Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

June 26, 2009 12:00 ET

White Pine Resources-Noront Resources-Golden Valley Mines Intersect Significant Zn-Cu-Ag Values in Multiple Anomalies in Their "Ring of Fire" Joint Venture

VAL-D'OR, QUEBEC--(Marketwire - June 26, 2009) - White Pine Resources (TSX VENTURE:WPR) ("White Pine") (formerly WSR Resources), Noront Resources (TSX VENTURE:NOT) ("Noront") and Golden Valley Mines (TSX VENTURE:GZZ) ("Golden Valley") Joint Venture Project along the "Ring of Fire" in the James Bay Lowlands, is pleased to report that several promising new Zn-Cu-Ag Volcanogenic Massive Sulphide ("VMS") discoveries were intersected in the recent first phase drilling program on the joint venture project. The following news release has been prepared by joint venture partner and program operator White Pine.

The Luc Bourdon and Bourdon West properties (a combined 8,944 hectares) were staked by Golden Valley in the fall of 2007 and the spring of 2008. This ground was subsequently optioned to White Pine and Noront in August 2008, whereas White Pine and Noront could equally earn a combined undivided 70% of the property by incurring expenditures of $5 million within 3 years of the agreement date.

In the fall of 2008, an airborne VTEM geophysics program was completed over the properties, which outlined several high priority drill targets all spatially associated with the 501 Zn-Cu-Ag discovery made last year by White Pine Resources and Metalex Ventures. Drilling recently commenced in late April on these geophysical anomalies with the objective to test 5 of the stronger VTEM targets. The program has now been completed having drilled 1,473m through 12 holes in 6 targets. All the targets produced semi-massive to massive sulphides over various widths and 5 out of the 6 targets drilled carried significant to elevated base metal values. Four of the six VTEM targets tested produced significant to elevated Zn-Cu-Ag values, and one anomaly had anomalous Ni-Cu-Pt-Pd-Au values. Details of the drill program are tabled below:

TABLE 1. Drill Hole locations in the order they were drilled.

Anomaly Hole # UTM n UTM e Azimuth Dip Length
G4 G4-09-01 5896483 519991 120 -50 130

West BW-09-01 5900243 504845 0 -50 105

G1 G1-09-01 5903947 515396 315 -50 90
G1 G1-09-02 5903947 515396 315 -80 113
G1 G1-09-03 5903944 515452 335 -50 109
G1 G1-09-04 5903902 515361 335 -50 96
G1 G1-09-05 5903902 515361 335 -75 140

G3 G3-09-01 5904665 520344 0 -50 91
G3 G3-09-02 5904665 520344 0 -75 103

G7 G7-09-01 5901645 529784 0 -90 97

G6 G6-09-01 5902070 522500 270 -50 139
G6 G6-09-02 5902070 522605 270 -50 264

TABLE 2. Drill Assay Results.

Anomaly Hole No. From To Interval (m) Zn% Cu% Ag g/t
G4 G4-09-01 92.35 94.45 2.10 0.45 0.59 4.9
G1 G1-09-01 36.90 45.60 8.70 3.73 0.90 25.7
including 36.90 42.60 5.70 5.60 0.90 34.9
G1 G1-09-02 80.30 97.40 17.10 1.70 0.36 5.4
including 80.30 85.80 5.50 5.10 0.39 5.7
G1 G1-09-03 79.30 79.75 0.45 0.85 0.15 5.3
G1 G1-09-04 70.20 71.90 1.70 1.67 0.34 11.2
G1 G1-09-05 122.00 128.60 6.60 0.78 1.29 16.8
G3 G3-09-01 56.10 68.35 12.25 0.34 0.10 5.3
G3 G3-09-02 86.45 93.60 7.15 0.83 0.13 6.1
including 86.45 89.30 2.85 1.20 0.15 6.8
G7 G7-09-01 NSA
G6 G6-09-01 69.10 77.80 8.70 1.40 0.10 8.7
G6 G6-09-02 189.00 199.40 10.40 1.00 0.05 5.5

Bourdon West From To Interval (m) Ni% Cu% Pt ppb Pd ppb
BW-09-01 36.3 37.2 0.9 0.23 0.10 7 40

Intervals may represent true width

The exploration program was managed by White Pine for the Joint Venture partners under supervision of Mike Kilbourne, P.Geo. President, White Pine Resources Inc. Mr. Kilbourne prepared this release and states: "White Pine is very excited about this potential new VMS belt. This program was designed and budgeted to test some of the more prominent VTEM anomalies spatially associated with the 501 discovery. Five of the six anomalies we drilled produced some very encouraging results coupled with mineralogical and geological indications typical of VMS deposits. These anomalies are spread out over many kilometres suggesting a very active VMS environment in an unexplored greenstone belt. The G3 anomaly alone is outlined by VTEM for 1200m in strike length. The G6 anomaly, a very weak VTEM response, was not considered a primary target at all and was only drilled due to the proximal location (500m northeast) of the 501 discovery. There are numerous VTEM anomalies with the same geophysical signature as G6 in this belt that will need testing. This area of the Ring of Fire has the potential to develop into a major VMS camp."

On-site Quality Assurance/Quality Control Measures

All samples have been shipped to ACTLABS preparation laboratory in Thunder Bay, Ontario. Analyses will be performed in the ACTLABS laboratory in Ancaster, Ontario. All core samples were selected by the White Pine site geologist, and were cut in half by diamond core saw. Individual samples were labeled, placed in plastic sample bags and sealed. Groups of samples were then placed into durable rice bags that were secured by project security tags for shipping. The remaining coarse reject portions of the samples remain in storage at the ACTLABS preparation laboratory storage facility in Thunder Bay as required in the event that further work is needed.

Independent Quality Assurance and Quality Control Protocol

A QA/QC program has been implemented to monitor all assays from the current drilling program. Samples are assembled in numbered batches of 35 samples. Included in each batch of 35 samples are two certified reference standards, two laboratory duplicates, one blank sample comprised of sterile drill core and one core duplicate sample. This QC program was set up for White Pine Resources by Tracy Armstrong, P.Geo. of T.J. Armstrong Geological Consulting Inc. Ms. Armstrong is a qualified geologist in the Provinces of Ontario and 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 June 26, 2009, the Company holds majority property interests in 152 projects consisting of 4,290 mining titles (249,273 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.

"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."

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