Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

September 21, 2007 09:00 ET

Golden Valley Mines Ltd: Abitibi Grassroots Exploration Program Update Fall 2007 Drilling and Geophysical Programs Start-up

VAL-D'OR, QUEBEC--(Marketwire - Sept. 21, 2007) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) is pleased to report that drilling on the Claw Lake Prospect has commenced, and that multi-property line-cutting, and geophysical survey programs are underway.

Diamond Drill Program in Progress - Shiningtree, Ontario: Diamond drilling has started at the Claw Lake Prospect (gold target: map #64 - Kalahari Resources Ltd. Joint Venture property), located in Cabot Township, approximately 18 km northwest of Shiningtree, Ontario. Three first priority induced polarization (I.P.) anomalies are targeted over the inferred and untested northwest extension or possible splays to the Beaver Zone, where historical grab sample results included 0.31 and 0.12 oz/t gold. Previous historical work was focused in or around the Claw Lake quartz-diorite, porphyry stock contained with the property claim group. Several showings have previously been identified from surface prospecting and follow-up diamond drilling, including the Galena Vein (0.45 oz/t Au from trench samples and 0.57 oz/t and higher with 0.21% Mo from dump material; 0.05 oz/t Au over 0.91 m in drilling), Rapids Vein (up to 0.58 oz/t Au across 46 cm; 0.16 over 0.6 in drilling), Hillside Vein (0.79 oz/t Au across 0.76 cm; 0.01 oz/t Au over 1.37m), Draw Vein (0.13 oz/t Au over 0.46 m) and aforementioned Beaver Vein. In addition molybdenum (Mo) mineralization has been reported as distinct showings or associated with gold-bearing veins, including the Galena showing and the Molybdenite Vein (0.27% MoS2 and 0.05 oz/t gold over 0.55 m chip sample) and West Vein (1.21% MoS2 over 0.55 m chip sample) showings (OGS Report 249, 1986; Jonpol Explorations Ltd, 1994(m1)). The target model for the property is Archean porphyry-style copper-molybdenite±gold mineralization hosted within or peripheral to the Claw Lake felsic intrusive stock. The best known porphyry-hosted deposit of this type is associated with the Pearl Lake porphyry stock at the Hollinger-McIntyre deposit (Canada' largest gold deposit at approximately 30 million ounces of production), located in the Timmins gold mining camp.

Upcoming Diamond Drill Programs - Northwestern Quebec and Northeastern Ontario: A diamond drill rig has now been secured for uninterrupted drilling service for the reminder of the year 2007. Presently, 2,400 meters of drilling have been finalized to include the aforementioned Claw Lake Prospect, Munro Prospect (eastern strike extension of the Potter Mine stratigraphy where Millstream Mines is actively exploring), Bogside Prospect (immediately south of the Agnico Eagles "Lapa project"), Riviere Lois Prospect (untested felsic volcanic sequence), and Ducros Prospect (Ni-Cu-PGE channel assay results grading up to 1.295 g/t Pd, 1.115 g/t Pt, 1.7% Cu, and 6980 ppm Ni - please refer to the August 22, 2007 news release for details). The program is expected to be expanded as additional targets are refined through the on-going fall 2007 ground geophysical program.

On-going Geophysical Program - Northwestern Quebec and Northeastern Ontario: The program currently consists of establishing grids totalling approximately 183 kilometres over seven Quebec and Ontario properties for ground geophysical surveying, and follow-up prospecting, mapping and sampling on selective areas. The primary objective of the program is to add to the pipe-line of drill ready prospects for the current and winter 2008 diamond drilling campaigns.

Previous Diamond Drill Program Results - Val-d'Or, Quebec: Final assay results have now been received for the four diamond drillholes from the Lac Lemoyne Prospect (gold target: map #31) located in Dubuisson Township, 5 km southwest of Val d'Or. No significant gold assay results were returned (Please refer to news releases dated June 21, 2007).

The 2007 Abitibi grassroots exploration program budget for the year is CAD$1,000,000.

For additional information, please refer to the Quebec and Ontario prospects location map at http://www.goldenvalleymines.com/abitibi.

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 19, 2007, the Company holds majority property interests in 132 projects consisting of 4,274 mining titles (234,598 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 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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