Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

March 14, 2008 10:56 ET

Golden Valley Mines Ltd.: Winter 2008 Exploration Program Updates

Drilling Underway on the Abitibi Grassroots and Beartooth Island Prospects McFaulds Lake Airborne Survey Completed

VAL-D'OR, QUEBEC--(Marketwire - March 14, 2008) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) (the "Company") is pleased to provide the following report on the Company's winter 2008 exploration activities on its gold, base-metal and uranium projects, located in Quebec, Ontario and Saskatchewan.

Abitibi Greenstone Belt "Grassroots" Drill Program - Quebec and Ontario:

The first phase (February-April), 4,400-metre 2008 drill program has commenced at the Riviere Lois Prospect (VMS target: map #29) located in northwestern Quebec between the villages of Taschereau and Poularies. Drilling (320-metres) will test three separate geophysical anomalies located within a favourable, and untested, felsic to immediate volcanic sequence within the Hunter Mine Group (HMG) stratigraphy. The targets are inferred to represent potentially separate volcanogenic massive sulphide (VMS) alteration or mineralization events.

A number of researchers (Gibson, 1990, Lichtblau, 1989, Mortensen, 1993 & Mueller, 2001) have described the Central Noranda caldera (14.6 Moz gold, 2.2 Mt copper & 1.3 Mt zinc) to the south as being strikingly similar to the HMG complex: it formed over a 6 million year time span (2703-2697Ma), has a comparable stratigraphic thickness, and displays similar volcanic lithofacies and synvolcanic structures. Historically the largest concentration of base-metal mineralization discovered and exploited in the HMG are the Hunter Mine and Lyndhurst Mine to the west and east along strike respectively of the company's property. The Hunter Mine reported production of 117,000 tonnes grading 0.99% Cu in 1957 and reserves of 127,000 t grading 1.06% Cu and 82,000 t of probable ore at 1.06% Cu in 1973. At the Lyndhurst Mine, production of 156, 362 t grading 1.93% Cu and 12.72 g/t Ag was reported in 1957. Current reserves have been stated as 125,000 t at 1.75% Cu (source: SIGEOM - Metallic deposit Descriptions historical reserves are non-compliant with National Instrument (NI) 43-101(1)).

(1) Historical "resources" and/or "reserves" should not be relied upon as it is unlikely they conform to current NI 43-101 criteria or to CIM Standards and Definitions, and they have not been verified by Golden Valley Mines to determine their relevance or reliability. They are included in this press release for illustrative purposes only and should not be disclosed or interpreted out of context.

The Cook Lake Prospect (Gold target: map #54 - Kalahari Resources Ltd. joint venture property) located northwest of Kirkland Lake will be drilled next. The Abitibi Greenstone Belt grassroots drill program is currently planned to continue through the duration of the year.

Refer to the Quebec & Ontario prospects location map and the property map, on the Golden Valley Mines website.

Beartooth Island Prospect - Athabasca Basin, Saskatchewan:

The diamond drill program announced on January 28, 2008 is underway and progressing well at this time. Some production delays have been encountered due to occasionally extreme local weather and ice conditions. The Spartan MT survey was completed this week and the data is now being process (please refer to the company's January 29, 2008 press release for details).

The first batch of alteration (16) and assay (16) samples from the ongoing diamond drilling are currently being prepared for shipping this past week.

McFaulds Lake Prospects - James Bay Lowland, Ontario:

An airborne electromagnetic-magnetic survey over the western claim block property has been completed. The preliminary data has now been received with the final map and report expected within 6 weeks. The survey, which was a cooperative effort between several companies in the area, was flown by Geotech Ltd. at a line spacing of 100 m for a total of some 81 kilometres of coverage. The east claim block property is also expected to be flown over the coming weeks.

The McFaulds Lake claims were acquired by the Company last fall and are 100% owned (see the October 19, 2007 press release for details). Future exploration and/or joint venture plans will be announced following receipt and interpretation of the airborne survey results.

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 March 14, 2008, the Company holds majority property interests in 135 projects consisting of 4,240 mining titles (236,863 hectares) in Quebec, Ontario, and Saskatchewan.

Michael P. Rosatelli, P. Geo. is a "Qualified Person" as such terms is defined in National Instrument 43-101 and is responsible for the technical information presented in this news release.

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.

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