Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

April 03, 2006 12:37 ET

Golden Valley Mines Ltd.: 2006 Abitibi Greenstone Belt Exploration Update

VAL-D'OR, QUEBEC--(CCNMatthews - April 3, 2006) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) provides the following exploration update on its Abitibi Greenstone Belt gold and base-metal project. Drilling has been completed on the Golden Jet prospect, and assay results are expected within the next several weeks.

Golden Jet Prospect - Duparquet, Quebec (gold & base-metal target: map #47): A three hole, 349 metre diamond drill program was completed, which targeted Induced Polarization (IP) geophysical anomalies with broadly coincidental gold-copper soil anomalies. The property is located in Duparquet Township, Quebec. Two of the diamond drill holes intersected narrow sulphide zones. The third diamond drill hole intersected a 2.2 metre wide sulphide zone over a downhole length of 6.22 metres.

Hunter Mine Group Prospect - Duparquet, Quebec (gold & base metal target: map #50): Diamond drilling is scheduled to commence next week. The property is located along the border of Duparquet and Destor Townships, approximately 34 kilometres north of the city of Rouyn-Noranda, Quebec. Preliminary fieldwork completed by Golden Valley Mines includes line cutting, geophysical surveys (magnetic, horizontal loop electromagnetic & induced polarization) and a detailed property compilation. Three distinct and separate drill targets have been identified on the property, which are considered to represent separate volcanogenic massive sulphide (VMS) and/or gold mineralizing events, located along the prospective southern contact of the Hunter Mine Group (HMG) with the Kinojevis Group (Deguisier Formation). The regional northeast-trending Lyndhurst Fault Zone is associated with the contact between the two volcanic domains crossing through the property as defined by a graphitic shear zone.

The historic Hunter and Lyndhurst Mines are located along strike to the west and east of Golden Valley Mines' claims. The Hunter Mine produced 117,000 tonnes of ore grading 0.99% copper (Cu) in 1957, and reported reserves of 127,000 tonnes grading 1.06% Cu and 82,000 tonnes of probable ore at 1.06% Cu in 1973. The Lyndhurst Mine produced 156,362 tonnes grading 1.93 g/t Cu and 12.72 g/t silver (Ag) in 1957, with reserves reported in 1982 of 125,000 tonnes grading 1.75% Cu (SIGEOM - Metallic deposit Descriptions, 2002 and 2004). Note: These reserves pre-date National Instrument (NI) 43-101.

Additional field work, including linecutting and geophysical surveys, has been completed on a number of Abitibi project properties, including Claw Lake (gold target; map #59), Plumber (gold target #48), Bench Depth (gold target: map #49) and Ducros JV (nickel-copper-platinum-palladium target: map #54).

Refer to the Quebec & Ontario project location map and the property map, on the Golden Valley Mines website.

James Bay Update: Cheechoo "A"-Block: Linecutting contracts have been let for approximately 90 kilometres of grid cutting. Work is expected to begin following spring break-up and will consist of grid-based geophysical surveys and additional prospecting to follow up on anomalous gold-copper results announced following the fall 2005 program (December 5, 2005; January 11, 2006; March 20, 2006).

Additional exploration results and drilling assays are forthcoming from the Abitibi Greenstone Belt and James Bay grassroots programs. Additional exploration activities are being planned for the 2006 summer field season at the Company's uranium projects in the Otish and Mistassini regions of Northern Quebec, and at the Beartooth Island Prospect in the Athabaska Basin, Saskatchewan. As of March 30, 2006, the Company holds majority property interests in 134 projects consisting of over 3800 mining titles (511,000 acres) in Saskatchewan, Ontario and Quebec.

Michael P. Rosatelli, P. Geo., is the designated Qualified Person responsible for the preparation of this release.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

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