Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

October 25, 2007 16:17 ET

Golden Valley Mines Ltd.: Closing of Flow-Through Private Placement Offering $2,016,000

VAL-D'OR, QUEBEC--(Marketwire - Oct. 25, 2007) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) announces in furtherance to its new release of October 19, 2007 that it has closed a flow-through private placement offering of 3,200,000 flow-through common shares at a price of $0.63 per share for gross proceeds of CND$ 2,016,000 (the "Offering"). All of the securities issued pursuant to the Offering are subject to a hold period of four months and one day from the closing date.

Desjardins Securities Inc. acted as agent in respect of the closing of the Offering and received a cash commission equal to 6.5% of the gross proceeds raised thereunder. Additionally, as part of the selling group, Beecher McMahon Capital Markets ("Beecher"), a limited market dealer will receive a special selling commission of 5% on a portion of the Offering which shall be paid directly by Desjardins to Beecher. The funds raised pursuant to the Offering will be used by the Company to finance exploration and development activities in respect of its James Bay, Abitibi, and other grass-roots properties located in Quebec.

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 October 25, 2007, the company holds majority property interests in 136 projects consisting of 4,291 mining titles (235,315 hectares) in Saskatchewan, Ontario and Quebec.

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 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. Accordingly, readers should not place undue reliance on such forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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