Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

June 27, 2008 15:05 ET

Golden Valley Mines Ltd.: New Nickel-Copper-PGE Discovery Ducros Prospect (Senneterre, Quebec)

VAL-D'OR, QUEBEC--(Marketwire - June 27, 2008) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) is pleased to report on a new Nickel-Copper-PGE drill discovery as part of the Company's on-going Abitibi Greenstone Belt "Grassroots Exploration Project".

Drill Results, Ducros Township Prospect - Senneterre, Quebec: As reported in the Company's May 22 and 28, 2008 press releases respectively, a seven-hole, 639-metre drill program was completed on the property testing separate geophysical and geological targets. Partial assay results have now been received from the first drillhole that tested the original Ni-Cu-PGE showing. The mineralized zone intercepted in GCF-08-07 consisted of disseminated to net-textured pyrrhotite and chalcopyrite mineralization over a drill indicated width of 23.20 m (from 2.0-25.2 m), grading 0.213 g/t Pt, 0.237 g/t Pd (combined 0.451g/t Pt-Pd), 4142 ppm Cu and 3540 ppm Ni (combined 7682 ppm Cu-Ni).

Higher grade sections within the mineralized interval are evident including:

- 10.14 m (from 9.64-19.78 m) grading 0.219 g/t Pt, 0.302 g/t Pd
(combined 0.521 g/t Pt-Pd), 6378 ppm Cu and 4443 ppm Ni (total
10,821 ppm Cu-Ni);

- 5.29 m (from 14.49-19.78 m) grading 0.301 g/t Pt, 0.368 g/t Pd
(combined 0.67 g/t Pt-Pd), 6107 ppm Cu, 5124 ppm Ni (combined
11,231 ppm Cu-Ni).

Individual assays highlights include 0.453 g/t Pt over 0.55 m, 0.441 g/t Pd over 0.51 m, 9200 ppm Cu over 0.50 m and 6090 ppm Ni over 0.54 m.

(The complete sample sheet is available at the following address: 10,000 ppm is equivalent to 1%. True width estimates for the mineralized section have not yet been determined).

A second drillhole was also completed about 25 m to the east of the surface showing to test a strong chargeability anomaly (induced polarization). A similar, but narrower mineralized zone was intersected in the hole with the main section being centered at approximately 18.5 - 25.5 m downhole. Detailed logging and sampling is pending. The chargeability anomaly axis is open to the west and east of the drillhole and Ni-Cu-PGE showing over a distance of some 300 m.

The property is located about 400 east of provincial highway #113 with easy access by a network of old logging roads.

Property Work Program in Progress: Detailed 50 m in-fill grid lines are currently being prepared over the immediate discovery area and to the east to complete additional ground geophysical (induced polarization and electromagnetic) surveying and geological mapping. In addition, various stages of field work are in progress on the Company's adjoining properties from establishing grids and performing various geophysical surveys to planned prospecting and mapping programs.

The Company has subsequently enlarged its original property holdings in the area as a result of the drill program.

All BQ core assays reported above were completed by ALS Chemex with sample preparation in Val d'Or, QC and analyses at ALS Chemex in Vancouver, BC. Copper and nickel values were determined by a 33 element, ICP-AES analysis. Platinum, palladium and gold values were determined by 30 gram fire assay with ICP AES finish.

Refer to the Quebec & Ontario prospects location map available at the following address : and the Ducros property map available at the following address:

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 June 27, 2008, the Company holds majority property interests in 136 projects consisting of 4,352 mining titles (257,105 hectares) in Saskatchewan, Ontario and Quebec.

Michael P. Rosatelli, P. Geo. Vice-President, Exploration for Golden Valley Mines Inc., is a Qualified Person (as such term is defined in National Instrument 43-101-Standards of Disclosure for Mineral Projects), and is responsible for the geological information presented herein.

Forward-Looking Statement: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict and are not to be interpreted as guarantees for future performance. These forward-looking statements could cause actual events or results to differ materially from those anticipated in such forward-looking statements. All forward-looking statements speak only as of the date of this news release and the Company does not undertake any obligation to update or publicly release any revisions to such forward-looking statements to reflect events, circumstances, or changes in expectations after the date hereof. Accordingly, readers should not place undue reliance on such forward-looking statements.


Contact Information