Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

June 29, 2005 10:26 ET

Golden Valley Mines Ltd.: Annual General Meeting-Corporate Update

MONTREAL, QUEBEC--(CCNMatthews - June 29, 2005) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) announces that at its annual general meeting of the shareholders held on June 16th, 2005, in Montreal, Quebec, the shareholders of the Corporation re-elected by a single motion Messieurs George Cross, Roland Hamel, Blair F. Morton, Glenn J. Mullan, and Jens Zinke to hold office until the close of the Corporation's next annual meeting.

Other results of the annual general meeting of the Corporation's shareholders include the re-appointment of the Corporation's auditors namely, Raymond Chabot Grant Thornton, and the approval of the Corporation's 2005 Incentive Stock Option Plan by a majority of those shareholders which are not insiders of the Corporation, or associates of same; regulatory approval of the Corporation's 2005 Incentive Stock Option Plan has also been obtained.

Golden Valley plans to pursue its aggressive field exploration strategy consisting of testing, by diamond drilling, approximately two prospects per month from its current property portfolio of Abitibi grass roots prospects while continuing to conduct work on its other property holdings located in the Nunavik (Ungava) and Labrador regions of Northern Quebec. For additional information pertaining to the Company' exploration activities refer to our news releases of June 3rd and June 16th, 2005. Other updates will be forthcoming as they are available.

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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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