Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

December 23, 2008 14:45 ET

Golden Valley Mines Ltd.: Abitibi Grassroots Exploration Program Update and Stock Options Grant

Diamond drill program completed-Luciana prospect (Lebel-sur-Quevillon, Quebec)

VAL-D'OR, QUEBEC--(Marketwire - Dec. 23, 2008) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) and its partner Takara Resources Inc. (TSX VENTURE:TKK) are pleased to report that the first phase drilling campaign was completed on the Luciana Prospect.

The program consisted of five (5) drillholes totaling 477 metres. Core logging and sampling are in progress with assay results expected in 4-6 weeks. Funding for the drill program was provided by Takara Resources Inc. who may earn up 60% of the property. For details on the option / joint venture agreement and property, please refer to the Company's December 12, 2008 press release.

Stock Options Grant: The Company further announces that it has granted an aggregate 925,000 incentive stock options (the "Options") pursuant to its stock option plan to its directors, officers, consultants, and employees. The Options are exercisable at a price of $0.20 until December 22, 2013. 825,000 Options will vest immediately and 100,000 Options granted to a consultant will vest as to 25,000 Options upon expiration of a 3 month probationary period on March 22, 2009 and thereafter 25,000 Options each will vest on a quarterly basis.

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 December 23, 2008, the Company holds majority property interests in 143 projects consisting of 4,551 mining titles (262,633 hectares) in Québec, Ontario and Saskatchewan.

Michael P. Rosatelli, M.Sc., 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, except as required by law. Accordingly, readers should not place undue reliance on such forward-looking statements.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information