Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

April 16, 2008 09:00 ET

Abitibi Grassroots Program Update Diamond Drill Program Underway - Bejopipa Prospect (Chapais-Chibougamau, Quebec)

McFauld's Lake, Ontario - New Land Acquisitions Completed

VAL-D'OR, QUEBEC--(Marketwire - April 16, 2008) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) is pleased to report on drilling progress for the companies Abitibi grassroots program and new McFauld's Lake, Ontario area staking.

Diamond Drill Program in Progress - Chapais-Chibougamau, Quebec: Diamond drilling is underway at the Bejopipa Prospect (gold target: map #39) located in Scott Township, Quebec between Chapais and Chibougamau. Drilling will test for both gold (Au) and volcanogenic massive sulphide (Cu-Zn-Ag) targets on the property.

- Chibougamau Pluton: The majority of the documented mineral occurrences in the western part of the pluton are associated with NW-NNW and NNE-NE shear zones accompanied by strong sericitization. Gold mineralization is hosted in a variety of quartz-carbonate vein types that have been emplaced in the shear zones in various intrusive hostrock units. A compilation of the previous exploration work completed by the Quebec Ministere des Ressources naturelles et de la Faune (MRNFP) in a June 2003 Communique characterized the known mineral occurrences and identified that most of the work was concentrated on the NNE-NE shear zones. On the Bejopipa Prospect, one showing was described as being associated with a 2 metre wide NW-NNW trending shear zone exposed intermittently over a strike length of some 160 metres, containing quartz veins associated with carbonate, sericite, chlorite and possible fuchsite. Mineralization consists of up 3% pyrite with traces of chalcopyrite and molybdenum. A moderate chargeablity anomaly was defined immediately northeast of the showing along the north contact of the pluton and associated with a resistivity axis inferred as an untested NW-NNW shear zone. A second hole is planned to the east testing a moderate chargeability anomaly located along the north margin of the pluton that is proximal to a inferred (geophysical) NNE-NE shear zone;

- Roy Group, Waconichi Formation: This formation is comprised of rhyodacites and porphyritic rhyolite domes associated with sub-volcanic felsic intrusions, felsic tuffs and volcanic breccia horizons. A number of volcanogenic massive sulphide (Cu-Zn-Ag) occurrences occur within this horizon including, the Selco-Scott deposit located 3.4 kilometres to the west of the Bejopipa Prospect (probable ore reserve of 704,890t grading 0.41% Cu, 6.87% Zn, 11.60 g/t Ag and 0.34 g/t Au - Source: Ministere de l'Energie et des Ressources naturelles cogite number 32G/15-0083 & The Northern Miner1991-07-01 -historical reserves are non-compliant with National Instrument (NI) 43-101(1)).

(1) Historical "resources" and/or "reserves" should not be relied upon as it is unlikely they conform to current NI 43-101 criteria or to CIM Standards and Definitions, and they have not been verified to determine their relevance or reliability. They are included in this press release for illustrative purposes only and should not be disclosed or interpreted out of context.

Previous Drill Programs: Diamond drilling at the Cook Lake Prospect (gold target: map #54 - Kalahari Resources Inc. - Joint Venture property), located in Grenfell and Teck townships of the province of Ontario, northwest of Kirkland Lake has been completed. Drilling (711-metres) tested five (5) separate geophysical anomalies (please refer to the March 31, 2008 press release for details). The core is currently being logged and sampled for analysis.

The Bearmac Prospect (gold target: map #42) located in the Chapais-Chibougamau area of Quebec will be drilled next.

Refer to the Quebec & Ontario prospects location map http://www.goldenvalleymines.com/abitibi and the property maps at http://www.goldenvalleymines.com/cooklake and http://www.goldenvalleymines.com/bejopipa on the Golden Valley Mines website.

New Opportunities - Property Acquisitions: Golden Valley Mines has staked an additional 80 claims (1,167 claim units) covering some 18,672 hectares in the area of Noront Resources Double Eagle nickel-copper-platinum group elements (Ni-Cu-PGE) discoveries in the McFauld's Lake area, James Bay Lowlands, Ontario. The company's land holdings in the McFauld's Lake area now total 85 claims (1,231 claim units) covering 19,696 hectares or approximately 197 sq.-km. The target selection process was based on the identification of similar geophysical responses within extensions of the favourable geological terrain associated with the Double Eagle discovery area (the "Ring of Fire"), along strike to the northeast. In addition, two separate claim blocks were also acquired over strong positive magnetic anomalies similar in character and along a sub-parallel geophysical trend located approximately 24 and 34 kilometres northeast.

Future exploration and/or joint venture plans will be announced and maps provided once official claim certificates have been received for the Ontario Ministry of Mines and Development in the next 1-2 weeks.

Refer to Golden Valley Mines McFauld's Lake area property location maps http://media3.marketwire.com/docs/Regional_Location_Map.pdf and http://media3.marketwire.com/docs/Detailed_Location_Map.pdf on the Golden Valley Mines website.

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 April 15, 2008, the Company holds majority property interests in 135 projects consisting of 4,231 mining titles (236,602 hectares) in Saskatchewan, Ontario and Quebec.

Michael P. Rosatelli, P. Geo. is a "Qualified Person" as such terms is defined in National Instrument 43-101 and is responsible for the technical information presented in this news release.

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. Accordingly, readers should not place undue reliance on such forward-looking statements.

Contact Information