Annual General Meeting Results and Corporate Update

Val-d'Or, Qu�bec - June 29, 2007 - Golden Valley Mines Ltd. (TSX Venture: GZZ) announces the results of its Annual General Meeting (the "Meeting") held on June 21st, 2007 at la Cit� de l'Or in Val-d'Or, Qu�bec.  At the Meeting, the Shareholders of the Company approved all resolutions put before them by management, including the elections of directors, the appointment and remuneration of the auditor, and the adoption of the Company's 2007 Stock Option Incentive Plan.

Returning board member re-elected are: Messrs. George B. Cross, Dr. Jens Zinke, Blair F. Morton, Glenn J. Mullan, and Robert D. Smith all of which serve as directors of the Company until the close of the Company's next annual meeting of shareholders.

Other results of the Meeting include the re-appointment of the Company's auditors namely, Raymond Chabot Grant Thornton, and the approval of the Corporation's 2007 Stock Option Incentive Plan (the "2007 Plan").   The 2007 Plan was approved by the Corporation's disinterested Shareholders at the annual meeting.  The 2007 Plan provides the Company with greater flexibility with respect to compensation arrangements in the context of recruiting and retention of key personnel, and increases the total number of common shares that may be issued under the 2007 Plan (including those options already outstanding under the 2006 Amended and Restates Stock Option Incentive Plan) to 11,175,595. The details in respect of the 2007 Plan are summarized in the Company's Management Information Circular pertaining to the Meeting which is available for public viewing via the internet at www.sedar.com. The 2007 Plan is also subject to the receipt of all the required regulatory approvals.

Officers appointed by the newly constituted Board of Directors are set out below:

Glenn J. Mullan:  Chairman of the Board, President and Chief Executive Officer
Annie J. Karahissarian: Chief Financial Officer
Luciana Zannella:    Vice-President, Corporate and Legal Affairs, and Corporate Secretary
Michael P. Rosatelli:    Vice President, Exploration

The Corporation further advises that it has appointed Mr. Pierre Corbeil as an additional director of the Corporation.  Mr. Corbeil has also been appointed to the Company's Audit Committee where he will work in conjunction with the other two independent members, namely Messrs. Blair F. Morton, and Robert D. Smith (Chair).

About Mr. Pierre Corbeil:  Mr. Pierre Corbeil is a resident of Val-d'Or, Qu�bec.  He was an elected member of the Qu�bec National Assembly, where he represented the electoral county of Abitibi-Est from 2003-2007.  During his mandate, he occupied the functions of Minister responsible for Forests, Fauna and Parks (MRNFP: 2003-2005), and most recently as Minister of Natural Resources and Fauna (MRNF: 2005-2007).  He was also the Minister responsible for the Regions of Abitibi-T�miscamingue and Northern Qu�bec.  During his tenure in this capacity, he acquired an appreciation of the diversity of the demographics of Northern Qu�bec and its diverse indigenous populations.  A graduate of l'Universit� de Montr�al, he practiced dental surgery for 25-years in Val-d'Or.  Well known in Abitibi-T�miscamingue, he has been involved in numerous social-economic and regional development initiatives and organizations including: la Chambre de Commerce de Val-d'Or, Municipal Town Council (Val-d'Or), acted as President and founder of l'A�roport regional de Val d'Or, Vice President of the Qu�bec Dental Surgeons Association and President of the Consulting Committee of la Banque Nationale du Canada.

The Company strives to ensure that its corporate governance practices and polices are aligned with the best interest of its shareholders as a whole. In this regard, the Company has implemented a Compensation and Corporate Governance Committee, comprised of Messrs. Corbeil, Morton, and Smith.  This Committee will be mandated with implementing and reviewing the Company's policies with respect to incentive stock options, considering matters related to officer and director compensation, and other strategic financial and corporate governance matters, including the appointment of new directors.  As of the date of this release, all of the Company's committees are independent.

Appointment of Chief Financial Officer:  The Company is pleased to announce that Ms. Annie Karahissarian, (B.Comm.) has been appointed as the Company's Chief Financial Officer, replacing Ms. Jennifer L. Boyle who held the position since the formation of the Company in 2000.  Ms. Karahissarian has proven herself to be a most capable and dedicated member of our team since joining the organization in 2004.

Appointment of Vice-President, Corporate and Legal Affairs: The Company is pleased to announce that Ms. Luciana Zannella (LL.B) has been appointed as the Company's Vice-President, Corporate and Legal Affairs and Corporate Secretary, replacing Jennifer L. Boyle who held the position of since formation of the Company in 2000.  Ms. Boyle will continue to act as a part-time consultant to the Company, while devoting the majority of her time to developing her new uranium company, and continuing with her corporate securities consulting business in Toronto.  The Company wishes her every success in her new endeavour, and looks forward to her continued support as both a consultant to the Company, and as a significant shareholder.

Diamond Drill Programs in Progress:  Three drills continue to operate on the Company's properties as per recent news releases issued June 18, 20 and 21st, 2007:

- Sea Serpent Prospect (gold target; property #9), Destor Township, Qu�bec
- Malartic CHL Prospect (gold target; property #61), Malartic, Qu�bec; option/joint venture with Osisko Exploration Ltd. (TSX Venture: OSK)
- Lac Lemoyne Prospect (gold target; property #31), Dubuisson Township, Qu�bec

Field exploration programs are continuing elsewhere in the Abitibi region of north-western Qu�bec and north-eastern Ontario and in the James Bay area of Qu�bec.  Further details will be provided as results are received on these and the Company's uranium joint ventures shortly.

About Golden Valley Mines Ltd.: Golden Valley is well funded to carry out its current exploration programs.  The company typically tests initial targets while owning a 100% interest and then seeks partners to continue exploration funding while it continues its systematic exploration efforts at other majority owned grassroots projects or generating new properties of merit. As of June 29, 2007, the company holds majority property interests in 124 projects consisting of 4,119 mining titles (229,282 hectares/573,000 acres) in Saskatchewan, Ontario and Qu�bec.

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

The Qu�bec and Ontario property location map is available at: www.goldenvalleymines.com/abitibi. For additional information, please visit the Company's website at www.goldenvalleymines.com.

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 which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Such risks and uncertainties are disclosed under the heading "Risk Factors" in the Company's Annual Information Form dated March 31, 2007. 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 forward-looking statements

For additional information please contact:
Glenn J. Mullan 
President and CEO 
#800, boul. Ren� L�vesque Ouest; Suite #1525
Montr�al, Qu�bec H3B 1X9
Toll Free: 866.219.4678, ext. 222 
Email: mullan@goldenvalleymines.com 

Michael P. Rosatelli
Vice-President - Exploration
#2772 chemin Sullivan.
Sullivan (Val-d'Or), Qu�bec J9P 7B6
Toll Free: 866. 219.4678, ext 230
Email: rosatelli@goldenvalleymines.com

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