Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

September 10, 2009 10:26 ET

Golden Valley Mines Intersects Significant Near Surface Gold Mineralization and Depth Extension at the Jeffrey Zone

Osisko reports results from Malartic CHL property including 86.9 metres averaging 1.20 g/t Au

VAL-D'OR, QUEBEC--(Marketwire - Sept. 10, 2009) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) is pleased to announce the initial results from the 2008 drill program targeting the Jeffrey Zone on the Malartic CHL property, currently optioned to Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX).

The Jeffrey Zone is a gold-mineralized environment located along the southern extremity of the CHL porphyry, approximately 3.5 km east of the center of the Canadian Malartic deposit, currently under development by Osisko. The Jeffrey Zone was tested with a series of twenty-eight (28) drillholes (CHL08-2063 to CHL08-2090 for 5,601m) testing the northwestern boundary and depth extension of the mineralized zone at a drill section spacing of 50 metres, over a 400 x 100 metre area. All of the holes in the Jeffrey Zone were oriented to the northeast, north and/or south, perpendicular to the regional E-W fabric and were inclined from -45 to -78 degrees.

All of the holes intersected mineralization along each section drilled. The most significant near-surface drill results include 86.9m averaging 1.20g/t Au (CHL08-2079) including 6.0m averaging 7.35g/t Au. The depth extension of the Jeffrey Zone was also confirmed with drill intercepts of 33.5m averaging 0.78g/t Au (CHL08-2088) and 12.6m averaging 1.14g/t Au (CHL08-2090). Assay highlights from the nineteen new drillholes are summarized in the table below and on the attached drillhole compilation map:

Hole No. Section Dip/Az. From (m) To (m) Length (m) Au g/t

CHL08-2066 717145 -72/47 degrees 22.0 28.0 6.0 1.26

CHL08-2071 717166 -72/47 degrees 19.5 22.5 3.0 3.65

CHL08-2073 717216 -64/47 degrees 14.5 31.0 16.5 0.76
and 48.0 57.8 9.8 0.57
CHL08-2074 717216 -72/47 degrees 38.0 41.2 3.2 7.32
including 40.2 41.2 1.0 20.9
CHL08-2075 717251 -45/47 degrees 15.5 49.0 33.5 1.0
including 38.5 41.5 3.0 3.49
CHL08-2076 717248 -64/47 degrees 16.0 76.5 60.5 0.85
including 46.0 53.5 7.5 2.58
CHL08-2077 717249 -72/47 degrees 6.4 9.5 3.1 1.02
and 18.5 78.5 60.0 0.82
including 27.5 32.0 4.5 2.45

CHL08-2078 717300 -45/2 degrees 8.4 80.9 72.5 1.25
including 74.0 75.0 1.0 16.5
CHL08-2079 717300 -64/2 degrees 8.6 95.5 86.9 1.20
including 43.0 49 6.0 7.35
including 43.0 44.5 1.5 23.4

CHL08-2080 717350 -45/2 degrees 11.5 70.6 59.1 1.07
including 11.5 13.0 1.5 22.3
CHL08-2081 717350 -64/2 degrees 21.0 31.5 10.5 0.73
and 55.5 89.2 33.7 0.85
and 191.5 194.5 3.0 2.12
and 203.5 236.5 33.0 0.89
CHL08-2082 717350 -72/2 degrees 11.0 102.5 91.5 0.95
including 75.0 86.5 11.5 2.6

CHL08-2083 717400 -45/2 degrees 11.1 13.5 2.4 0.79
and 40.5 71.9 31.4 0.90
CHL08-2084 717401 -64/2 degrees 12.7 72.0 59.3 1.42
including 49.0 53.5 4.5 7.71

CHL08-2085 717450 -45/182 degrees 10.0 70.0 60.0 1.01
including 55.0 62.5 7.5 5.51

