Golden Arrow Resources Corporation (TSX-V:GRG) (FSE:GAC) (OTCQB:GARWF), "Golden Arrow" or the "Company") announces that the Company has made an application to the TSX Venture Exchange to extend the term of the outstanding warrants as follows:

-- 4,510,000 warrants that set to expire on January 28, 2018 to be extended to January 28, 2019. These warrants were originally issued on July 29, 2016 as part of the units issued under a private placement completed by the Company in July 2016 and are also subject to an accelerator (see text below).

The exercise price of the warrants will remain at $1.00. Each whole warrant, when exercised, will be exchangeable for one common share of the Company.

The Warrant exercise period may be accelerated if the volume weighted average price ("VWAP") for the Company's common shares on the Exchange is $1.40 or greater for a period of 10 consecutive trading days, then the Company may deliver a notice (the "Notice") to the Warrant holder notifying such Warrant holder that the Warrants must be exercised within 10 days from the date of delivery of such Notice, otherwise the Warrants will expire at 4:30 p.m. (Vancouver time) on the 11 day after the date of delivery of the Notice.

The amendment is subject to the approval of the TSX Venture Exchange ("TSXV").

Stock Option Grant

The Company also announces that it has granted 2,045,000 incentive stock options (the "Options") to directors, officers, employees and consultants of the Company. The Options are set for a period of five years, expiring on January 9, 2023, and each Option will allow the holder to purchase a common share of the Company at a price of $0.70. The Options are subject to a 4 month hold period from the date of grant and TSXV approval.

About Golden Arrow:

Golden Arrow Resources is a Vancouver-based exploration company focused on creating value by making precious and base metal discoveries and advancing them into exceptional deposits at its more than 200,000 hectares of properties in Argentina. The Company's pre-feasibility level Chinchillas Silver-Lead-Zinc Project is moving towards production via a joint venture with Silver Standard Resources Inc. Golden Arrow is now actively exploring the new Antofalla silver-gold-base metal project, an exciting new exploration opportunity with similarities to Chinchillas.

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

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.

The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.