Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

January 31, 2006 14:10 ET

Golden Valley Mines: Property Acquisition Near the Canadian Malartic Mine

MONTREAL, QUEBEC--(CCNMatthews - Jan. 31, 2006) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) announces the acquisition of the Malartic CHL prospect. This Abitibi project gold target consists of 11 claim lots in two separate blocks of land covering an area of 446 hectares, located southeast of Malartic, Quebec in Fourniere Township (NTS map sheet 32D/01) along the Trans-Canada highway (Hwy #117). Golden Valley Mines Ltd. acquired a 100% interest in the property (no royalty) as of June 2005 as part of its on-going project generation activities.

The Malartic CHL prospect claims are strategically located within the Malartic gold camp that has produced approximately 8.4 million ounces (Moz) of gold from 1935-84 (MM 89-04). The main, north claim block is located along the Cadillac-Larder Lake Fault Zone that is spatially associated with a number of gold deposits in the Malartic camp. Two such examples are the Mine Barnet (0.97 Moz gold) and Mine East Malartic (2.9 Moz gold) that occur immediately along strike to the west of the property along the same favourable structural and lithostratigraphic corridor. A considerable amount of historical diamond drilling activity is recorded on the property (SIGEOM 32D/01). This includes reported intersections of 8.72 g/t gold over 4.57 metres and 3.33 g/t gold over 1.5 metres in diamond-drill hole EM-87-13 (GM 47841).

The south claim block is located immediately southeast of the Canadian Malartic Mine that produced 1.1 Moz gold and is currently undergoing an aggressive exploration program conducted by Osisko Exploration Ltd.

Gold deposits documented within this segment of the Malartic mining camp are dominated by the association of porphyry-type gold mineralization hosted in either altered volcanic komatiite and basalt rocks of the Piche Group along the Cadillac-Larder Lake Fault Zone or altered sedimentary rocks of the Pontiac Group to the south.

West Shoot Out Prospect: Nunavik, Quebec: Golden Valley Mines confirms that the option and joint-venture agreement with Petrostar Petroleum Inc. (formerly Little Mountain Resources Inc.) has been terminated. Golden Valley Mines continues to hold a 100% interest in the West Shoot Out prospect and is seeking new exploration partners for the project (refer to news releases dated: June 3 and September 5, 2003; January 9, March 4, May 11, July 29, August 5, 17, 31, September 30, October 26, and December 8, 2004; and January 28, 2005).

Numerous targets remain for drill testing including within the grid areas at the Alpha Zone (DDH # WSO-04-15: 12.25-metres @ 1.10% Ni, .74% Cu, 3.33 g/t PGE; Alpha Deeps: DDH #WSO-04-16: 5.70 metres @ 1.61% Ni) and India Zone (DDH #WS0-04-10: 9.9 metres @ 1.09% Ni and 0.4% Cu).

About Golden Valley Mines: Golden Valley is adequately funded for the continuance of its current exploration programs. Further updates will be forthcoming from the Abitibi Greenstone Belt (Au, Cu-Zn) and Baie James (Au, Cu-Zn) programs as drilling and survey results are received and additional drill targets selected.

Glenn J. Mullan, P. Geo. and President of Golden Valley Mines Ltd. is the designated Qualified Person responsible for the preparation of this release.

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

Contact Information