Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

November 28, 2006 16:49 ET

Golden Valley Mines Ltd.: Flow-Through Private Placement Financing Of CND$ 1,023,000 Closed

VAL-D'OR, QUEBEC--(CCNMatthews - Nov. 28, 2006) - Golden Valley Mines Ltd.(TSX VENTURE:GZZ) announces in furtherance to its new release of November 15, 2006 that it has closed a flow-through private placement offering of 3,100,000 flow-through common shares at a price of $0.33 per share for gross proceeds of CND$ 1,023,000. All the securities issued pursuant to the offering are subject to a hold period of four months and one day from the closing date.

Desjardins Securities Inc. acted as financial advisor to the Company in respect of the closing of the offering and received a cash commission equal to 6% of the gross proceeds raised. The funds raised pursuant to the offering will be used by the Company to finance exploration and development activities in respect of its James Bay, Abitibi, and other grass-roots properties located in Quebec.

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 November 28, 2006, the company holds majority property interests in 131 projects consisting of 3,666 mining titles (204,011 hectares) in Saskatchewan, Ontario and Quebec.

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

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