Exploration Update 2007/2008 
Abitibi Grassroots Drill Program, Qu�bec and Ontario
Cheechoo Gold Project, Qu�bec

Val-d'Or, Qu�bec - January 14, 2008 - Golden Valley Mines Ltd. (TSX-V symbol: GZZ) is pleased to provide the following report on the company's gold and base-metal exploration activities and overview for the Company's 2008 exploration programs.

Abitibi Grassroots Drill Program - Qu�bec and Ontario:

For the year 2007, a total of 4,533 metres of diamond drilling was completed testing 29 separate targets on seven (7), 100%-owned, or option/joint ventured, properties. The selection of drill targets were based principally on the identification of geophysical anomalies within untested and favourable geological domains. In the case of early-stage or "grassroots" exploration projects, the program typically consists of between 1-5 drill holes (examples being the Plumber, Bench Depth, Lac Lemoyne, Sea Serpent, Perestroika and Claw Lake prospects - please refer to the 2007 company press releases for the specific details on each of the drill programs). At the Munro Prospect (option/joint venture with Kalahari Resouces Inc. KLA-TSX/V; refer to the October 19, 2007 press release for details), drilling activities increased based its more advanced exploration status combined with the property being contiguous to the Potter Mine claims to the west, where Millstream Mines is aggressively exploring the property. The program was completed prior to the December holiday break with a total of 10 drillholes completed for 2,029 metres. No assay results have been received to date. A second phase program is planned contingent on results from the BHPEM (borehole pulse electromagnetic) survey planned for January 2008.

Previous Diamond Drill Program Results: No significant gold assay results have been returned for the three (3) diamond drillholes completed at the Sea Serpent Prospect (gold target: map #49) and from the single drilhole from the Perestroika Prospect (gold target: map #65 - Kalahari Resources Ltd. Joint Venture property). Both properties are located in northwestern Qu�bec.

At the Claw Lake Prospect located in Shiningtree, Ontario (gold target: map #64 - Kalahari Resources Ltd. Joint Venture property), two (2) new shear-zone hosted gold mineralized zones have been delineated in GCW-07-03 near the historical "Beaver Zone" (please refer to the Company's October 10 and September 21, 2007 press releases). The mineralized zones are associated with Quartz Feldspar Porphyry (QFP) dikes (0.306 g/t Au from 30.00-34.28 meters, including 1.005 g/t over 0.65 meter). and well developed pyritic replacement bodies (2.11 g/t Au over 1 meter from 126.00-127.00 meters) hosted within adjacent andesitic volcanic wallrock. No significant gold results were returned from the first two drillholes.

2008 Abitibi Exploration Program: The budget for the year has been increased to CAD $1,500,000, up substantially from the prior year. Exploration funding has been increased for fiscal 2008 based on active "in-house" project generation activities and delineation of new drill targets for testing from the fall 2007 ground geophysical program.

Malartic CHL Prospect - Malartic, Qu�bec

At the Malartic CHL Prospect (gold target: map #66), joint venture partner Osisko Exploration Ltd. (OSK: TSX-V, EWX: Deutsche Boerse) has reported that drilling activities have resumed on the new porphyry-hosted gold mineralized zone now referred to as the "Jeffery Zone" (please refer to the companies October 29, 2007 press release for details). The drill program presently is planned to consist of six (6), 200-metre exploration holes (est. 1,200 metres total) testing approximately 400-50 0 metres of strike length. Assay results are expected within 6-8 weeks.

Osisko has the right to acquire a 70% interest in the Malartic CHL Property in consideration for $150,000 in cash payments over a four year period ($70,000 paid to date) and by completing a minimum $2,000,000 in exploration work over a four year period. Upon earning its 70% interest, Golden Valley will maintain a free-carried interest of 30% to production.
 
Cheechoo Gold Project - James Bay Qu�bec:

The previously announced (refer to the October 10, 2007 company press release for details) diamond drill program was completed at the Christmas break. The program totalled 2,537 linear metres of NQ core in nineteen (19) holes over the Cheechoo A, Sharks and Cheechoo B claims groups,  and included testing of the "Letang", "Inex southeast extension", "Marchand" and "Garrioch" gold showings / mineralized corridors.

All the holes have now been logged and 682 samples submitted for analysis. Complete assay results are expected by the end of the first quarter (Q1).

The scope and size of the 2008 exploration program will be determined following receipt of all outstanding assay results (humus, rock, channel and core samples) and data compilation.

The Cheechoo "A", "B", and "C" Prospect as well as the Sharks Prospect are under option from Sirios Resources (TSX VENTURE:SOI) pursuant to which the Company, in each case, will earn an initial 60% interest by funding $1,000,000 in exploration over 4-years. Following initial vesting, the Company may then earn an additional 20% interest by completing a bankable feasibility study within 6 years of vesting. Should SOI then elect to allow the Company to provide the production financing, the Company would then acquire an additional 5% interest (aggregate 85% interest).

Golden Valley Mines now holds a 100%-interest, or is earning an interest pursuant to option joint venture agreements, in a total of 1,017 claims covering 53,377 ha (534- km2) in the James Bay (Opinaca) region. For a map of the project area, please refer to www.goldenvalleymines.com/cheechoo.

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 December 31st, 2007, the Company holds majority property interests in 137 projects consisting of 4,333 mining titles (240,053 hectares) in Saskatchewan, Ontario, and Qu�bec.

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

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 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 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 such forward-looking statements.

For additional information please contact:

Glenn J. Mullan 
President and CEO 
#800, boul. Ren� Lev�sque Ouest; Suite #1525 
Montr�al, Qu�bec H3B 1X9 
Toll Free: 877.879.1688, ext. 222
Email: glenn.mullan@goldenvalleymines.com

Michael P. Rosatelli
Vice President - Exploration
#152, chemin de la Mine Ecole
Val-d'Or, Qu�bec  J9P 7B6
Toll Free: 866-219-4678, ext. 230
Email: michael.rosatelli@goldenvalleymines.com

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