Drilling Update At The Poncha Gold Project

VANCOUVER - Golden Arrow Resources Corporation reported that drilling is ahead of schedule and is anticipated to be completed within the next 3 to 5 weeks on the Poncha Gold project in San Juan Province, Argentina. The step-out drill program is scheduled for up to 3,000 metres across 5 to 8 holes to a total depth of up to 600 metres. Drilling started on March 27th and the first two holes have now been completed. The drill holes, targeting greater than 500m depth, are 50 metre step-out holes from discovery hole RCPC13 (266 metres of 1.2 g/t Au, including 61m averaging 3.04 g/t Au and 7.16g/t Ag; March 27, 2008 News Release) within the 2km by 2km South Target epithermal precious metal zone.
?Golden Arrow is also pleased to provide an update on its non-brokered private placement announced on March 30th, 2009. The $1.8M financing has been met with strong demand and the company anticipates closing the financing very shortly. A further announcement will be made upon its closing. Closing remains subject to receipt of regulatory approval, including that of the TSX Venture Exchange. The use of funds will be for continued drilling on Poncha, acquisition of vastly discounted assets, and general working capital.
Golden Arrow is a Grosso Group company that is focused in Argentina, Peru and Colombia in highly prospective mining regions.
The company’s address is Terminal City Club Tower, Suite 709, 837 West Hastings Street, Vancouver, BC V6C 3N6, 604-687-1828, fax: 604-687-1858, email: [email protected].