Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

December 16, 2008 09:00 ET

Golden Valley Mines Ltd.: Otish Basin Uranium Project Drill Result Update

Near Surface Uranium mineralization extended at Riviere Cheno Ouest Showing 0.051% U3O8 over 2.64 m

VAL-D'OR, QUEBEC--(Marketwire - Dec. 16, 2008) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) and its partner Lexam Explorations Inc. (TSX VENTURE:LEX)(OTCBB:LEXEF)(FRANKFURT:D2Q) are pleased to announce that their drilling program has successfully intersected additional near surface uranium mineralization at the Otish Uranium Project, located in north-central Quebec, Canada. The best result graded 0.051% U3O8 over 2.64 m, including a higher grade section assaying 0.138% U3O8 over 0.12 m in GRCO-08-22.

To date on the property, sixty-nine (69) holes totalling 2,808 linear metres of diamond drill core have been completed, with the dual objectives of confirming results from previous historical drilling and to extend the mineralized zones reported on in news releases dated June 18, August 29, September 10 and November 3, 2008. Results from forty-two (42) holes have now been received (61%), and results from six (6) holes are included in this release. Results are currently pending for an additional twenty-seven (27) holes.

Riviere Cheno Ouest Showing (South Zone) Drill Assay Results:

The results included in this press release represent the final six holes (GRCO-08-21 to GRCO-08-26 inclusive) from the Phase I drill program (26 holes for a total of 1,029 metres drilled) at the"Riviere Cheno Ouest" Showing. For details of the program and previously released assay results including the high-grade intersection grading 0.42% U3O8 over 2.37 m in GRCO-08-17, including 1.63% U3O8 over 0.56 m and 2.02% U3O8 over 0.37 m, please refer to our November 3, 2008 press release.

At the "Riviere Cheno Ouest" Showing, U3O8 mineralization occurs within a basal sequence of Proterozoic-aged sedimentary rocks associated with an angular unconformity separating lower Archean-aged rocks. Five (5) of the drillholes reported herein, successfully intersected the mineralized zone with one hole drilled on the western edge of the mineralized trend.

Increasing and higher grade U3O8 mineralization is well developed and concentrated down stratigraphy to the angular unconformity, within the basal section of mixed coarse and fine-grained conglomeratic greywacke and greywacke beds. U3O8 mineralization is not only confined to the sedimentary sequence, but can also extend downwards below the angular unconformity within a distinctive regolith unit representing highly altered Archean basement rocks, or concentrated solely in these altered rocks.

The objective of the Phase I drilling program was to confirm and expand the historical documented uranium mineralization. Drill assay results obtained thus far have accomplished these objectives and in addition, identified higher-grade mineralization previously not intersected from the historical drilling.

Highlight results from drilling into this area (approximately true widths) include:



Hole From To Width U3O8 Mineralized Zone
Number (m) (m) (m) (%) (Unconformity-associated)
----------------------------------------------------------------------
GRCO-08-21 18.83 21.00 2.17 0.012 Basal sediment mineralized
interval
----------------------------------------------------------------------
GRCO-08-22 18.20 20.84 2.64 0.051 Basal sediment mineralized
interval
----------------------------------------------------------------------
GRCO-08-23 21.18 23.59 2.41 0.030 Basal sediment mineralized
interval
Including 21.18 21.49 0.31 0.108
- Backsplit sampling completed above 21.18 metres
----------------------------------------------------------------------
GRCO-08-24 18.82 23.54 4.72 0.015 Basal sediment mineralized
interval
Including 18.82 20.31 1.49 0.17
Including 21.13 23.54 2.41 0.15
----------------------------------------------------------------------
GRCO-08-25 19.67 21.49 1.82 0.033 Basal sediment mineralized
interval
- Backsplit sampling completed below 21.49 metres
----------------------------------------------------------------------
GRCO-08-26 No significant results
----------------------------------------------------------------------


Sample handling consists of shipping one half of split BTW drill core samples to Activation Laboratories Ltd. in Ancaster, Ontario for sample preparation and analyses. Uranium analysis is performed using the delayed neutron counting (DNC) method. A multi-element (37) Inductively Coupled Plasma-Optical Emission Spectrometry (ICP-OES) is performed as well on all samples. Where uranium values exceed the upper limit of 1%, samples are re-assayed using X-ray fluorescence (XRF). All reported values in this press release are uncut and composite intervals are reported as length along the core axis.

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 December 16, 2008, the Company holds majority property interests in 141 projects consisting of 4,540 mining titles (262,046 hectares) in Quebec, Ontario and Saskatchewan.

Michael P. Rosatelli, M.Sc., 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, except as required by law. Accordingly, readers should not place undue reliance on such forward-looking statements.

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

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