Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

July 18, 2005 11:53 ET

Golden Valley Mines Ltd.: James Bay Summer Field Exploration Program Underway

VAL-D'OR, QUEBEC--(CCNMatthews - July 18, 2005) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) announces the start of the 2005 field exploration program on Golden Valley Mines' James Bay exploration properties. Golden Valley Mines has become one of the principal claim holders in the new discovery area of James Bay, now holding 10,717 claims covering 535 km2 (132,000 acres) in the region. The Company holds contiguous claim blocks on both the west and east sides of Virginia's Eleonore property that hosts the Roberto Zone gold discoveries. Additional staking has been completed in this area by the Company resulting in 14 wholly owned (100%) properties, and two option joint ventures.

The summer field exploration program has commenced over the Cheechoo, Sharks and Top Corner properties (the "Top Corner" property being comprised of several claim blocks acquired from Canadian Royalties Inc. ("TSX:CZZ") - See Press Release dated May 18, 2005). The program will initially consist of a systematic lake-bottom sediment survey, which will be completed over much of the Golden Valley Mines' extensive property position. Initial assay results are expected by mid-August.

A phase-2 follow-up reconnaissance prospecting and mapping program is expected to commence once final lake-bottom sediment assays have been received. The objective of the phase 1 and 2 programs is the delineation of potential precious and base-metals drill targets. Airborne geophysical surveys completed over a significant portion of the properties earlier in 2005 identified a number of potentially favourable target areas for both gold and base metals which will also be evaluated in this portion of the program.

The east blocks of Cheechoo and the Sharks property collectively cover approximately 40-kilometres of strike length in a west-southwest east-northeast magnetic trend, and includes portions of several broad geochemical indicator anomalies derived from lake-bottom sediments collected by the Ministere des Ressources Naturelles et Faune (MRNF). Historic regional airborne geophysical signatures and 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 Virginia Gold Roberto discoveries. Further details regarding the 2005 summer work programs will be provided as results are received. Refer to the project map on the Golden Valley Mines website, www.goldenvalleymines.com/cheechoo.

Shoot-Out West Property, Nunavik, Quebec (Raglan) - Golden Valley granted an option to Little Mountain Resources Ltd. (TSX-V: LIT) to acquire a 50% interest in its Raglan Ni-Cu-PGE property located in Nunavik, Quebec. Over the past two exploration seasons, Little Mountain has incurred over $900,000 in exploration expenditures, and in order to vest in a 50% interest, Little Mountain is required to incur an additional $1,100,000 before the end of 2005. The funds incurred over the past two years were primarily allocated to delineating Ni-Cu-PGE mineralization at the Alpha and India grid areas. Due to delays in Little Mountain's plan of arrangement with Starburst Exploration, the 2005 exploration will be correspondingly delayed.

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.

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

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