Vancouver, BC / ACCESSWIRE / August 19, 2014 / Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") is pleased to announce that the Company has obtained TSX Venture Exchange approval to issue 336,134 of the Company's common shares, at a deemed price of US$2.38 per share, as payment for completion for certain drilling services pursuant to the terms of a shares for services agreement (the "Agreement") (see News Release dated March 10, 2014).
Up to 15,000 meters (or up to US$3,000,000) of the previously announced 25,000 meter (82,000 feet) drilling program currently underway on the Chinchillas Silver Project, shall be paid for by issuing up to a total of 1,260,504 common shares of the Company, at a deemed price of US$2.38 per share. The issued shares will be escrowed pursuant to the terms of a voluntary escrow agreement, and will be released upon the earlier of the date of completion of the drilling services or the expiry of three years following the date of the Agreement. All common shares issued in connection with this payment will be subject to a four month hold period ending December 16, 2014.
About Golden Arrow:
Golden Arrow is a Vancouver-based explorer focused on identifying, acquiring and advancing precious and base metal projects in Argentina with the goal of achieving a world class discovery. The main focus is on advancing the flagship Chinchillas Silver Project located in Jujuy, Argentina. Golden Arrow will continue to execute its strategy to leverage the Company's exploration exposure by attracting partners to fund work on its other high quality mineral projects. Golden Arrow is a member of Grosso Group, a management company specialized in resource exploration, and working in Argentina where it is highly regarded and trusted since 1993.
ON BEHALF OF THE BOARD
Mr. Joseph Grosso
Executive Chairman, President, CEO and Director
For further information please contact: Corporate Communications
Tel: 1-604-687-1828 / Toll-Free: 1-800-901-0058 / Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of the Chinchillas project, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance as outlined in the PEA, including silver, lead and zinc production and planned work programs at Chinchillas. Statements concerning reserves and mineral resource estimates may also constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the Chinchillas property is developed and, in the case of mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited.
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SOURCE: Golden Arrow Resources Corporation