Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

August 11, 2008 09:23 ET

Golden Valley Mines Ltd.: Winter 2008 Program Results and Summary Beartooth Island Prospect, (Athabasca Basin, Saskatchewan)

VAL-D'OR, QUEBEC--(Marketwire - Aug. 11, 2008) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ)(hereinafter the "Company") is pleased to provide a program summary of results for the 2008 winter field program activities. The program on the Beartooth Island Prospect consisting of ground geophysical surveying and diamond drilling, was funded through the Company's option/joint venture partner Ditem Explorations Inc. (TSX VENTURE:DIT)(hereinafter "Ditem").

Highlights from the drilling phase included: 1) anomalous uranium values above background levels; 2) evidence of hydrothermal alteration; 3) elevated boron values and 4) off-hole electromagnetic (BHTEM) conductors. These four described features indicate a possible nearby mineralized structure. The off-hole BHTEM conductors proximate to the unconformity contact represent high priority drill targets along with remaining untested geophysical features within the property. A Phase III work program of follow-up drilling is recommended for the 2008-2009 winter exploration season.

Phase I Spartan MT (Magnetotelluric) Survey: The survey consisted of 18 lines for a total 118.2 line kilometres over one additional priority target area (coverage over northeast section of property) and detailed in-fill surveying over selected areas of the reminder of the property based on the definition of a series of anomalies, possibly produced by basement conductors, and associated resistivity lows outlined from the initial 2007 survey slated for drill testing. The final interpretative report from the contractor is expected by the middle of the third quarter.

Phase II Drill Program: The program totalled 2511.55 metres testing three separate conductors defined by the winter 2007 Spartan MT survey. Due to extreme ice movement, one of the drillholes did not penetrate its intended target depth despite two attempts. The unconformity was intersected by two of the drillholes. Variable developed hydrothermal alteration (hematite, chlorite, limonite and clay) normally associated with uranium deposits in the area were intersected to the unconformity and into the basement rocks. Both of these holes also showed a slight increase in radioactivity above background and elevated boron values. Follow-up down-hole time domain electromagnetic surveying (BHTEM) identified two off-hole conductors in 2 of the three holes completed. These first drill intersections on the Beartooth Island Prospect are highly encouraging in light of the evidence of hydrothermal alteration, elevated boron values and off-hole electromagnetic conductors indicating a possible nearby mineralized structure. Both targets are coinciding with the ground magnetotelluric geophysical anomalies. A total of 159 samples were submitted for analysis in addition to their duplicates for alteration studies to detail the geochemical halo effect as related to uranium mineralization.

Phase III Drill Program: Preparations for the winter 2008-2009 exploration season is already underway with the camp left on site and preparation for a summer mobilization of supplies underway.

Ditem has now met its funding fulfillments and has earned a 60% interest in the Beartooth Island Prospect by incurring at least $3 million in exploration expenditures, and now has the right to earn an additional 6% (66% aggregate) by delivering a Bankable Feasibility Study (BFS) within 10-years of signing. Following the final vesting, the Company will retain an aggregate interest of 34%. The Company was the operator of the program through the option phase.

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 August 11, 2008, the Company holds majority property interests in 135 projects consisting of 4,352 mining titles (257,064 hectares) in Saskatchewan, Ontario and Quebec.

Michael P. Rosatelli, P. Geo. Vice-President, Exploration for Golden Valley Mines Inc., is a Qualified Person (as such term is defined in National Instrument 43-101-Standards of Disclosure for Mineral Projects), and is responsible for the geological information presented 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.

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

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