VAL-D'OR, QUEBEC--(Marketwired - Dec. 20, 2013) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Golden Valley Mines Ltd. ("Golden Valley" or the "Company") (TSX VENTURE:GZZ) is pleased to announce the completion of a private placement with SIDEX, Limited Partnership ("SIDEX") of an unsecured convertible debenture of the Company in the principal amount of $100,000.

The debenture bears interest at 12% per annum and matures on December 20, 2016. The debenture is convertible at a conversion price of $0.07 per share during the first year following the closing date and at a conversion price of $0.10 per share during the second and third year following the closing date.

In the context of this private placement, the Company has also issued 700,000 warrants allowing SIDEX to subscribe to an additional 700,000 Common Shares at an exercise price of $0.09 per share during a period of 18 months following the closing date.

Any securities issued under the private placement shall be subject to a hold period until April 21, 2014.

About Golden Valley Mines Ltd.: The Company typically tests initial grassroots targets while owning a 100% interest therein and then seeks partners to continue exploration funding. This allows the Company to carry on its generative programs and systematic exploration efforts at other majority-owned grassroots projects. The Company (together with its various subsidiaries) holds multiple property interests in gold, base-metal and energy mineral projects in Canada (Quebec, Ontario and Saskatchewan).

About SIDEX, Limited Partnership: SIDEX was established by the Government of Quebec and the Solidarity Fund QFL. The mission of SIDEX is to invest in companies engaged in mineral exploration in Quebec in order to diversify Quebec's mineral base, encourage new exploration models, stimulate investment for new commodities in existing districts and open new territories with high potential for discovery.

Forward Looking Statements:

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 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 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, except as required by law. Accordingly, readers should not place undue reliance on such forward-looking statements.

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.

Glenn J. Mullan
Chairman, President, and CEO
Golden Valley Mines Ltd.
819.824.2808 ext. 204
glenn.mullan@goldenvalleymines.com