Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

May 05, 2008 09:00 ET

Golden Valley Mines Ltd./Abitibi Grassroots Program Update: Diamond Drill Program Underway-Bearmac Prospect (Chapais-Chibougamau, Quebec)

VAL-D'OR, QUEBEC--(Marketwire - May 5, 2008) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) is pleased to report on drilling progress for the Company's Abitibi grassroots program on its 100% owned properties.

Diamond Drill Program in Progress - Chapais-Chibougamau, Quebec: Diamond drilling is underway at the Bearmac Prospect (gold target: map #42) located in Scott Township, Quebec between Chapais and Chibougamau. Drilling will test for gold (Au) targets on the property related to the Chibougamau Pluton. Historical gold production in the main Chibougamau Mining Camp totalled 3,108,215 ounces of gold and 1,617,851,264 pounds copper (733,845 tonnes) over the period from 1955-1997. The company will complete 6 drillholes to test targets outlined by its recent geophysical survey program and property compilation.

The majority of the documented mineral occurrences in the western part of the Chibougamau Pluton are associated with NW-NNW and NNE-NE shear zones accompanied by strong sericitization. Gold mineralization is hosted in a variety of quartz-carbonate vein types that have been emplaced in the shear zones in various intrusive hostrock units. A compilation of the previous exploration work completed by the Quebec Ministere des Ressources naturelles et de la Faune (MRNF) in a June 2003 Communique characterized the known mineral occurrences and identified that most of the work was concentrated on the NNE-NE shear zones. The company's property acquisitions were conducted on this basis.

On the Bearmac Prospect, one showing (named "Bearmac I") was described as being associated with a 1-4 metre wide NNE-NE trending shear zone exposed over an area of some 15m x 100m, hosted by hornblende melanodiorite to hornblende quartz diorite. The shear zone is characterized by the development of a sericite, carbonate, fuchsite, and chlorite schist mineralized with pyrite and traces of chalcopyrite with late discordant and deformed quartz veins containing tourmaline, chlorite and pyrite. Grab sampling results in 1991, 1992, and 1993 graded from a minimum value of 240 ppb to a maximum grade of 3.8 g/t gold (GM 52952). Two drillholes are planned in the area of the "Bearmac I Showing" to test weak chargeability anomalies and a possible NW-NNW striking structure. A third hole will test the "Bearmac III Showing" located about 1,000 metres along strike on the same structure. Here a similar shear zone has been exposed (125m x 30m) hosting 5-75% pyrite and well developed quartz-chlorite-pyrite veins (GM 52952). A complex array of weak and moderate chargeability anomalies will be tested. Neither of the two showings described above have been drill tested previously.

Three additional holes will test separate moderate to strong chargeability anomalies over the eastern parts of the property, where no previous drilling has been reported.

Previous Drill Programs: Diamond drilling at the Bejopipa Prospect (gold target: map #39), located in Scott Township of the province of Quebec, between Chapais and Chibougamau has been completed. Drilling (1,010-metres) tested six (6) separate geophysical anomalies (please refer to the April 17, 2008 press release for details). The core is currently being logged and sampled for analysis.

The Ducros JV Prospect (Ni-Cu-PGE target: map #52) located north of Senneterre Quebec will be drilled next.

Refer to the Quebec & Ontario prospects location map and the Bearmac / Bejopipa property maps attached to this press release.

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 May 2, 2008, the Company holds majority property interests in 135 projects consisting of 4,231 mining titles (236,602 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 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.

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