Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

August 22, 2007 11:25 ET

Golden Valley Mines Ltd./Abitibi Grassroots Exploration Program Update: Ni-Cu-PGE Channel Sample Assay Results-Drilling Underway

VAL-D'OR, QUEBEC--(Marketwire - Aug. 22, 2007) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) is pleased to report on new high-grade surface Ni-Cu-PGE channel sample results at the Ducros Prospect, and start-up of diamond drilling at the Perestroika Prospect.

Channel Sample Program Results - Senneterre, Quebec: Detailed mapping and sampling was completed over the two new mineral occurrences discovered by the prospector/vendors of the Ducros Prospect claims. The property was acquired by Golden Valley Mines following a property due diligence sampling verified previous results (refer to press release dated November 8, 2004). The first of the surface showings is a nickel-copper-platinum-palladium (Ni-Cu-PGE) occurrence hosted within a pyroxenite body exposed at surface over 24 by 58 metres. A series of well-mineralized gossans are located along the eastern flank of the outcrop, which hosts abundant pyrrhotite and chalcopyrite. Channel sample results are as follows:



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Sample Length (m) Au (g/t) Cu (%) Pt (g/t) Pd (g/t) Ni (ppm)
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116780 0.7 0.186 1.45 0.459 0.617 1290
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116781 0.77 1.325 1.7 0.734 0.688 3700
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116782 0.85 0.566 1.6 1.02 0.973 5640
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116783 0.77 0.589 1.22 1.115 1.295 6980
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116784 0.72 0.604 0.82 0.342 0.592 1780
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116785 0.67 0.226 1.59 0.922 0.905 5360
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116786 0.60 0.208 0.55 0.517 0.631 3830
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The second surface showing is located 75 meters to the northeast of the pyroxenite body contained within a well-developed shear zone exposed over 15 by 60 meter area. The mineralized occurrence consists of approximately 30% localized lenticular quartz veins slightly oblique to the main foliation, inclusive of well-mineralized (pyrite + or - chalcopyrite) quartz fractured wallrock contacts. Only anomalous gold values were returned from a series of channel samples. Check assaying results of the grab samples collected by Golden Valley Mines in 2004, including the one sample that graded 4.0 g/t gold, showed that the gold results are highly variable and suggest there may be a gold nugget effect with these samples.

Diamond drilling is expected to commence in the next 2 weeks on the property. Two priority induced polarization (I.P.) anomalies have been selected to test for the inferred, and overburden covered strike extensions of the two showings to the east, and their near-surface depth extensions.

Diamond Drill Program in Progress - Courville Quebec: A diamond drill rig has been mobilized to the Perestroika Prospect (gold target: map #65 - Kalahari Resources Ltd. Joint Venture property), located Courville Township, 8 km northwest of Barraute, Quebec. A single first priority induced polarization (I.P.) anomaly is targeted within an untested and overburden covered portion located in the northeast corner of the property. Previous drilling results along the Uniacke Shear Zone which crosses the center of the property, included 1.48 g/t gold over 5.79 metres, 2.13 g/t gold over 4.88 metres, 33.56 g/t gold over 0.46 metres, and 8.37 g/t gold over 0.67 metres (GM-54860). A number of gold showings and deposits have been discovered in the past along the Uniacke Shear Zone, including the Tiblemont Consolidated (226 800 t @ 3.1 g/t) and the Smith- Tiblemont (122 472 t @ 6.6 g/t) both associated with the Manneville Corridor, and the Venus-North (57 000 t @ 5.8 g/t) Prospect.

Diamond Drill Program Results - Matachewan, Ontario: Final assay results have now been received for the final two diamond drillholes from the Plumber Prospect (gold target: map #48), located in Cairo Township, approximately five kilometres north of the village of Matachewan, Ontario. No additional significant gold assay results were returned (refer to press releases dated May 8, 2007 and June 21, 2007). Final assay results have been received for the four diamond drillholes from the Bench Depth Prospect (gold target: map #49) located in Baden Township, located approximately six kilometres north-northwest of the village of Matachewan, Ontario. No significant gold assay results were reported. Additional geophysical and geological surveys are planned for follow-up on a well developed mineralized and altered shear zone intercepted in the drilling.

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

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 August 20, 2007, the Company holds majority property interests in 133 projects consisting of 4,163 mining titles (231,709 hectares) in Saskatchewan, Ontario and Quebec.

Michael P. Rosatelli, P. Geo. is a "Qualified Person" as defined in National Instrument 43-101 and is responsible for the technical information presented in this news release.

Forward Looking Statement: This press 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 press 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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