Abitibi Grassroots Exploration Program Update
Diamond Drilling Program Underway and New Property Acquisitions
VAL-D'OR, QUEBEC -- June 18, 2007 - Golden Valley Mines Ltd. (TSX VENTURE: GZZ) is pleased to announce that the diamond drill program at the Sea Serpent Prospect has commenced and the acquisition by staking of five new 100% owned gold and base metal properties.
Diamond Drill Program in Progress: Field crews have been mobilized to the property to prepare drill pads and access trails for the planned diamond drill program at the Sea Serpent Prospect (gold target: map #9) located in Destor Township, approximately 10 kilometres north of the village of Destor, Quebec. The prospect was acquired on the basis of three untested airborne anomalies within a sector of the Abitibi Greenstone Belt with little previous exploration work, but with high exploration potential, in part due to the proximity of the Destor Porcupine Fault Zone, located 5 km south. Fieldwork completed by Golden Valley Mines, included the establishment of a detailed grid, geophysical (magnetic and induced polarization) surveys and data compilation. Drilling is scheduled to commence by mid-week, once the drill rig has been mobilized to the first drill site.
Previous Diamond Drill Program Results:
A four-hole, 447 metre drill program was completed at the Bench Depth Prospect (please refer to May 8, 2007 press release for details), located near Matachewan, Ontario (gold target: map #49). Each of the drillholes intersected a number of variable mineralized (pyrite, �sphalerite) and altered (silica, sericite, hematite) zones hosted by intermediate (andesite) volcanic rock and interflow sedimentary rock units.
Assay results from the 196 submitted core samples are expected in approximately four to six weeks.
New Opportunities - Property Acquisitions:
Golden Valley Mines, through its in-house project generation activities, staked five (5) 100% owned properties. The properties are located in three separate mining districts located in Quebec and Ontario. Official government claim title documentation has been received for all of the new properties.
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Shock, Kharmalov and Tretiak Prospects: The three separate properties were acquired on the basis of untested airborne anomalies, located in the Chibougamau mining camp. The primary target is volcanogenic massive sulphide deposits hosting copper-zinc-silver-gold mineralization.
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Salve Lake Prospect: The property was acquired on the basis of encouraging historical exploration work, located in the Matheson mining camp. The property lies proximal to the Destor Porcupine Fault Zone, well known for it prolific association to gold production along the Timmins to Duparquet corridor of some 68.2 million ounces
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Vintage Gold: The property was acquired on the basis of surface gold mineralization, located in the Shiningtree gold camp. Historical work including diamond drilling appears to have only tested the well defined mineralized structure to shallow depths and only narrow, high-grade gold deposit models.
Additional specific property details will follow when the fieldwork programs are reported.
In addition, other specific targets and areas have been staked, but official government claim title certificates remain outstanding. Further information will follow once confirmations have been received.
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 it will hold its Annual General Meeting of the Shareholders on Thursday June 21, 2007 at 16:00 at the Cite de l'Or (formerly the site of the Lamaque Gold Mine), which is located at 90 Avenue Perreault, Val-d'Or, Quebec. The meeting will be followed by an open house at 17:00 to be held underground, on the first level. The company wishes to extend an invitation to local shareholders, interested investors and our contractors / consultants to attend the open house.
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 18, 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 INFORMATION:
Golden Valley Mines Ltd.
Glenn J. Mullan
President and CEO
Toll Free: 877-879-1688, ext. 222
mullan@goldenvalleymines.com
Golden Valley Mines Ltd.
Michael P. Rosatelli
Vice President - Exploration
Toll Free: 866-219-4678, ext. 230
rosatelli@goldenvalleymines.com
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TEL. : (514) 939-3989
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