Jun. 1, 2010 (TheNewswire.ca) --
Golden Arrow Resources Corporation (GRG - TSX.V)("Golden Arrow", "GRG" or the "Company") is pleased on behalf of the Board to provide an update on its planned activities and priorities for 2010-2011. In January 2010 Golden Arrow completed the spin-out of its Peruvian and Colombian projects into a new publicly-traded exploration company, Golden Alliance Resources (TSXV:GLL) Corp. (GLL - TSX.V), so that GRG could focus on developing its large and highly prospective property portfolio and identifying new opportunities in Argentina.
Recent and currently planned activities include:
1. Potrerillos, a 100% owned gold/silver project located 8km east of Barrick Gold Corporation's (NYSE:ABX) (TSX:ABX) massive Veladero gold/silver mine (12.0 Moz gold equivalent reserves*) in the prolific Fronterra district of western San Juan province. GRG recently completed a surface exploration program comprising geological mapping and rock sampling. Analytical results are expected to be released shortly.
2. Rio de las Taguas, a 100% owned gold/silver project located contiguous to Barrick Gold Corporation's Pascua Lama gold/silver/copper deposit (17.8 Moz gold equivalent reserves*). The Company plans to carry out an intensive surface exploration program in conjunction with its work on Potrerillos, located just 8km to the southeast.
3. Mogote, a 100% owned copper/gold/silver project in San Juan province totaling 8,300 ha. Recent re-interpretation of prior exploration results has in Management's view enhanced the potential of the Zona Colorida target located to the south of the Filo Este and Filo Central targets where prior drilling intersected wide intervals of copper-gold-silver mineralization. In order to adequately cover the target, GRG recently applied for additional claims totaling 3,150ha on the Chilean side of the international border adjacent to Mogote. The Mogote project is strategically-located in the Vicuna District of northern San Juan Province which includes NGEx Resources Inc's (OOTC:NGQRF) (TSX:NGQ) Josemaria copper-gold deposit in Argentina and Goldcorp Inc. (NYSE:GG) / New Gold's (OOTC:NEGWF) El Morro gold-copper porphyry in Chile. The Company is currently planning an exploration program comprised of surface geological mapping, geochemistry and geophysics for early in the next Andean exploration season to delineate drill targets for testing later in the season. The Company is also considering the interest of potential joint venture partners to fund testing the multitude of targets on the project.
4. Purulla, the Company has an option to earn a 100% interest in this copper/moly project in Cajamarca province and Management is preparing an initial drill program to test compelling targets. Purulla is located within a prominent NW-SE trending structural corridor with the Bajo de la Alumbrera porphyry copper-gold-moly mine 150km to the southeast and the El Salvador porphyry copper-moly mine in Chile 160km to the northwest. The property is drill-ready with permits are in place.
5. Management will continue to aggressively seek, evaluate and negotiate high-potential advanced exploration projects, focusing on Argentina but not overlooking attractive opportunities in other jurisdictions. The Company will also leverage its exploration exposure through identifying partners to fund advancement of selected properties in its large portfolio of exploration projects.
Golden Arrow is well positioned for growth of shareholder value with a royalty income from its 1% NSR on Yamana Gold (NYSE:AUY) (OOTC:AUYWF) (TSX:YRI) Corp.'s Gualcamayo Gold mine in San Juan Argentina, which has paid the Company US$ 1,564,277 over the past 14 months, an attractive portfolio of highly‑prospective exploration projects, a pipeline of acquisition opportunities under review and only 35.6 million shares issued and outstanding.
ON BEHALF OF THE BOARD
Mr. Joseph Grosso, President & C.E.O.
* Barrick Gold Corporation 2009 Annual Report
For further information please contact the Company 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.
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