Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

January 29, 2008 08:30 ET

Golden Valley Mines Ltd.: $2,000,000 Uranium Exploration Program Underway Beartooth Island Prospect Athabasca Basin Saskatchewan

VAL-D'OR, QUEBEC--(Marketwire - Jan. 29, 2008) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) (the "Company") reports that board approval has been received from its option/joint venture partner Ditem Explorations Inc. (TSX VENTURE:DIT) ("Ditem") in respect of a winter, 2008 exploration program consisting of ground geophysical surveying and diamond drilling, of which both phases will run concurrently over the next 3 months. The estimated value of the work for which mobilization is currently underway is budgeted at $2,000,000.

Phase I Spartan MT (Magnetotelluric) Survey:

- A fully operational camp has been set-up at Beartooth Island, Lake Athabasca, Saskatchewan to accommodate both geophysical and drilling crews, geologists and support staff. The geophysical survey is now in progress and is expected to be completed over the next month.

- The survey will consist of approximately 118 line kilometres of additional target coverage (northeast section of property) and detailed in-fill surveying based on the definition of a series of anomalies, possibly produced by basement conductors, and associated resistivity lows outlined from the 2007 survey. The Spartan MT survey is a deep resistivity sounding geophysical tool that collects magnetotelluric resistivity data over a large frequency range, allowing long recording periods when the signal strength is at its best. As a result, more accurate imaging of the resistivity to depths of 1-2 kilometres and greater can be achieved. The system was developed "in-house" by Quantec Geosciences.

Phase II Drill Program:

- The 2008 winter diamond drilling program will total between 3,000 to 4,000 metres, and may potentially be expanded, depending on the results of the Phase I geophysical work, drilling logistics, and general ice conditions. Drilling is expected to commence by mid-February, 2008.

- Four conductors defined by the winter 2007 Spartan MT survey were selected as initial targets for diamond drill testing. Their strike length ranges between 400 to 1,200 metres and remain open in both directions.

- The conductors appeared to be spatially linked to margins of structural uplifts (basement highs) and down-drops and along magnetic gradients associated with northeast trending lineaments in the eastern part of the property and north-south trending lineaments in the western portion of the property (Note that the Beartooth Island Prospect is located approximately 10-km SE of Maurice Bay deposit owned by Cameco) and all thought to potentially represent fault zones. In the east portion of the property, these lineaments are considered of interest due to their proximity to the Black Bay fault zone, associated potentially with uranium mineralization closer to the Uranium City and Beaverlodge areas to the northeast.

- Drilling will test prospective resistivity lows in the Athabasca Basin sediments located above basement conductors.

- Basement conductors of variable strengths have been mapped (defined) at depths of 700 metres.

- Unconformity-associated uranium mineralization is often associated with clay alteration zones found in sedimentary cover rocks above the mineralization either along the unconformity or within the basement. This clay alteration halo is often detected as resisitivity lows immediately above the basement conductors.

Ditem may earn an initial 50% interest in the Beartooth Island property by incurring expenditures of $1,000,000 over three years. In the 4th year of the agreement, or, after having incurred the first $1,000,000 in expenditures, Ditem may elect to increase its interest by an additional 10% (60% aggregate) by incurring a further $2,000,000 in exploration expenditures. Finally, Ditem may then increase its interest by an additional 6% (66% aggregate) by completing a bankable feasibility study within 10-years of signing. Following the final vesting, the Company will retain an aggregate interest of 34%. The Company is the operator of the program.

Corporate Update: In other news, the Company announces that it has recently become a reporting issuer in the Province of Ontario.

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 January 25, 2008, the Company holds majority property interests in 137 projects consisting of 4,257 mining titles (237,036 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.

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