Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

September 10, 2008 10:00 ET

Golden Valley Mines Ltd.: Otish Basin Uranium Project Drilling Update

Near surface Uranium mineralization intersected 0.28% U over 2.11 m, including 0.34% U over 1.39 m in GT-08-02 0.12% U over 1.96 m, including 0.29% U over 0.56 m in GRCO-08-01 Phase II Drill Program Now Underway

VAL-D'OR, QUEBEC--(Marketwire - Sept. 10, 2008) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) and its partner Lexam Explorations Inc. (TSX VENTURE:LEX)(OTC:LEXEF)(FRANKFURT:D2Q), are pleased to report on their initial Phase I drill program assay results at the Otish-Mistassini Basins Uranium Project, located in north-central Quebec, Canada. Results include 0.28% U over 2.11 m, including 0.34% over 1.39 m and 0.12% U over 1.96 m, including 0.29% U over 0.56 m from two separate zones.

Phase I Drill Program Results: Initial assay results have confirmed and expanded the historical documented uranium mineralization at two separate zones ("Takwa" in the north and "Riviere Cheno Ouest" in the south) located approximately 2.4 kilometres apart along the same prospective geological trend (Figure 1). It is not presently clear if the two zones are linked or represent separate mineralized trends.

Partial and complete assay results for nine (9) out of the forty-two (42) drillholes completed thus far have been received from the laboratory. Further batches of assay results will be released in batches at approximately two week intervals.

Results from diamond drilling completed to date include higher-grade individual uranium assays grading up to 0.3850% U over 0.52 m at the "Takwa" mineralized zone and 0.3670% U over 0.13 m at the"Riviere Cheno Ouest" mineralized zone. The Uranium mineralization at the "Takwa" and "Riviere Cheno Ouest" zones are hosted in a flat-lying Proterozoic sedimentary basinal sequence spatially associated with an angular unconformity with Archean basement rocks. The targeted uranium mineralization is shallow occurring at depths above 30 metres.



Takwa Zone Assay Results:

Drillhole GT-08-02

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Sample From To Width (m) U ppm
---------------------------------------------------------
538558 8.31 9.18 0.87 3100
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538559 9.18 9.70 0.52 3850
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538560 9.70 10.42 0.72 1690
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2.11
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0.2804% U over 2.11 m
Including:
0.3381% U 1.39 m


Drill-holes GT-08-01 and GT-08-10 are located approximately 575 metres apart along the same prospective geological trend. The intersection from GT-08-02 indicates mineralization is thickening and of higher grade then the historical drillhole result, whereas drillhole-GT-08-10 represents a new discovery along strike to the south (Figure 2)



Drillhole GT-08-10

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Sample From To Width (m) U ppm
---------------------------------------------------------
538809 24.51 24.87 0.36 239
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538810 24.87 25.87 1.00 455
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538811 25.87 26.77 0.90 1050
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538812 26.77 27.07 0.30 332
---------------------------------------------------------
538813 27.07 27.25 0.18 1320
---------------------------------------------------------
538814 27.25 28.12 0.87 514
---------------------------------------------------------
3.61
---------------------------------------------------------

0.0929% U over 1.38 m


Riviere Cheno Ouest Zone Assay Results (Partial):

Drillhole GRCO-08-01

---------------------------------------------------------
Sample From To Width (m) U ppm
---------------------------------------------------------
579055 18.38 18.85 0.47 270
---------------------------------------------------------
579057 18.85 19.42 0.57 534
---------------------------------------------------------
579058 19.42 19.78 0.36 681
---------------------------------------------------------
579059 19.78 19.99 0.21 2140
---------------------------------------------------------
579060 19.99 20.34 0.35 3310
---------------------------------------------------------
1.96
---------------------------------------------------------

0.1166% U over 1.96 m
Including:
0.2871 U over 0.56 m


Drillhole GRCO-08-02

---------------------------------------------------------
Sample From To Width (m) U ppm
---------------------------------------------------------
579063 18.14 18.41 0.27 769
---------------------------------------------------------
579064 18.41 18.54 0.13 3670
---------------------------------------------------------
579065 18.54 18.73 0.19 942
---------------------------------------------------------
579066 18.73 18.84 0.11 798
---------------------------------------------------------
579067 18.84 19.00 0.16 1190
---------------------------------------------------------
579068 19.00 19.17 0.17 696
---------------------------------------------------------

0.1224% U over 1.03 m
Including:
0.1584 U over 0.59 m


Drill-holes GRCO-08-01 and GRCO-08-02 tested the southern portions of the historical mineralization.

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.

Phase II Drill Program Underway: A planned 2,000-metre program is now underway and will continue until freeze-up. The program is designed with two objectives: 1) expand upon the assay results of the Phase I program at the "Takwa" and "Riviere Cheno Ouest" mineralized uranium zones and, (2) test for their extensions along strike to the north and south.

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 September 10, 2008, the Company holds majority property interests in 139 projects consisting of 4,537 mining titles (261,678 hectares) in Quebec, Ontario and Saskatchewan.

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

Figure 1 is available at the following address: http://media3.marketwire.com/docs/Figure1_OtishSept102008.pdf

Figure 2 is available at the following address: http://media3.marketwire.com/docs/Figure2_OtishSept102008.pdf

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

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