SSR Mining in a news release dated Aug. 9, 2018, and filed on SEDAR.

Highlights from the release include:

• Chinchillas project remains on track: subsequent to quarter-end, trucked first ore to the Pirquitas site in July, 2018. The project remains on schedule for sustained ore delivery in the fourth quarter of the year and on budget, with material advancements in construction and development activities made during the quarter;
• Exploration to expand resources continues, including a 2,400-metre surface drill program at Pirquitas targeting mineralization to augment underground mineral resources;
• Exceeded first half guidance: produced 1.0 million ounces of silver at cash costs of $14.73 per payable ounce of silver sold in the second quarter, exceeding first half production guidance.

"We are pleased to once again report to our shareholders that SSRM continues to demonstrate strong operational performance for Puna," stated Golden Arrow executive chairman, president and chief executive officer Joseph Grosso. "Having a reliable operator for Puna allows us to focus our energies on our ongoing exploration and acquisition activities to build additional resources and value in Golden Arrow."

Qualified persons

Brian McEwen, PGeol, vice-president, 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. Mr. McEwen has significant prior experience with exploration and development projects in Chile.

About Golden Arrow Resources Corp.

Golden Arrow is an exploration company earning production income. The company has a successful record of creating value by making precious and base metal discoveries and advancing them into exceptional deposits. Golden Arrow owns a 25-per-cent share of Puna Operations, a joint venture operated by SSR Mining, with more than eight years of forecast production and upside potential at the Pirquitas-Chinchillas silver mining project. Golden Arrow is actively exploring on its more than 200,000 hectares of properties in Argentina.

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