Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

September 29, 2005 14:52 ET

Golden Valley Mines Starts Next Phase of James Bay Exploration Program

MONTREAL, QUEBEC--(CCNMatthews - Sept. 29, 2005) - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) announces that exploration crews were mobilized on September 18, 2005 to its Cheechoo Gold Project, located in the James Bay region of Quebec, to begin the third phase of the 2005 on-site exploration program. This phase of work follows airborne geophysical surveys and lake-bottom sediment sampling completed earlier this year.

Several favourable target areas for gold and base metals were identified from the results of the airborne magnetic and electromagnetic geophysical surveys. The current mapping, prospecting and sampling program is directed at high priority geophysical targets and prospective areas identified from regional geological mapping. The object of the program is to delineate several targets for follow-up diamond drilling.

Golden Valley Mines has interests in several claim blocks located in the vicinity of Virginia Gold's Eleonore gold discovery. With additional staking by Golden Valley Mines having recently been completed in the area, the Cheechoo Gold Project now consists of 14 wholly owned (100%) properties, and two option/joint ventures (refer to press releases dated June 3 and 16, 2005; May 18, 2005; February 4, 2005; and December 3, 2004 for further information).

The eastern blocks of the Cheechoo Project collectively cover approximately 40 kilometres of strike length along a west-southwest east-northeast magnetic trend and include portions of several broad geochemical indicator anomalies derived from lake-bottom sediments collected by the Geological Survey of Canada (1975), and re-analyzed by the Ministere des Ressources Naturelles et Faune (MRNF). Historic regional airborne geophysical signatures and geological mapping indicate that the groups are located along the flanks of felsic intrusive features and underlain by metasediments similar to those described as the host rocks at the Virginia Gold Roberto Zone gold discoveries.

Further details regarding the 2005 exploration programs will be provided as results are received. Refer to the project map on the Golden Valley Mines website,

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

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