Golden Valley Mines Ltd.

Golden Valley Mines Ltd.

April 17, 2008 14:40 ET

Osisko Intersects Significant Gold Mineralization Over 800 Metres Strike Length at Jeffrey Zone on Golden Valley Mines Malartic CHL Property

New Drill Results include 54 metres averaging 1.25 g/t Au

MONTREAL, QUEBEC--(Marketwire - April 17, 2008) - Osisko Exploration Ltd. (TSX:OSK)(FRANKFURT:EWX) and Golden Valley Mines Ltd. (TSX VENTURE:GZZ) are pleased to announce results from a 2,400 metre drill program on the Jeffrey Zone of the Malartic CHL property.

The Jeffrey Zone is located at the southern extremity of the CHL porphyry, approximately 3.5 km east of the center of the Canadian Malartic deposit. This mineralized zone was tested with nine holes spaced 100 metres apart along a total strike length of 800 metres. All holes in the Jeffrey Zone were oriented south, perpendicular to regional E-W fabric and were inclined 45 to 50 degrees.

Significant near surface drill results include 53.9m averaging 1.25 g/t Au (hole CHL07-2022) and 40.5m averaging 1.39 g/t Au (hole CHL07-2021). Higher grade, deeper drilling results include 1.5m averaging 109.5 g/t Au (hole CHL07-2027) and 1.5m averaging 14.65 g/t Au (hole CHL07-2029). Results from the nine new holes are summarized in the table below:

Hole No. Easting From (m) To (m) Length (m) Au g/t
CHL07-2021 7300E 24.5 65.0 40.5 1.39
CHL07-2022 7400E 12.1 66.0 53.9 1.25
And 126.0 148.0 22.0 1.12
CHL07-2023 7500E 62.8 85.3 22.5 0.99
CHL07-2024 7600E 45.8 62.7 16.9 1.08
CHL07-2025 7700E NIL
CHL07-2026 7800E 152.0 160.0 8.0 3.11
CHL07-2027 7900E 137.0 138.5 1.5 109.5
CHL07-2028 8000E 105.3 154.5 49.2 0.60
And 183.0 196.5 13.5 1.12
CHL07-2029 8100E 197.8 199.3 1.5 14.65
And 220.3 223.8 3.5 5.48

Mineralization in the Jeffrey Zone consists of disseminated pyrite-gold in porphyry dikes and of narrower, higher grade mineralization in silicified porphyry or ultramafic schists. True widths are estimated at 70 to 80% of mineralized intersections. The zone remains open to the east and at depth.

Current structural interpretation by Osisko indicates that the Jeffrey Zone and the Shaft Zone are located at the southern and northern extremities, respectively, of the CHL porphyry intrusion, which has been deformed into a Z-shaped body by sinistral strike-slip motion along the Cadillac Break. Initial drilling in the Shaft Zone by Osisko produced 8.4 metres averaging 8.82 g/t Au (see press release dated August 7, 2007). The model suggests potential for additional mineralization along dilation zones at the contact between the porphyry and the ultramafic schists, between the Jeffrey and Shaft Zones. Definition drilling on these zones will begin shortly, followed by reconnaissance drilling between the zones, aimed at testing the geological model.

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.

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 0.4 g/t Au over successive maximum intervals of 20 metres with no upper cut-off of individual assays.

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 April 17, 2008, the Company holds majority property interests in 135 projects consisting of 4,231 mining titles (236,602 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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