Golden Valley Mines Ltd.: Abitibi Drill Program Results

VAL-D'OR, QUEBEC - Golden Valley Mines Ltd. (TSX VENTURE:GZZ - News) is pleased to announce the discovery of two separate gold mineralized zones at the Plumber Prospect, and start-up of diamond drilling at the Lac Lemoyne Prospect.

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Diamond Drill Program Results: Assay results have now been received for the first two diamond drillholes from the Plumber Prospect (gold target: map #48), located in Cairo Township, approximately five kilometres north of the village of Matachewan, Ontario. The assay highlights include 1.213g/t gold intersected over 8.3 metres (from 31.7 to 40.0 m), including 7.680g/t gold over 1.0 metre in GP-07-01 and 1.216g/t gold intersected over 3.0 metres (from 52.0 to 55.0 m), including 1.905g/t gold over 1.0 metre in GP-07-02. Assays for the remaining two drillholes are expected within the next 2-4 weeks.

In GP-07-01, the gold mineralized section is associated with a highly altered (silicification dominated with locally epidotization, hematization and sericitization and possible albitization) andesitic flow unit, hosting traces to 6-7% sulphides of mainly pyrite with pyrrhotite and local traces of chalcopyrite. The higher grade zones are associated with disseminated fine-grained pyrite and lesser fracture controlled sulphide mineralization.

The gold mineralized section in GP-O7-02 was associated with a weakly silicified and brecciated andesitic flow unit. Sulphide content ranged from 1% pyrite to locally over 80% across cm-scale widths and up to 1% pyrrohotite hosted predominately as fracture controlled mineralization.

The Larder Lake - Cadillac Fault Zone is located immediately south of the property and is an important structural control for the focus of gold mineralization in the southern Abitibi Greenstone Belt (estimated at 86 million ounces of historical production from both gold and base metal mines), including the nearby Matachewan gold camp. Historical gold production in the area was from the Young-Davidson and adjacent Matachewan Consolidated Mine which together produced approximately 960,000 ounces of historical gold production (MNDM website). Northgate Minerals Corporation now controls the Young-Davidson property and have budgeted US$28 million for 2007.

Diamond Drill Program in Progress: A land based diamond drill rig has been mobilized to the Lac Lemoyne Prospect (gold target: map #31) located in Dubuisson Township, 5 km southwest of Val d'Or. The prospect was acquired on the basis of its high exploration potential due to the presence of the Larder Lake - Cadillac Fault Zone across the northeast corner of the claim group, where it displaced to the northwest by a fault. Fieldwork completed by Golden Valley Mines, included the establishment of a detailed grid, geophysical (magnetic and induced polarization) surveys and data compilation. Four first priority diamond drill holes were selected to test separate targets

The 2007 Abitibi grassroots exploration program budget for the year is CAD$1,000,000.

Refer to the Quebec and Ontario prospects location map at http://www.goldenvalleymines.com/abitibii.

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 June 21, 2007, the Company holds majority property interests in 123 projects consisting of 4,010 mining titles (224,206 hectares) in Saskatchewan, Ontario and Quebec.

Michael P. Rosatelli, P. Geo. is a "Qualified Person" as defined in National Instrument 43-101 and is responsible for the technical information presented in this news release.

Forward Looking Statement: This press 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 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 press 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.

Contact:

Glenn J. Mullan
Golden Valley Mines Ltd.
President and CEO
Toll Free: 877-879-1688, ext. 222
mullan@goldenvalleymines.com

Michael P. Rosatelli
Golden Valley Mines Ltd.
Vice President - Exploration
Toll Free: 866-219-4678, ext. 230
rosatelli@goldenvalleymines.com

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