Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

September 29, 2009 11:46 ET

Golden Valley Mines Abitibi Grassroots Exploration Program-Resumption of Drilling Activities: Perestroika Gold Prospect (Val-d'Or, Quebec)

VAL-D'OR, QUEBEC--(Marketwire - Sept. 29, 2009) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) is pleased to report on its exploration activities for the Company's Abitibi Greenstone Belt (AGB) "Grassroots Exploration Project".

Diamond Drill Program in Progress - Val-d'Or, Quebec: A follow-up drilling campaign is set to commence on the Perestroika Prospect (Quebec & Ontario Prospects Location Map: Gold Target #65 - Kalahari Resources Ltd. Joint Venture property) located in Courville Township, Quebec. The company expects to complete a two (2) hole, 400 metre diamond drill program testing for the depth and lateral extension of the historical reported gold mineralization.

Previous reported exploration work on the property dating back to 1937-38 established the presence of gold mineralization associated with a corridor of intense deformation and alteration within the WNW-trending Uniacke Deformation Corridor (inferred as the eastern extension of the prolific Destor-Porcupine Deformation Zone). Two mineralized outcrops were located, prospected, stripped, sampled and drill tested over the period from 1937 to 1997. The showings are referred to as the Central Stripped Area - "Uniacke Shear" and the West Stripped Area - "Glasnost Zone".

At the "Uniacke Shear", drilling in 1996-97 (96PER-03) identified two separate shear zones (North and South Shear respectively), with the southern shear associated with two low-grade mineralized zones averaging 1.48 g/t Au over 5.79 metres and 2.13 g/t Au over 4.86 metres with higher grade, quartz vein hosted gold mineralization assaying up to 11.05 g/t. Over at the "Glasnost Showing" located approximately 250 metres west, drilling verified previous high-grade assay results and returned an intersection grading 33.56 g/t Au over 0.46 metres from a hematized and quartz fractured felsic porphyry dike hosting 5% pyrite (Ministere de l'Energie et des Ressources naturelles, Documentation technique GM 54860).

The objective of the proposed diamond drilling program is to test for the depth extension of the mineralization within the "Uniacke Shear" (GPS-09-01) as well as to test for the southeast strike extension of the "Glasnost Showing" (GPS-09-02) under an overburden covered area on section 800W (see attached figure for details). Also, special consideration is to be given to detailed logging and sampling to establish a better control of the system of mineralization related to lithological units (i.e. felsic porphyritic rocks), shearing, alteration (i.e. hematite) assemblages, sulphide types and percentages (i.e. pyrite), and quartz veining (i.e. orientation, morphology, timing). Often the complex, erratic, and localized nature of gold is a common feature of many vein-style gold deposits. This style of mineralization is often referred to as being nuggety or possessing a high-nugget effect. Accordingly, diamond drilling in this program will utilize large diameter coring technologies.

Previous Drill Program: Detailed relogging and sampling of the Company's 2007 drillhole (GPS-07-01) that tested an induced polarization (IP) anomaly (see press release dated August 22, 2007) was completed as part of the project leading up to the current drill program on the Perestroika Prospect. This work has now confirmed the existence of two separate zones of near surface, higher grade gold mineralization equivalent to the historical showings. The first type of mineralization intersected is felsic porphyry dike-hosted mineralization grading 4.35g/t Au over 0.24 metres from 5.5-5.74 metres, including greater than 10g/t Au(i) over 0.10 metres from 5.5-5.6 metres ((i) non-sufficient sample material to complete fire assay on one quarter of BQ-sized core). The second lower mineralized zone is of the atypical quartz vein-hosted type mineralization, grading 10.05g/t Au over 0.09 metres from 44.54-44.63 metres.

Although the two newly recognized gold zones in GPS-07-01 are narrow, they represent another gold occurrence located some 500 metres to the northeast of the historical surface and drill indicated mineralization. This hole targeted a weak chargeability anomaly at the northern boundary of the Uniacke Deformation Corridor, suggesting the possibility for the existence of a series of en echelon gold zones. On the Perestroika Prospect, the Uniacke Deformation Corridor is 1.2 kilometres wide, strikes NW-SE across the property claims for over 2.6 kilometres and remains largely untested.

All BQ core assays reported above were completed by ALS Chemex with sample preparation in Val d'Or, Quebec and analyses at ALS Chemex in Vancouver, British Columbia. A standard 33 multi-element, ICP-AES analysis was completed on all samples. Gold values were determined by 30g FA-AA finish with over limits (greater than 10g/t Au) by a 30g FA-GRAV finish.

In the fourth quarter of 2008, the Company entered into a joint venture agreement with Kalahari Resources Inc. thus earning a 70% interest in a group of nine (9) properties including the Perestroika Prospect, located in the Abitibi Greenstone Belt (Quebec and Ontario). Golden Valley Mines will continue to act as the operator during the joint venture phase.

New Opportunities - Property Acquisitions:

Golden Valley Mines through its in-house project generation activities has staked a total of 218 new 100%-owned claims covering approximately 10, 526ha or 105km2 that included eleven (11) new and five (5) add-on properties. These new or add-on properties (prospective gold, copper-zinc-silver, nickel-copper-platinum group metals, uranium and molybdenum) are located in the Abitibi Greenstone Belt and northern regions of Quebec. Further details and exploration plans will be provided once official Ministere de l'Energie et des Ressources naturelles claim title documentation has been received.

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 September 28, 2009, the Company holds majority property interests in 142 projects consisting of 3,720 mining and 3 projects consisting of approximately 710 sq-km in the Republic of Sierra Leone.

Mr. Michael P. Rosatelli, P.Geo and Vice-President, and Mr. Glenn J. Mullan, P. Geo. And President/CEO of Golden Valley Mines, are the Qualified Persons (as that term is defined in National Instrument 43-101) who have reviewed this news release and are 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.

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