Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

March 19, 2008 08:00 ET

Osisko Intersects 107m Averaging 1.47 G/T Au at Depth in Norrie Zone On Golden Valley Mines Malartic CHL Property

New Gold Zone Shows System Still Open 2.5 km East of Main Deposit

MONTREAL, QUEBEC--(Marketwire - March 19, 2008) - Osisko Exploration Ltd. (TSX:OSK)(FRANKFURT:EWX) and Golden Valley Mines Ltd. (TSX VENTURE:GZZ) are pleased to announce results from a subvertical exploration hole that tested the Norrie Zone, a deep, distinct mineralized target located approximately 2.5 kilometres east of the center of the main Canadian Malartic deposit. The Norrie Zone straddles the boundary between the Malartic CHL property, currently under option by Osisko, and Osisko's 100%-owned Canadian Malartic property. The hole was designed to test the vertical extent of this mineralized system and has intersected significant widths of disseminated gold mineralization in three separate zones. Within the target zone, drill hole CHL07-2000 cut 107 metres averaging 1.47 g/t Au between 1,483 m and 1,590 m downhole depth. Results from the new hole are tabled below:

Hole No. Easting From (m) To (m) Length (m) Au g/t
CHL07-2000 6530E 91.2 97.0 5.8 6.30
And 432.5 457.8 25.3 0.50
And 630.5 936.0 305.5 0.31
And 1483.0 1590.0 107.0 1.47

The Norrie Zone was initially identified through compilation of historical data from the East Malartic mine. A series of five underground horizontal holes, drilled in the late 1960's and collared from the 31st level of the mine at a depth of 1,485 metres intersected disseminated mineralization in Pontiac metasediments. Examination of historical core by Osisko indicated that the mineralization is similar to that at the Canadian Malartic deposit, which has been confirmed with DDH CM07-2000. Historical results from the horizontal holes are summarized in the table below (previously reported in a press release dated June 20, 2007):

Hole No. Section From (m) To (m) Length (m) Au g/t
UM31-01 6786E 0.0 120.7 120.7 1.86
UM31-42 6588E 0.0 234.7 234.7 1.41
UM31-52 6528E 0.0 236.2 236.2 1.71
UM31-54 6466E 0.0 260.6 260.6 1.32
UM31-58 6405E 48.8 128.0 79.2 0.89

The historical drilling indicates a mineralized zone measuring at least 380 metres long, up to 260 metres wide, and the new drill hole indicates the zone is approximately 100 m thick.

The deep intersections are significant in that they confirm the presence of a very large system of Canadian Malartic-style disseminated gold mineralization in Pontiac metasediments, including anomalous gold values over very long vertical extents (0.31 g/t Au over 305 m) above the Norrie zone. The alteration halo and gold-bearing system, including the Canadian Malartic deposit, are now known to be at least 3.5 km long, up to 1 km wide and reaching depths of 1.5 km. Further exploration work is planned to establish if the Norrie zone comes to surface further to the south, and to evaluate the remaining 3 km strike length of Pontiac metasediments to the east of CM07-2000, south of the Cadillac fault and particularly along the footwall of the East Malartic Mine workings. Osisko Exploration Ltd. is currently evaluating the Canadian Malartic gold deposit and adjacent areas for a large-scale open pit, bulk-tonnage mining operation.

All NQ core assays reported above were obtained by standard 50 g fire assaying-AA finish at ALS Chemex laboratories in Val d'Or, Quebec. Reported weighted averages were calculated using a minimum of 0.30 g/t Au over successive maximum intervals of 20 metres with no upper cut-off of individual assays.

Osisko has the right to acquire a 70% interest in the Malartic CHL Property in consideration for $150,000 in cash payments over a four year period ($70,000 paid to date) and by completing a minimum $2,000,000 in exploration work over a four year period. Upon earning its 70% interest, Golden Valley will maintain a free-carried interest of 30% to production.

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

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 18, 2008, the Company holds majority property interests in 135 projects consisting of 4,230 mining titles (236,538 hectares) in Saskatchewan, Ontario and Quebec.

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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