Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

February 04, 2010 13:00 ET

Golden Valley Mines: New Drillhole Results Include 4.5 Metres Averaging 2.22 g/t Au

VAL-D'OR, QUEBEC--(Marketwire - Feb. 4, 2010) -

Golden Valley Mines - Significant New Gold Mineralization Continues to be Intersected on the Shaft Zone & CHL Porphyry Intrusion

Osisko Mining Reports Drilling Results from the Malartic CHL Prospect

Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company", (TSX VENTURE:GZZ) is pleased to announce the final results (16 drillholes totalling 2,539 metres) from the 2008 drill program on the Malartic CHL Prospect. The property is currently optioned to Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX).

Additional near-surface, higher grade gold mineralization has been intersected testing the Shaft Zone and CHL Porphyry Intrusion targets. Highlights include, 4.5m averaging 2.22 g/t Au, with 2.7m grading 3.42 g/t Au (CHL08-2116) from the Shaft Zone and 7.5m averaging 1.00 g/t Au (CHL08-2124) at the CHL Porphyry Intrusion.

Assay results are summarized in the table below and on the drillhole compilation map attached at the end of this press release:



Shaft Zone

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

CHL08-2115 716850 -79 degrees 109.2 112.2 3.0 1.35
/2 degrees
And 131.5 134.5 3.0 1.25

CHL08-2116 716900 -70 degrees 68.0 72.5 4.5 2.22
/2 degrees
Including 68.0 70.7 2.7 3.42
And 86.0 87.5 1.5 1.32

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Complete assay results from the 2008 program have now been received and evaluated. The drill information received to date, suggests the Shaft Zone has a minimum 150 metre strike length of, as yet, unknown true width. Further drilling is expected to be completed in this area.



CHL Porphyry Intrusion

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

CHL08-2117 716940 -74 degrees Overshot Contact NSA
/47 degrees

CHL08-2118 716940 -60 degrees 27.0 30.0 3.0 1.27
/225 degrees
And 36.0 37.5 1.5 1.09
And 72.0 75.0 3.0 0.94

CHL08-2124 716942 -72 degrees 28.5 36.0 7.5 1.00
/47 degrees
And 103.5 105.0 1.5 1.72
And 214.5 216.0 1.5 1.77

CHL08-2134 717165 -49 degrees 118.0 121.45 3.5 0.85
/2 degrees
And 122.5 124.0 1.5 1.33

CHL08-2136 717165 -49 degrees NSA
/182 degrees

CHL08-2140 716650 -45 degrees NSA
/47 degrees

CHL08-2141 716650 -72 degrees NSA
/47 degrees

CHL08-2142 716696 -45 degrees 109.0 111.1 2.1 0.66
/47 degrees

CHL08-2143 716696 -72 degrees 41.12 44.0 2.9 0.82
/47 degrees

CHL08-2144 716707 -45 degrees 49.5 50.5 1.0 1.11
/227 degrees

CHL08-2145 716753 -72 degrees 91.0 92.0 1.0 1.96
/227 degrees

CHL08-2146 716779 -45 degrees 17.0 20.0 3.0 0.92
/227 degrees

CHL08-2147 716779 -64 degrees NSA
/227 degrees
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All of the above drillholes represent in-fill drill assay results (2,283m) previously reported over sections targeting the NE (CHL08-2117, -2118, -2124, -2140, -2141, -2142 and -2143), NW (CHL08-2144 and 2145) and SW (CHL08-2146 and 2147) margins of the CHL Porphyry Intrusion. Drillholes CHL08-2134 and CHL08-2136 tested the north, south and east contacts for mineralization over a satellite porphyry body immediately east of the main body of the CHL Porphyry Intrusion. These drill results are located between the Jeffrey Zone to the southeast and the Shaft Zone to the northwest.

Drillhole CHL08-2091 (Section 716804, -64 degrees /47 degrees) located just northeast of the Norrie Zone, intersected a best value of 1.5m grading 4.84 g/t Au from 140.0-141.5 metres. The hole was designed to test the contact between the Pontiac Group and Cadillac Group rocks.

The 20,000 metre drill program testing the Jeffrey Zone and Mammoth Zone as announced November 6th is presently on-going and the first results are expected in the next two weeks.

All NQ or HQ core assays reported above were obtained by standard 50 gram fire assaying-AA finish or gravimetric finish at ALS Chemex laboratories in Val-d'Or, Quebec. Reported weighted averages were calculated using a minimum of 0.40g/t Au over successive maximum intervals of 20 metres with no upper cut-off of individual assays. Intersected drifts or lost core within mineralized intersections were incorporated as blank intervals.

Osisko Mining Corporation 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 Osisko earning its 70% interest, Golden Valley Mines will retain a free-carried interest of 30% to production.

Also in 2006, Osisko Mining Corporation purchased a claim block from Golden Valley Mines located immediately southeast of the Canadian Malartic Mine. Terms of the 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. This claim block covers the Charlie Zone, located immediately southeast of the Canadian Malartic deposit.

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 February 3, 2010, the Company holds majority property interests in 153 projects consisting of 3,883 mining claims (229,327 hectares) and 3 projects consisting of approximately 710 km2 in the Republic of Sierra Leone.

Mr. Glenn J. Mullan, P. Geo., President, CEO, and Chairman of Golden Valley Mines, is the Qualified Person (as that term is defined in National Instrument 43-101) who has reviewed this news release and is 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.

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.

The maps are available at the following address: http://media3.marketwire.com/docs/malartic.pdf

Contact Information

  • Golden Valley Mines Ltd.
    Glenn J. Mullan
    Chairman, President and CEO
    819-824-2808 ext. 204