Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

June 22, 2009 15:19 ET

Golden Valley Mines Ltd.: Results of the 2009 Annual General Meeting and Corporate Update

VAL-D'OR, QUEBEC--(Marketwire - June 22, 2009) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) announces the results of its Annual General Meeting (the "Meeting") held on June 19th, 2009 in Val-d'Or, Quebec. At the meeting, shareholders approved all resolutions put before them by management including the election of all directors and nominees, and the appointment of the auditors.

Election of the Board of Directors

The Shareholders re-elected Messrs. George B. Cross, Joseph Groia, Blair F. Morton, Glenn J. Mullan, Robert D. Smith and Dr. C. Jens Zinke. In addition, the Hon. Arthur T. Porter was elected to serve as a new director of the Company. Each shall serve the Company as director until the next annual meeting of the shareholders. The directors and management take this opportunity to welcome the Honourable Arthur T. Porter to the Company's Board of Directors and look forward to working closely with him, particularly in respect of matters related to Corporate Governance and Corporate Social Responsibility.

Dr. Porter received a Bachelor's degree in anatomy, an M.A. in natural sciences, and a Medical degree from Cambridge University, England. Subsequently, Dr. Porter earned an M.B.A. from the University of Tennessee and acquired certificates in Medical management from both Harvard University and the University of Toronto before receiving his Diplomat Status and Fellowship in Health Care Administration from the American Academy of Medical Administrators.

Dr. Porter subsequently assumed several senior positions in Canada, including that of Senior Specialist at the University of Alberta (1987), Chief of Radiation Oncology at the London Regional Cancer Centre (1988), and Chairman of Oncology (1990) at Victoria Hospital, Ontario, Canada. Thereafter, Dr. Porter assumed the role of Radiation Oncologist-in-chief, Professor and Chairman (1991-1999) of the Detroit Medical Center and Wayne State University. Concurrently, Dr. Porter accepted several other including Director of Clinical Care at the Karmanos Cancer Institute (1995-1998) and Associate Dean at the Wayne State University School of Medicine (1997-1998). Dr. Porter held the position of President and Chief Executive Officer (1999-2003) of the Detroit Medical Center a 14,000-plus-employee organization created in 1886. In addition to currently serving as the Vice-Chairman of the Detroit Chamber of Commerce, Dr. Porter also serves on the Board of Directors and the audit committee of the Munder Funds (a multi-billion-dollar mutual fund), is chairman of Cancerpartners UK, a cancer treatment provider in the UK, and is member of the Board of Directors of Air Canada, serving on its human resources, nominating and audit committees.

In 2008, Queen Elizabeth II appointed Hon. Dr. Porter to a life term as a member of the Queen's Privy Council for Canada and most recently, Prime Minister Stephen Harper appointed him to Canada's Security and Intelligence Review Committee, charged with reviewing matters of national security.

Dr. Porter's international background includes medical practice, business and academic leadership positions in Canada, Europe, Africa and the United States. He has also served as a consultant to the World Health Organization and World Bank, and has worked to establish international research and treatment programs in Turkey, India, Yemen, Bahamas, Brazil, Liberia, and throughout Europe. Dr. Porter opened the first state-of-the-art cancer centre in the Commonwealth of the Bahamas.

Dr. Porter was appointed Director General and Chief Executive Officer of the McGill University Health Centre (MUHC) in Montreal, Canada (2004 to date). He is also the President of the Reseau universitaire integre en sante McGill (McGill RUIS), an integrated health delivery network serving 1.7 million people (2005 to date). Dr. Porter is a past President of the American Brachytherapy Society (1996); the American College of Oncology Administrators (1996); the American Cancer Society (1997); and the American College of Radiation Oncology (1999-2000). Dr. Porter was also the Chairman of the Board of Chancellors of the American College of Radiation Oncology (2000-2001) and served on the Board of Scientific Counselors of the National Cancer Institute (USA) (2000-2006). Dr. Porter has also held positions with the Presidential Commission charged with reviewing the health care provided by the Department of Defense and the Veterans Administration (2001) and the Michigan's Hospital Commission (2002-2006). Dr. Porter teaches part of an M.B.A. course at the University of Tennessee (Mergers and Acquisitions) and at McGill's School of Business Administration (leadership).

He consults regularly with several major companies in the Airline and Energy sectors regarding Human Resources and logistic challenges, and has most recently been appointed an Advisor to the President of the Republic of Sierra Leone.

As of the close of the Meeting, the Company's newly elected board (the "Board") is constituted of a majority of independent directors, namely Messrs. Cross, Groia, Morton, Smith, and Porter.

Appointment of Auditors

The Shareholders appointed Raymond Chabot Grant Thornton, LLP, Chartered Accountants as the Company's auditor and authorized the directors to fix the auditors remuneration.

Officer Appointments

Subsequent to the Meeting, the Board appointed or reappointed, as applicable, the following individuals as officers of the Company:

Glenn J. Mullan: Chairman of the Board, President, and Chief Executive Officer

Annie Karahissarian: Chief Financial Officer

Michael P. Rosatelli: Vice-President, Exploration

Luciana Zannella: Vice-President, Corporate and Legal Affairs, and Corporate Secretary

Board Committees

The Board has crystallized its standing board committees, and established or modified several other committees. The Company's standing committees and its members are detailed below:

Audit Committee: Messrs. Morton, Porter and Smith (chair).

Corporate Governance and Compensation Committee: Messrs. Cross, Groia (chair) and Porter.

The Board's Corporate Governance and Compensation Committee is mandated with implementing and reviewing the Company's policies with respect to incentive stock options, considering matters related to officer and director compensation, and other corporate governance matters, including the appointment of new directors and succession planning.

E3/CSR Committee: Messrs. Groia, Mullan, Porter (chair) and Zinke.

The "E3/CSR Committee" is mandated to implement, and ensure compliance with, a general policy regarding sustainable development, environmental stewardship and corporate social responsibility. This policy is intended to apply to on-site exploration and development operations, as well as to contractors, suppliers, and service providers, in addition to governing certain practices pertaining to recycling at the Company's Val-d'Or (head office) and Montreal (corporate office) offices.

Lead Director

The Company strives to ensure that its corporate governance practices and polices are aligned with the best interests of its shareholders. Given that the positions of the Chair of the Board and President/CEO are held by the same individual, for the first time the Company has appointed a Lead Director in the person of Mr. Joseph Groia.

Stock Options Grant

An aggregate of 300,000 stock options at an exercise price of $0.30 have been granted to a director under the Company's stock option incentive plan. The stock options will expire on June 22, 2014, and shall vest quarterly over an 18 month period.

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 June 19, 2009, the Company holds majority property interests in 154 projects consisting of 4,409 mining titles (255,380 hectares) in Quebec, Ontario and Saskatchewan.

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.

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

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