Golden Arrow Announces Positive Preliminary Economic Assessment for the Chinchillas Silver Project, with $98.5M After-tax NPV and 17.5% IRR Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company")is pleased to announce the results of a Preliminary Economic Assessment ("PEA") for the Chinchillas silver-lead-zinc project in Jujuy Province, Argentina ("Chinchillas" or "the Project").

The PEA highlights the advantages of the Chinchillas deposit, including its near-surface mineralization, good silver grades, access to infrastructure and amenability to conventional mining and processing.

A US$2 million 6,000 metre Phase III drill program is planned to commence in the first quarter of 2014 with the objective of increasing the size of the resource. Highlights All values are quoted in US dollars, using base case metal prices of $22 per ounce of silver, $1.00 per pound of lead, $1.00 per pound of zinc. -Open-pit mining scenario with a processing design of 6,000 tonnes per day at a 2.2:1 strip ratio, and 12 year mine life -After-tax net present value ("NPV") of $98.5 million at 8% discount rate -Internal rate of return ("IRR") of 17.5% -Payback period of 3.8 years -Pre-production capital costs of $202 million, including a 25% contingency -Cash operating costs of $10.96 per ounce of silver, without lead and zinc credits -Average annual silver production of 5.4 million ounces http://www.juniorminingnetwork.com/junior-miner-news/news-releases/1734-tsx-venture/grg/21931-golden-arrow-announces-positive-preliminary-economic-assessment-for-the-chinchillas-silver-project-with-98-5m-after-tax-npv-and-17-5-irr.html#.UqDBA-L9yLw