Golden Valley Mines Ltd./Abitibi Grassroots Exploration Program: Diamond Drilling Underway in NE Ontario
VAL-D'OR, QUEBEC - May 8, 2007 - Golden Valley Mines Ltd. (TSX VENTURE: GZZ) is pleased to announce that diamond drilling is now underway at the Bench Depth Prospect, and that the first stage of geophysical surveying over the optioned Island 27 Prospect has been completed.
Diamond Drill Program in Progress: Diamond drilling has commenced at the Bench Depth Prospect (gold target: map #49) located in Baden Township, located approximately six kilometres north-northwest of the village of Matachewan, Ontario. The prospect was acquired on the basis of the proximity to the Woman River Gold Occurrence, which returned a reported gold value of 1.14 oz/t of gold over 40 feet from a diamond drillhole from 1936 (MDC 18, Part 2).
Fieldwork completed by Golden Valley Mines included the establishment of a detailed grid, geophysical (magnetic and induced polarization) surveys, and data compilation. Four distinct drill targets have been identified on the property for initial drill testing.
Previous Diamond Drill Program Results: A four-hole, 394-metre program was completed at the Plumber Prospect (please refer to February 28, 2007 press release for details), also located near Matachewan, Ontario (gold target: map #48). Each of the drillholes intersected a number of variable mineralized (pyrite, pyrhotite and traces chalcopyrite), and altered (silica, sericite, hematite and chlorite) zones hosted by intermediate (andesite) volcanic rock units in contact with syenite dykes. Assay results are expected within the next 2-4 weeks.
Island 27 Option Geophysical Survey: The first phase of geophysical surveying (magnetic and induced polarization) has been completed over the western section of the Island 27 Prospect claims located in the townships of Burt, Flavelle, Gross, and Holmes between Matachewan and Kirkland Lake, Ontario (gold target: map #71). The property is strategically located along the Kirkland Lake-Larder Lake Fault Zone and northwest-trending Cross Lake Fault. The terms of the property transaction are detailed in the Company's August 23, 2006 press release. Geophysical surveying is expected to resume shortly once ground conditions have improved.
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/abitibi
Corporate Update: Golden Valley Mines is pleased to announce that Mr. Denis McNicols has joined the company as its Senior Project Geologist. Mr. McNicols holds a B.Sc. degree in geology with an environment option from the Universite du Quebec ... Chicoutimi, Quebec. Mr. McNicols was most recently employed with IAMGOLD-Quebec Inc. - Division Exploration, as the geologist responsible for all projects in the Abitibi region. The Company looks forward to working closely with Mr. McNicols and utilizing his exploration skills and experience to assist Mr. Michael Rosatelli, VP Exploration with the on-going Abitibi Greenstone Belt grassroots exploration program and the Company's other exploration projects, as required.
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 May 8, 2007, the Company holds majority property interests in 124 projects consisting of 3,841 mining titles (212,134 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 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 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 INFORMATION
Golden Valley Mines Ltd.
Glenn J. Mullan
President and CEO
877-879-1688, ext. 222
mullan@goldenvalleymines.com
Golden Valley Mines Ltd.
Michael P. Rosatelli
Vice President - Exploration
866-219-4678, ext. 230
rosatelli@goldenvalleymines.com
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