Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

August 14, 2008 09:20 ET

Golden Valley Mines Ltd.: Abitibi Grassroots Exploration Program Update Diamond Drill Program Underway-Venus New Prospect (Val-D'or, Quebec)

VAL-D'OR, QUEBEC--(Marketwire - Aug. 14, 2008) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) is pleased to report on drilling activities for the Company's Abitibi Greenstone Belt "Grassroots Exploration Project".

Diamond Drill Program in Progress - Val-d'Or, Quebec: A first phase drilling campaign is underway on the Venus New Prospect (gold target: map #46) located in Barraute Township, Quebec. The company will complete five (5) drillholes to test targets proximal to a historic gold showing ("Alta"), outlined by its recent geophysical survey and property compilation.

Previous work on the property and surrounding area identified two parallel shear zones hosting auriferous quartz veins, concentrated along crests of folds. Three such veins have been exposed by trenching on the present day property and subsequently sampled. The veins are composed of glassy white quartz and carbonate and are well mineralized with pyrite, and small amounts of chalcopyrite with abundant visible gold observed. The wallrock to the veins are altered (carbonatized) and mineralized (pyritic). Visible gold was observed in the veins with individual sample results assaying up to 2.94 oz/t gold. Chip sample results taken across the shear including both vein and wallrock material returned assay results of 7.0 feet (2.1 m) grading 0.154 oz/t (5.3 g/t) gold or 10.0 feet (3.1 m) grading 0.102 oz/t (3.50 g/t) gold from the "North Vein" and 6.0 feet (1.8 m) averaging 0.527 oz/t (18.1 g/t) Au from the "Central Vein" (Ministere de l'Energie et des Ressources naturelles, documentation technique GM 34877).

Previous Drill Program Results: At the Bejopipa Prospect (gold target: map #39), final assay results have been received and compiled for the 1,010 m, 6-hole diamond drill program announced on April 16, 2008. The highlight of the program was a gold value of 1.645 g/t Au over 1.5 m from GBP-08-06 Anomalous copper and zinc assays were also recorded from separate shear zones in GBP-08-05. The best base-metal value recorded in the hole was 0.777% zinc over 1.5 m. Additional detailed back-split sampling is currently in progress on two separate sections of drill core in each of the holes. At the Munro Prospect (VMS target: map #58 - Kalahari Resources Inc. - Joint Venture property), located in Munro Township, Ontario, assay results from the remaining hole testing a MegaTEM anomaly returned anomalous base-metal (best value of 0.6090% zinc over 0.37 m) values hosted in a graphitic argillite unit (refer to the company's March 31, 2008 press release for further details). Further plans for a BHPEM (borehole pulse electromagnetic) survey will be forthcoming to test for conductive bodies along the prospective stratigraphy in selective holes.

Previous Drill Program: Diamond drilling at the Pascalis West Prospect (VMS-gold target: map #85) located in Pascalis Township, Quebec, has been completed. Drilling (530-metres) tested four (4) separate geophysical targets (please refer to the July 22, 2008 press release for details). The core is currently being logged and sampled for analysis.

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 August 14, 2008, the Company holds majority property interests in 135 projects consisting of 4,506 mining titles (259,836 hectares) in Saskatchewan, Ontario and Quebec.

Michael P. Rosatelli, P. Geo. Vice-President, Exploration for Golden Valley Mines Inc., is a Qualified Person (as such term is defined in National Instrument 43-101-Standards of Disclosure for Mineral Projects), and is responsible for the geological information presented 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. Accordingly, readers should not place undue reliance on such forward-looking statements.

Maps of the Quebec & Ontario Prospects Location, the Venus New Prospect and the Pascalis West Prospect are available at the following address: http://media3.marketwire.com/docs/GZZ_maps0814.pdf

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