Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

February 28, 2007 14:56 ET

Golden Valley Mines Ltd.: Diamond Drilling Underway-2007 Abitibi Grassroots Exploration Program

VAL-D'OR, QUEBEC--(CCNMatthews - Feb. 28, 2007) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) announces that diamond drilling has commenced on its 2007 Abitibi grassroots exploration program. The 2007 Abitibi grassroots exploration program budget for the year is CAD$1,000,000.

The Plumber Prospect (gold target: map #48) is located in Cairo Township, approximately five kilometres north of the village of Matachewan, Ontario. The Larder Lake - Cadillac Fault Zone is located immediately south of the property and is an important structural control for the focus of gold mineralization in the southern Abitibi Greenstone Belt (estimated at 86 million ounces of historical production from both gold and base metal mines), including the nearby Matachewan gold camp. Historical gold production in the area was from the Young-Davidson and adjacent Matachewan Consolidated Mine which together produced approximately 960,000 ounces of historical gold production (MNDM website). Northgate Minerals Corporation now controls the Young-Davidson property and have budgeted a program of US$28 million for 2007.

Fieldwork completed by Golden Valley Mines, includes the establishment of a property grid, geophysical (magnetic and induced polarization) surveys and data compilation. Initially, three distinct and separate drill targets have been identified on the property. These targets appear to be associated with favourable geological and structural features that may reflect an environment similar to the Young-Davidson property, where gold mineralization is hosted primarily in an intrusive syenite enclosed by mafic volcanic flows. At the Plumber prospect located about six kilometres to the northeast of the Young-Davidson property, the drill targets are spatially associated with inferred or mapped syenite intrusive bodies, including in an area of a reported historical pit with gold mineralization (circa 1964 - no values reported) in contact with mafic volcanic rocks and brittle faulting.

Drilling will then follow at the Bench Depth Prospect (gold target: map #49) also in the Matchewan area. Refer to the Québec 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 February 28, 2007, the Company holds majority property interests in 132 projects consisting of 2,699 mining titles (152,421 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.

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

Contact Information