Uranium Valley Mines Ltd.

Uranium Valley Mines Ltd.

May 17, 2012 16:09 ET

Uranium Valley Mines Ltd./Results: Annual General Meeting of Shareholders and Corporate Update

VAL-D'OR, QUÉBEC--(Marketwire - May 17, 2012) - Uranium Valley Mines Ltd. (TSX VENTURE:VZZ) (hereinafter "Uranium Valley" or the "Company") announces the results of its Annual General Meeting of Shareholders (the "Meeting") held on May 16, 2012, in Montreal, Quebec. At the Meeting, shareholders approved all resolutions put before them by management, including the election of all director nominees, the appointment of the auditor, and the approval of the previously adopted stock option incentive plan, as required annually by the policies of the TSX Venture Exchange.

Results of the Meeting

Elections of Directors

The shareholders re-elected Messrs. Glenn J. Mullan, Andrew T. Pepper, Michael H. Wilson, and Dr. C. Jens Zinke. Each shall service the Company as directors until the next annual general meeting of shareholders Messrs. Pepper and Wilson are considered to be independent pursuant to applicable securities legislation.

Appointment of the Auditor

The shareholders re-appointed Raymond Chabot Grant Thornton LLP, Chartered Accountants as the Company's auditor for the ensuing year.

Annual Approval of the Uranium Stock Option Incentive Plan

The shareholders voted in favour of the resolution pertaining to the annual approval of the Company's stock option incentive plan.

Corporate Update

Officer Appointment

Chief Executive Officer: Glenn J. Mullan
Chief Financial Officer and Secretary: Daniel Poisson

Board Committees

The Board of Directors has crystallized its standing board committee, namely the Audit Committee, which is comprised of a majority of independent directors.

About Uranium Valley Mines Ltd.: Uranium Valley Mines Ltd. holds title to interests previously held by Golden Valley Mines Ltd. in uranium properties, being the Mistassini-Otish Property (previously under joint venture with Lexam VG Gold Inc.) and a joint venture uranium property in Saskatchewan (the Beartooth Island Property), and may acquire and generate other uranium ventures in Canada and elsewhere.

Forward Looking Statements:

This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Golden Valley believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Golden Valley's management on the date the statements are made. Except as required by law, Golden Valley undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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