Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

December 02, 2009 13:41 ET

Golden Valley Mines Announces Flow Through Private Placement

VAL-D'OR, QUEBEC--(Marketwire - Dec. 2, 2009) - THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Golden Valley Mines Ltd. ("Golden Valley") (TSX VENTURE:GZZ) is pleased to announce that it will conduct a private placement of up to 2,826,529 common shares on a "flow-through" basis (the "Flow-Through Shares") at a price of $0.425 per Flow-Through Share for aggregate gross proceeds of up to $1,200,000. Shares acquired by the placees will be subject to a hold period of four months plus one day from the date of completion of the financing in accordance with applicable securities legislation. A cash finder's fee in the amount of 7.75% of the gross proceeds of the financing will be paid to Industrial Alliance Securities Inc. and other finders.

The gross proceeds of this private placement will be used to incur grass roots exploration expenditures on Golden Valley's property portfolio located in the Abitibi Greenstone Belt in the Provinces of Quebec and Ontario as well as its James Bay properties located in Quebec.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Golden Valley Mines believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Golden Valley Mines' management on the date the statements are made. Except as required by law, Golden Valley Mines undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither the 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 news release.

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