Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

May 24, 2006 08:30 ET

Golden Valley Mines Ltd.: Exploration Update

VAL-D'OR, QUEBEC--(CCNMatthews - May 24, 2006) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) provides the following progress report on its Abitibi Greenstone Belt gold and base metal exploration activities in north western Quebec and north eastern Ontario.

Diamond Drill Program in Progress

Diamond drilling has commenced at the Hunter Mine Group prospect - Duparquet, Quebec (gold & base metal target: map #50). The drill program will test three separate target areas representing potentially separate volcanogenic massive sulphide (VMS) and/or gold mineralizing events. The regional, northeast-trending Lyndhurst Fault Zone is associated with the contact between two volcanic domains crossing through the property.

Upcoming Diamond Drill Programs

Final drill planning preparations are being completed at the Bogside prospect (gold target: map #65; joint venture (JV) with Kalahari Resources Inc.) and Riverside prospect (gold target: map #80) - Cadillac, Quebec. The two properties are located south of and contiguous with the Queenston-Globex JV high-grade gold Wood-Pandora discovery. Drilling is expected to start once relevant land-use permits have been received and following completion of the drill program at the Hunter Mine Group prospect. Two to three diamond drill holes are planned to test combined northeast-trending geophysical / geological targets identified over the north western section of the Bogside property claim block and over the northern, contiguous 4-claim Riverside property.

About Golden Valley Mines Ltd.

Golden Valley Mines is well funded for continuance of its current programs. Further updates from the Abitibi Greenstone Belt and James Bay programs will be provided as geotechnical survey and drilling results are received. Additional company exploration activities can be expected for the Otish and Mistassini regions of Northern Quebec, Nunavik (Ungava), Labrador and the Athabasca Basin, Saskatchewan for the summer 2006 field season. The company typically tests initial targets while owning 100% interest and then seek out partners to continue with further exploration while it continues its systematic exploration efforts at other grassroots projects or generating new properties of merit. As of May 18, 2006, the company holds majority property interests in 134 projects consisting of 3,865 mining titles (207,271 hectares) in Saskatchewan, Ontario and Quebec.

Refer to the Quebec & Ontario prospects location map: www.goldenvalleymines.com/abitibi and the specific property map: www.goldenvalleymines.com/hunterminegroup on the Golden Valley Mines website.

Michael P. Rosatelli, P. Geo., is the designated Qualified Person responsible for the preparation of this release.

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

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