Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

March 04, 2005 14:57 ET

Golden Valley Mines Ltd.: Diamond Drill Mobilized at Winnie Lake VMS Property, Ontario


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GOLDEN VALLEY MINES LTD.

TSX VENTURE SYMBOL: GZZ

MARCH 4, 2005 - 14:57 ET

Golden Valley Mines Ltd.: Diamond Drill Mobilized at
Winnie Lake VMS Property, Ontario

VAL D'OR, QUEBEC--(CCNMatthews - March 4, 2005) - Golden Valley Mines
Ltd. (TSX VENTURE:GZZ)



- Airborne Survey Progress at Cheechoo Prospect (James Bay Area)
- Drilling Completed at La Sarre, Quebec gold project
- Staking Expands Quebec Uranium Ventures


Golden Valley Mines Ltd. (TSX VENTURE:GZZ) provides the following update
of exploration activity conducted on its grassroots projects in Quebec
and Ontario.

Kirkland Lake, Ontario - Winnie Lake Prospect (VMS, #38 on map):
Drilling is expected to start over the weekend as the drill rig has now
been mobilized to the property. A concurrent time-domain electromagnetic
(T.D.E.M.) survey is planned to cover the surface area over and proximal
to the main showing where a gossan is exposed over a strike length of 21
metres in the vicinity of a shallow shaft sunk in 1911. Mineralization
is spatially related to highly silicified basalt or a silicious rhyolite
tuff/chert unit hosting chalcopyrite, sphalerite, pyrite and magnetite
mineralization. The mineralization is associated with a 2.1 to 3.7 metre
wide chert horizon (Azimuth 060 degrees to 080 degrees, plus or minus 65
degrees south dip). At least 19 drill holes were drilled on the showing
and in the intermediate vicinity. The best historic drill hole returned
an average grade of 2.58% copper, 2.83% zinc, 17.1 g/t silver & 1.03 g/t
gold over a core length of 22.5 metres (TWL-89-01) consisting of a zone
of discontinuous massive sulphides above a estimated vertical depth of
30 metres. In the vicinity of the shaft area section, a shallow north
dipping syenite body cuts off the volcanic stratigraphy at below the
61-metre elevation.

The objective of the T.D.E.M. survey is to locate, if possible, a
displaced or folded extension of the massive sulphide horizon at depth
and down-plunge for follow-up drill testing. The first two holes will
test two separate well-defined induced polarization (I.P.) anomalies
east of the historic base-metal showing.

James Bay (Mid-North), Quebec - Cheechoo Prospect (Option/JV with Sirios
Resources Inc.; TSX-V: SOI) (#55 on map): Airborne magnetic and EM
geophysical surveys have been underway since mid-February and are now
nearly complete on the three blocks comprising the Cheechoo Prospect.
Planning of a follow-up ground-based program will commence upon receipt
of the final airborne survey results.

Thirty-five (35) of the claims comprising the Cheechoo Prospect are
located approximately 15 kilometres south west (Block "A") of Virginia
Gold's new gold discovery with 271 claims located immediately east of,
and contiguous to, the Virginia Gold Mines main Eleonore property (NTS
33B12).

The west block (Block "A") covers an arsenic anomaly and several other
linear geophysical features. Other than the reconnaissance geochemical
sampling work performed by the MRNFPQ and the regional airborne
geophysical surveys there is no previous work reported as being
undertaken on the Property. A set of prominent linear northeast and
north-northeast striking features are visible in the new airborne data
and generally appear to strike towards the Roberto and Roberto-Est
discoveries. Fieldwork will be concentrated in these areas in the 2005
summer program.

The east block of Cheechoo covers approximately 40 kilometres of strike
length in a west-southwest east-northeast magnetic trend, and includes
portions of several broad arsenic geochemical anomalies derived from
lake bottom sediments collected by the Ministere des Ressources
Naturelles, Faune et Parcs du Quebec (MRNFPQ). Airborne geophysical
signatures and regional geological mapping appear to indicate that the
groups are located along the flanks of felsic intrusive features and
underlain by the same favourable metasediments described as the host
rocks at the new Virginia Gold Mines "Roberto and Roberto East"
discoveries. The on-going program is expected to exceed the first-year
$250,000 commitment envisaged in the option/joint venture agreement.

Virginia Gold Mines has continued to report multiple high-grade drill
intersections greater than 10 g/t gold over widths ranging from 3.3 to
16 metres true width across more than 450 metres of strike length and to
a depth exceeding 350 metres. Virginia has reported that the Roberto and
Roberto-Est zones appear open in multiple dimensions.

Golden Valley may earn a 60% interest by funding $1,000,000 in
exploration over four years, and may increase this interest to 80% by
completing a bankable feasibility study. Golden Valley Mines Ltd.
acquired 1,500,000 shares of Sirios Resources Inc. and 1,500,000
purchase warrants in a private placement that closed in January 2005.

La Sarre, Quebec - Double Trouble Prospect (#8 on map): A four-hole
drill program was completed totalling 346 metres (see press release
February 2, 2005). Each of the drill holes tested induced polarization
(I.P.) anomalies intersecting quartz veined and silicified zones hosting
predominately pyrite and pyrrhotite with occasional chalcopyrite and
sphalerite. Assay results are expected to be received in the next week
and will be reported once received and compiled.

James Bay Area, Quebec - Mistassini-Otish Uranium Venture Additional
land acquisitions have been completed over three blocks of ground
totalling 19 map designated cells (about 1007 ha) to cover uranium
showings outlined in ongoing research and compilation work. The total
land package now consists of approximately 348 map designated units
(MDUs) (18,656 ha) for the Mistassini and 725 MDU's (about 38,400 ha)
for the Otish Prospect blocks. Airborne surveys and ground follow-up
programs are currently being planned for the 2005 field season.

Exploration summary: Work completed to date has been conducted at 24
project areas in the Abitibi Greenstone Belt project area with 53
diamond drill holes completed (5,834 metres). In addition, 30 drill
holes were completed in 2004 at the West (17) and East (13) Shoot Out
Prospects.

Glenn J. Mullan, P. Geo. and President of Golden Valley Mines Ltd., is
the designated Qualified Person responsible for the exploration programs
on the properties and the person responsible for the preparation of this
release.

A map is available on the CCNMatthews' website at the following address:
http://www2.ccnmatthews.com/database/fax/2000/gzz0304.jpg

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Golden Valley Mines Ltd.
    Glenn J. Mullan
    Chairman
    1-866-219-4678, ext. 222 (Toll Free)
    mullan@goldenvalleymines.com
    or
    Golden Valley Mines Ltd.
    Bruce R. Durham
    Vice-President, Exploration
    (514) 879-1688, ext 252
    durham@goldenvalleymines.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.