Communicators

Golden Arrow Intersects 61m at 3.04 g/t Gold and 7.16 g/t Silver on Poncha Project, Argentina

Golden Arrow Resources Corporation ("Golden Arrow") (GRG-TSX.V) is very pleased to announce assay results from the 5-hole 1,553m reverse circulation (RC) drill program carried out in November-December 2007 on the Poncha Gold-Copper Project in San Juan, Argentina. The 5 holes tested geochemical-geophysical targets within the 2km by 2km South Target epithermal precious/base metal zone, completing the Phase II drill program started in April-May 2007.

Hole RCPC13, drilled in the northwest sector of the South Target, intersected breccia-stockwork hosted gold-silver-copper-lead-zinc mineralization over a 266m interval, between 129m and 395m depth, that included numerous high-grade gold intercepts and wider mineralized zones with highlights including:

• 266m @ 1.21 g/t gold and 3.30 g/t silver (129m – 395m) including,
• 34m @ 2.19 g/t gold and 4.31 g/t silver (129m – 163m) including,
• 9 m @ 4.88 g/t gold and 8.43 g/t silver (142m – 151m)
• 61m @ 3.04 g/t gold and 7.16 g/t silver (270m – 331m) including
• 4 m @ 10.84 g/t gold and 7.93 g/t silver (281m – 285m) and,
• 8 m @ 10.91 g/t gold and 24.00 g/t silver (305m – 313m)

This strong zone of polymetallic mineralization is spatially related to a prominent induced polarization (IP) chargeability anomaly and geologically occurs along a northwest-striking contact between porphyry intrusive rock and volcaniclastic breccias which remains open in all directions.

A summary of highlights from the 5 holes reported herein are provided in Table 1 below. Results from the first part of Phase II drilling on the South Target included 6m grading 7.4 g/t gold from DDHPC9, including 1m grading 35.03 g/t gold (see September 6, 2007 News Release).

Golden Arrow is earning up to a 100% interest in the Poncha Project from Teck Cominco Limited’s subsidiary, Teck Cominco Argentina Ltd. (“Teck Cominco”) by fulfilling expenditure and tenure maintenance requirements subject to Teck Cominco’s option to re-earn up to a 65% interest in the Poncha property (see April 10, 2007 News Release).

The Company is currently planning a drill program to systematically step-out from the RCPC13 discovery hole along the chargeability anomaly/porphyry contact in all directions to delineate the extent and tenor of the mineralized zone. This program will be executed either immediately before or after the Andean winter which usually extends from April to September.

Technical Summary:

The Poncha Project is located in the Cordillera Frontal of Argentina, San Juan Province. The project hosts two mineralized zones; the copper-gold porphyry Northern Target and the structural/breccia-related polymetallic epithermal South Target. The two zones are separated by 2km of young, post mineral material (See April 10, 2007 News Release). The geologic/genetic link between these targets has not been established yet.

Exploration in 2007 has been focused on the 2km by 2km South Target where a hydrothermal-sulphide vein/breccia complex has been defined. Both Carboniferous metasiliclastic sequences and unconformably overlying Tertiary-aged volcanic units show alteration and mineralization assemblages consistent with an intermediate sulphidation model. (See September 6, 2007 News Release).

IP surveying has identified a northwest-southeast oriented chargeability anomaly that underlies the central part of the South Target. The anomaly is interpreted to reflect the concentration of sulphides (pyrite-galena-sphalerite) associated with epithermal mineralization and has been one of the primary targets of the Phase II drill program. A total of 12 holes and 3,700.45m have been drilled to date on the South Target, with collar spacing ranging from 220m to 350m, in both phases of drilling (2,147.45m of diamond core and 1,553m of RC) (see Figure 1).

The November-December 2007 drill program resulted in the discovery of a new high-grade zone intercepted by PC13. Contiguous gold mineralization cut by PC13 starts at 129 m below surface and extends for 266m to the bottom of the hole at 395m depth. Narrower zones of mineralization were intercepted by the other 4 holes completed in the November-December 2007 program.

Table 1 below presents highlights of the RC drill results for the South Target for holes RCPC10-14.

