Golden Valley Mines Ltd.
TSX VENTURE : GZZ

Golden Valley Mines Ltd.

February 24, 2009 09:00 ET

Golden Valley Mines: Otish Basin Uranium Project Drill Result Update

Near Surface Mineralization Extended at Riviere Cheno Ouest Showing 0.072% U3O8 over 6.33 m, incl. 0.196% U3O8 over 1.46 m

VAL-D'OR, QUEBEC--(Marketwire - Feb. 24, 2009) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) and its partner, Lexam Explorations Inc. (TSX VENTURE:LEX)(PINK SHEETS:LEXEF)(FRANKFURT:D2Q) are pleased to announce the final set of drillholes from their 2008 drilling program at the Otish Uranium Project located in north-central Quebec. Drilling has successfully continued to intersect widespread, near surface uranium mineralization. Drill assay highlight results include an intersection grading 0.072% U3O8 over 6.33 m, including 0.196% U3O8 over 1.46 m starting at 21.5 metres below surface in GRCO-08-36.

During the 2008 field season, sixty-nine (69) holes totalling 2,802 linear metres of diamond drill core was completed on two areas within the Mistassini segment of the property referred to as "Riviere Cheno Ouest Showing", (36-holes, 1,411 m) and at the "Takwa Showing" (33-holes, 1,391 m). The two objectives of this work have been accomplished, namely the confirmation of the historical drill results and the extension of the mineralized zones.

Riviere Cheno Ouest Showing (South Zone) Assay Results:

Drill results included in this press release represent the final ten (10) holes (GRCO-08-27 to GRCO-08-36 inclusive) from the "Riviere Cheno Ouest Showing". Detailed drilling conducted by the partners over the showing area has confirmed and expanded the historical near surface mineralized horizon over a distance of approximately 80 metres and widths up to 25 metres. Furthermore, drilling has now identified thicker and higher grade (i.e. GRCO-08-17 grading 0.42% U3O8 over 2.37 m, including 1.63% U3O8 over 0.56 m & 2.02% U3O8 over 0.37 m) core of U3O8 mineralization oriented NE-SW. as defined so far between holes GRCO-08-20 and GRCO-08-30. (Figure 1 and 2 are available at http://media3.marketwire.com/docs/GZZ_Figures.pdf).

The mineralized zone remains open for expansion along strike in both directions based on drilling results and geophysical interpretations.

Assay highlights from drilling into this area (approximately true widths) include:



Hole From To Width U3O8 Mineralized Zone
Number (m) (m) (m) (%) (Unconformity-associated)
-------------------------------------------------------------------------
GRCO-08-27 18.77 22.24 3.47 0.041 Basal sediment & basement
mineralized interval
Including 20.83 21.51 0.68 0.101 - Basement-hosted
mineralized interval
-------------------------------------------------------------------------
GRCO-08-28 18.79 22.42 3.63 0.065 Basement mineralized
interval
Including 19.48 21.32 1.84 0.102
-------------------------------------------------------------------------
GRCO-08-30 13.90 15.56 1.66 0.046 Basal sediment & basement
mineralized interval
Including 14.32 14.70 0.38 0.127 - Sediment-hosted
mineralized interval
-------------------------------------------------------------------------
GRCO-08-31 12.66 17.54 4.88 0.032 Basal sediment & basement
mineralized interval
Including 14.29 15.94 1.65 0.070
Including 14.49 15.27 0.78 0.122 - Basement-hosted
mineralized interval
-------------------------------------------------------------------------
GRCO-08-34 18.75 24.71 5.96 0.047 Basal sediment & basement
mineralized interval
Including 21.13 22.69 1.56 0.143 - Sediment-hosted
mineralized interval
21.91 22.69 0.78 0.225
22.27 22.69 0.42 0.285
-------------------------------------------------------------------------
GRCO-08-36 21.30 27.63 6.33 0.072 Basal sediment & basement
mineralized interval
Including 21.68 23.14 1.46 0.196
22.05 22.27 0.22 0.425 - Sediment-hosted
mineralized interval
And 25.60 26.68 1.08 0.085 - Basement-hosted
mineralized interval

25.60 25.81 0.21 0.114
-------------------------------------------------------------------------
(i) All holes drilled vertically


At the "Riviere Cheno Ouest" Showing, U3O8 mineralization occurs within a basal sequence of flat-lying Proterozoic-aged sedimentary rocks associated with an angular unconformity separating lower Archean-aged intrusive rocks.

Increasing and higher grade U3O8 mineralization is well developed and concentrated down the stratigraphic column 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.

2009 Exploration Program:

The upcoming 2009 exploration program will focus on expanding higher-grade mineralization, now outlined at the "Riviere Cheno Ouest" Showing and "Takwa Showing". Both companies believe there is excellent potential to discover additional high-grade mineralization. Drilling is scheduled to resume during late spring.

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 also performed 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 February 24, 2009, the Company holds majority property interests in 142 projects consisting of 4,510 mining titles (260,767 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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