Golden Arrow Receives Royalty Payment from Yamana Gold Corp.

Golden Arrow Resources Corporation (TSX-V: GRG, OTC: GARWF) announced today that it has received a quarterly royalty payment of US$571,428 from its 1% NSR on Yamana Gold Corp.’s Gualcamayo Gold mine in San Juan, Argentina. The receipt of the third quarter royalty payment, ending September 2011, brings Golden Arrow’s treasury balance to more than $4.0 million. The Company is well-funded and continues to acquire advanced-stage projects, while leveraging its high quality exploration project portfolio and exploration dollars through attracting partners to fund work on its projects.

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