Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

October 19, 2005 11:15 ET

Golden Valley Mines Ltd.: New Joint Venture/Option on Abitibi Property

VAL-D'OR, QUEBEC--(CCNMatthews - Oct. 19, 2005) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) announces that it has entered into an option/joint venture agreement with Range Metals Inc. whereby Range Metals may earn up to a 55% interest in the Broker's Fee Prospect, situated near Kirkland Lake, Ontario.

Terms of the agreement provide for a cash payment of $10,000 and the issuance of 400,000 shares (200,000 at listing, and 200,000 additional on the first anniversary of listing) of Range Metals to Golden Valley Mines upon the listing of Range Metals on the Canadian Trading and Quotation System Inc. (CNQ). In order to maintain the option, Range Metals is required to fund exploration in the aggregate amount of $1,000,000 over three years, including an initial $250,000 in the 12-months following listing ($250,000 in 2006 and $500,000 in 2007). Range Metals must keep the claims in good standing and pay all taxes, assessments and other charges as may be required. Golden Valley will be operator of the exploration program during the option period.

Historical work in the area dates back to the 1940's when prospector Davey Lowe discovered and trenched a broad system of quartz-ankerite veins in a sericitized-carbonatized WNW-ESE trending shear zone, apparently hosted within a regional scale lineament. Erratic high-grade results were reported from initial work, and later followed up by several other explorers (Vitro Minerals, Anglo Huronian, Rio Tinto, Lac Minerals, Tundra Gold Mines, Kalahari Resources). Several significant gold intercepts were returned of quartz-ankerite, occasionally well-mineralized, and contained within a broad sericite schist trending across the property.

The Broker's Fee Prospect was last staked in 1989 and has had various geochemical and geophysical surveys (EM, IP), geological mapping and prospecting completed since that time, with a seven drill hole program completed in 1994. Work by Golden Valley Mines included refurbishing of the grid system, limited sampling and mapping, re-interpretation of an induced polarization (IP) geophysical survey, and the drilling of three drill holes (378 metres). All three drill holes intersected zones of altered (silicified, sericitized and/or carbonatized), sheared and locally well-mineralized (pyrite, graphite) intervals near the two major IP anomalies tested.

Work completed within the underlying felsic (calc-alkaline) volcanics has outlined multiple parallel geophysical anomalies generally proximate to a regional scale lineament trending approximately five kilometres across the property. Three of these geophysical features appear to have been tested in the historical work. The calc-alkaline rocks are thought to be part of the Blake River Group volcanics, an important host for gold mineralization further east near Cadillac, Quebec (Lapa, Laronde, Bousquet, Doyon, Mooska, etc.)

Additional work is now planned for geophysical anomalies situated south (P-02), north (P-03) and east (P-01) of the original discovery area. Target #P-02 is considered the priority target at this time based on mapping & prospecting having demonstrated the presence of strong iron carbonate alteration and strong quartz fracturing in a zone parallel to, but south of the original Lowe showing. Proposed for the new option/joint venture program are a compilation of the historical drill hole database, additional detailed geophysical surveys, optical mineralogical studies, detailed structural analyses and a follow-up program of diamond drilling using larger diameter drill core.

Further details regarding the 2005 work programs will be provided as results are received. Refer to the project map on the Golden Valley Mines website, www.goldenvalleymines.com. The option/joint venture with Range Metals is consistent with Golden Valley Mines' focus on generative early stage exploration, largely dedicated to untested targets with the Blake River Group volcanics or Destor-Porcupine Fault Zone. The Company tests initial targets while owning 100% interest and then seeks partners to continue with further exploration while it continues its systematic exploration efforts at other grass-roots projects generally in the Abitibi Greenstone Belt.

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

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