Table 1: Analytical Highlights for Poncha RCPC10-14
Hole From (m) To (m) Interval (m) Au ppm* Ag ppm* Cu ppm Pb ppm Zn ppm Intercept
PC10 202 205 3 @ 1.46 9.07 60 143 2,027 1
PC10 216 220 4 @ 0.49 10.11 988 339 1,439 2

PC11 37 40 3 @ 0.49 1.98 60 1,532 5,521 3
including 38 39 1 @ 1.30 3.82 119 2,337 >10,000

PC12 161 164 3 @ 0.56 0.00 23 142 3,885 4
PC12 186 187 1 @ 0.69 3.28 31 695 3,638 5
PC12 229 230 1 @ 2.13 11.02 41 514 391 6

PC13 73 77 4 @ 0.22 4.13 298 900 1,912 7

PC13 129 395 266 @ 1.21 3.30 281 336 1,318 8**
including
PC13 129 163 34 @ 2.19 4.31 438 304 2,833 9
including 130 140 10 @ 1.69 4.92 520 717 4,125
and 142 151 9 @ 4.88 8.43 649 209 4,459
and 154 158 4 @ 2.02 1.45 234 69 1,228
and 162 163 1 @ 2.71 5.60 617 276 4,722
PC13 174 201 27 @ 0.65 2.40 246 98 1,242 10
including 176 181 5 @ 1.56 6.52 344 163 1,937
and 186 189 3 @ 1.31 1.80 259 94 1,258
and 192 194 2 @ 0.77 1.90 286 106 1,809
and 198 199 1 @ 1.27 4.40 569 201 3,447
PC13 216 220 4 @ 0.57 2.40 352 116 2,195 11
PC13 270 331 61 @ 3.04 7.16 458 700 1,650 12
including 270 271 1 @ 2.77 7.80 1,043 284 6,696
and 275 278 3 @ 3.06 2.87 333 140 2,007
and 281 285 4 @ 10.84 7.93 111 159 1,120
and 288 289 1 @ 4.65 5.10 153 130 1,129
and 291 293 2 @ 3.56 4.35 74 98 793
and 295 296 1 @ 1.82 1.60 98 88 1,167
and 305 313 8 @ 10.91 24.00 1,783 1,810 2,153
and 316 322 6 @ 3.21 20.38 1,079 3,712 5,608
and 330 331 1 @ 2.29 5.40 675 184 4,092
PC13 359 379 20 @ 0.93 5.04 429 1,312 1,542 13
including 360 362 2 @ 4.61 6.65 98 96 552
and 366 370 4 @ 1.53 16.00 1,850 5,623 5,559
and 377 378 1 @ 1.19 4.60 56 216 951

PC14 231 236 5 @ 0.41 0.80 114 77 1,420 14
PC14 290 296 6 @ 0.34 0.18 53 470 1,779 15
*1 ppm = 1 g/t; **Interval contains 8 1m samples with <0.01 ppm gold

Drill hole location information for holes PC10-14 is provided in Table 2 below.

Table 2: Drill Hole Data
Hole Easting Northing Elevation Azimuth Inclination Total Depth (m)
PC10 2,446,102 6,692,633 4109 0 -70 269
PC11 2,444,635 6,692,130 4365 0 -60 200
PC12 2,445,801 6,693,040 4148 180 -70 335
PC13 2,445,241 6,693,093 4292 180 -70 395
PC14 2,445,122 6,692,907 4385 0 -80 354
*Easting and Northing in Gauss Kruger

The project operator (Golden Arrow) followed industry standard procedures for work carried out on the Poncha Project. All RC chip samples were from 1m intervals and the entire length of each hole was analyzed for a total of 1,521 samples. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the lab for quality assurance/quality control (QA/QC) purposes. In total, 108 quality control samples (over 7% of all samples) were analyzed. Golden Arrow detected no QA/QC issues during review of the data.

Analyses of the RC samples were performed by Alex Stewart Assayers, in Mendoza, Argentina, an internationally recognized assay service provider. The drilling program being reported on in this news release was carried out under the supervision of Daniel Bussandri, Golden Arrow´s Exploration Manager. The technical information contained in this release has been reviewed by Dr. David A. Terry, P.Geo., director and Vice President Exploration for Golden Arrow, and a Qualified Person as defined in National Instrument 43-101.

Golden Arrow's Management Team is one of the most experienced in the field today. The Company is focused in Argentina and Peru in highly prospective mining regions with ongoing drilling on several properties. Golden Arrow has just over 15 million shares issued and outstanding, more than $5 million in cash on hand, and a 1% NSR on a property being put into production this year.


ON BEHALF OF THE BOARD

“Joseph Grosso”

Mr. Joseph Grosso, President & C.E.O.

For further information please contact Joseph Grosso, President & CEO, or Bruce Korhonen, Investor Relations Manager, at 1-800-901-0058, or 604-687-1828 ext.248, or fax 604-687-1858.

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. 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.
2008 Number 5