Golden Arrow Resources Corporation (TSX-V:GRG) (FSE:GAC) (OTCQB:GARWF), "Golden Arrow" or the "Company") is pleased to announce the initiation of a US$1M exploration program at its 100% owned Pescado Gold Project ("Pescado" or "the Project) in San Juan province, Argentina. San Juan hosts several world-class mines and deposits, including the Gualcamayo gold mine which is situated approximately 10 kilometres to the north of Pescado. Golden Arrow's management were involved in the discovery of the Gualcamayo gold deposit.

The Project has two principal gold target areas where large intrusive bodies intersect with major regional faults. Previous work identified high grade gold mineralization in these areas, including 17.6 g/t gold in outcrop samples. The exploration program will include additional geophysics and surface work to refine drill targets, with up to 1,800 metres of drilling budgeted. Work permits have been granted by the provincial mining authorities, and the technical team is now commencing exploration at the Yanso target area.

"The Pescado Project has the attributes needed for making a significant discovery, including proximity to existing deposits, size, accessibility, and known mineralization in a positive geologic setting," commented Brian McEwen, Golden Arrow's Vice President of Exploration and Development. "We look forward to advancing our knowledge of the property and bringing it to a drilling stage."

About the Pescado Project

The 19,784 hectare Pescado Project is 100% owned by Golden Arrow. Pescado is situated in the Pre-Cordillera region, at elevations ranging from 1500 metres to 2500 metres above sea level. Gold mineralization at the Project is hosted by structural zones within Tertiary intrusive bodies in close proximity to Paleozoic sediments. Detailed airborne magnetic surveys have identified two large intrusive bodies at the intersections of major regional faults within the Project boundaries. Strong gold geochemical anomalies coincident with the magnetic anomalies characterize the Yanso and Pescado targets. Outcrop sampling returned up to 17.6 g/t gold at Pescado and at Yanso, chip channel sampling returned 38 metres averaging 0.58 g/t gold. The property is road accessible and exploration can be conducted year round.

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 owns 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 200,000 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.

See Golden Arrow news release dated February 19, 2008, filed on SEDAR.

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: info@goldenarrowresources.com

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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. 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.