Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

April 19, 2010 13:05 ET

CORRECTION FROM SOURCE/Golden Valley Mines Signs Two New Option/Joint Ventures with West Kirkland Mining Ltd.

VAL-D'OR, QUEBEC--(Marketwire - April 19, 2010) - A correction from source is being issued with respect to the release sent out this morning at 12:32 EDT. The corrected version follows.

Golden Valley Mines Ltd. ("Golden Valley"), (TSX VENTURE:GZZ) announces the principal terms of two letter agreements with West Kirkland Mining Ltd. ("WKM") pursuant to which WKM may earn a 70% interest in the each of the Island 27 Prospect (subject to a 2% NSR in favour of the original vendor) and the Plumber Prospect, both located in the Matachewan area, west of Kirkland Lake, Ontario. 

In order to acquire its interest in each property, WKM must, amongst other things, make cash payments totalling $102,500, issue to Golden Valley 600,000 shares (including 300,000 shares on approval) incur aggregate exploration expenditures of $5,000,000 over a 3 year period (including $1,050,000 over the first year), and complete a feasibility study on each property. 

Upon completing of all its obligations under the letter agreements, a joint venture shall then be formed on each property. Golden Valley's 30% interest is carried to production. 

About West Kirkland Mining Ltd: West Kirkland Mining Ltd. is a private company founded by R. Michael Jones and Frank Hallam that has acquired a portfolio of mineral exploration properties located in Nevada and Ontario, since its incorporation in November 2009. These property interests include an option to earn up to a 75% undivided interest in Mexivada Mining Corp.'s Goldstorm gold exploration property located in Nevada and several blocks of property optioned or staked west of Kirkland Lake, Ontario. On March 24, 2010 Anthem Ventures Capital Corp. (TSX-V: AVE) announced that it has entered into an acquisition agreement with West Kirkland Mining Inc. and the shareholders of West Kirkland to acquire all of the issued and outstanding shares of West Kirkland. Anthem is a capital pool company ("CPC") and the transaction is subject to approval by the TSX Venture Exchange and, if accepted, is intended to be Anthem's "qualifying transaction". After the acquisition the resulting company will be renamed "West Kirkland Mining Inc." R. Michael Jones said: "We plan to follow the same model that has been very successful over the past five years. West Kirkland will develop its own dedicated management team at the technical and financial level and independent directors. The technical and business model has been very successful in our previous founding of Platinum Group Metals (PTM-TSX, PLG-NYSE AMEX), MAG Silver Corp. (MAG-TSX, MVG-NYSE AMEX) and West Timmins Mining Inc. (sold to Lake Shore Gold Corp. in November 2009 - LSG-TSX). The technical theme of West Kirkland follows the proven model of acquiring big positions on known producing trends, worked systematically with dedicated expertise. The properties now being optioned from Golden Valley Mines are a natural fit with our objectives in the Kirkland Lake area and we are keen to begin exploration work on these projects."

About Golden Valley Mines Ltd.: The Company typically tests initial grassroots targets while owning a 100% interest and then seeks partners to continue exploration funding. This allows the Company to continue its generative programs and systematic exploration efforts at other majority-owned grassroots projects. As of April 13, 2010, the Company holds majority property interests in 152 projects consisting of 3,879 mining titles (224,669 hectares) and 3 projects consisting of approximately 710 km² in the Republic of Sierra Leone in West Africa.

Forward-Looking Statement: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict and are not to be interpreted as guarantees for future performance. These forward-looking statements could cause actual events or results to differ materially from those anticipated in such forward-looking statements. All forward-looking statements speak only as of the date of this news release and the Company does not undertake any obligation to update or publicly release any revisions to such forward-looking statements to reflect events, circumstances, or changes in expectations after the date hereof, except as required by law. Accordingly, readers should not place undue reliance on such forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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