Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

March 20, 2006 09:45 ET

Golden Valley Mines Ltd.: 2006 Cheechoo Gold Project Exploration Program Plan - James Bay Region, Quebec

VAL-D'OR, QUEBEC--(CCNMatthews - March 20, 2006) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) announces that the Phase I plan for the Cheechoo Gold Project 2006 field season has been finalized. The large property landholdings are located to the east and west of Virginia Gold Mines' Roberto gold discovery in the James Bay region of Northern Quebec.

Phase I of the 2006 exploration program will be focussed on the Cheechoo A property located immediately west of Virginia Gold Mines Eleonore property, and contiguous with Beaufield's Opinaca property where drilling is currently in progress. This area represents the priority target area based on the results of Golden Valley Mines' 2005 field season, from its prospective geological setting, and its proximity to known gold mineralization.

The objective of the program is to define drill targets for testing in late summer 2006 over the northeast part of the property following completion of detailed grid-based geophysical (magnetic, induced polarization and electromagnetic), geological (prospecting, mapping, stripping) and geochemical (rock and soil) surveys. Field operations are expected to commence shortly depending on weather conditions and availability of ground crews.

The program will involve detailed ground follow-up fieldwork based on significant gold-copper rock sample results obtained from the fall 2005 mapping and prospecting program. These results included 1.58 g/t gold (Au) / 1.63% copper (Cu); 3.98 g/t Au / 1.73% Cu and from 1.89 g/t to 0.77 g/t Cu and 0.247 ppb to 559 ppb Au respectively from two separate boulder field clusters 1.5 and 2.4 kilometres down-ice and down-slope from the location of the interpreted surface mineralization. Prospecting and mapping work outlined an altered and mineralized shear zone along a diorite-amphibolized basalt contact. This contact and related mineralized zone is associated with an interpreted airborne electromagnetic (AEM) conductor axis across the northeast property boundary over a distance of some 3 kilometres. Only a small portion of the AEM conductors strike length on the property has been prospected to date. Several regional scale northeast-trending cross-structures are evident in the magnetic data in this area suggesting a possible relationship to mineralization that will be assessed during the program.

Additional prospecting, geological mapping, and geochemical surveying are also planned to start immediately on the Cheechoo B, Cheechoo C and Sharks properties located contiguous to and east of Virginia Gold Mines' Roberto gold discovery. Prospective AEM conductors and mineralized zones outlined during the 2005 program will be followed-up in order to better define drill targets.

Based on preliminary results obtained from the 2005 mapping and prospecting program, three new important gold anomalous targets in addition to two copper anomalous zones have been defined on these properties (Cheechoo B and Sharks). The first priority target area to be ground checked is located in the southwest section of the Cheechoo B property. At this site, a rock grab sample assayed 859 ppb gold located along a prominent regional lineament along the northwest strike extension of an airborne electromagnetic (AEM) conductor. In addition, ground work is planned to be completed over areas along strike for follow-up along neighbouring properties based on results announced late 2005 and 2006.

The budget for this Phase I of the 2006 program is expected to be in the order of $300,000 depending on results and scope of follow-up work required. Golden Valley Mines expects that this work will define targets for testing in a subsequent drill program later in the season.

Golden Valley Mines is continuing its work programs in the Abitibi Greenstone Belt and will provide further details shortly from drilling completed recently at the Golden Jet Prospect, an outline of the next program to be conducted (Hunter Mine Group Prospect), and ongoing generative work.

The Company now holds majority interests in 133 properties consisting of over 3,800 mining claims covering 510,000 acres (2,066 square kilometres). Exploration properties target uranium (Saskatchewan and Quebec), nickel-copper-platinum-palladium and diamonds in Nunavik, Quebec, together with both precious (gold) and base metals (copper-zinc-gold) programs in the Abitibi Greenstone Belt (Quebec and Ontario). The Company is adequately funded for its current programs.

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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