CHL08-2086 717450 -45/182 degrees 63.0 101.5 38.5 1.28
and 131.5 172.1 40.6 0.42

CHL08-2088 717500 -60/182 degrees 111.5 124.5 11.3 0.62
and 147.5 153.5 6.0 1.86
and 167.0 200.5 33.5 0.78
CHL08-2089 717500 -78/182 degrees 141.1 179.0 37.9 0.68
including 203.0 208.8 5.8 2.81

CHL08-2090 717550 -45/182 degrees 183.9 196.5 12.6 1.14

Note: Drillholes CHL08-2063 to 2065 (section 717105E), CHL08-2067-2068
(Section 717145E), CHL08-2069-2070 (Section 717166E), CHL08-2072 (Section
717217E) and CHL08-2087 (Section 717450E) did not intersect significant
gold mineralization.

Mineralization at the Jeffrey Zone consists of disseminated pyrite-gold in strongly potassic altered (quartz-feldspar porphyry dikes in contact with a predominately ultramafic flow sequence, and in subordinate gabbro and sedimentary units. Narrower, higher-grade mineralization is hosted in quartz veined (silicified) porphyry or talcose and chlorite altered ultramafic schists.

Presently, the Jeffrey Zone has been traced continuously by surface diamond drilling over a strike length of 400 metres and to maximum depths of less then 150 metres. True average width of the zone is estimated at 42.0 metres. The mineralized system remains open to the east along strike and down dip, as was highlighted from the results from a 9-hole, 2,400 metre program completed in 2007 (see April 17, 2008 press release). This program returned significant near-surface and higher-grade, deeper intersections as far as 565 metres further east (CHL07-2027 and CHL07-2029) of the area tested in the 2008 drilling, for a total cumulative east-west strike extent of some 965 metres.

Significant near-surface drill results from the 2007 program include 53.9m averaging 1.25 g/t Au (CHL07-2022) and 40.5m averaging 1.39g/t Au (CHL07-2021).

Higher-grade, deeper drilling results from these areas located to the east 375 and 565 metres respectively, include 1.5m averaging 109.5g/t Au (CHL07-2027) and 1.5m averaging 14.65g/t Au (CHL07-2029) (see attached drillhole compilation map for hole locations and assay highlights).

Results from the 2007 and 2008 drill programs warrant a significant follow-up definition drill program to be completed with the objective of completing, if warranted, a NI 43-101 resource estimate. Due to very wet ground conditions in the area of the Jeffrey Zone this definition drill program is currently planned for the winter of 2009-2010.

Currently, results remain outstanding for seventy-three (73) drillholes representing approximately 14,145 metres from the 2008 program. Additional results are to be released in the next 4-8 weeks in batches for the reconnaissance drilling completed along the prospective CHL porphyry-volcanic contact and the Shaft Zone.

Osisko has the right to acquire a 70% interest in the Malartic CHL Property in consideration for $150,000 in cash payments over a four year period (paid) and by completing a minimum $2,000,000 in exploration work over a four year period. Upon earning its 70% interest, Golden Valley will maintain a free-carried interest of 30% to production. Drilling completed to date by option/joint venture partner and operator Osisko included 19,746 metres (101 drillholes) on the property in 2008 and 15 holes totalling 6,544 metres in 2007 (total drilling to date: 26,290-metres). Also, Osisko purchased a claim block from Golden Valley Mines located immediately southeast of the Canadian Malartic Mine. Terms of acquisition, included a cash payment of $100,000 at signing to allow Osisko to earn a 100%-interest subject to a 2% net smelter royalty payable to Golden Valley Mines.

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 September 10, 2009, the Company holds majority property interests in 137 projects consisting of 4,120 mining titles (241,934 hectares or 242 sq kms) in Quebec, Ontario, and Saskatchewan in Canada, and 3 projects consisting of approximately 710 sq-km in the Republic of Sierra Leone.

Mr. Michael P. Rosatelli, P.Geo and Vice-President of Golden Valley Mines and Mr. Glenn Mullan, P. Geo. and President of Golden Valley Mines, are the Qualified Persons who have reviewed this news release and are responsible for the technical information reported herein.

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.

A map of the Malartic CHL Prospect is available at the following address:

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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