Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE: GZZ) is pleased to report on drilling progress for the Company's Abitibi Greenstone Belt "Grassroots Exploration Project".

Diamond Drill Program in Progress - Kirkland Lake - Matachewan, Ontario: Diamond drilling is underway at the Island 27 Prospect (gold target: map #71) located in Holmes, Flavelle, Burt and Gross townships, Ontario. The company will complete four (4) drillholes to test targets outlined by its recent geophysical survey and property compilation in a first phase drilling campaign.

The property lies between the Kirkland Lake (estimated 24 million ounces of historical gold production) and Matatchewan (estimated 980,000 ounces of historical gold production) gold camps. The property appears to be well-located in terms of its regional geological and geophysical setting, being transected by the prolific "Kirkland Lake-Larder Lake Break" and the NW trending "Cross Lake Fault". Previous exploration on the property has been hindered in the past due to a cover of younger Proterozoic rocks and a complex regional fault setting. Previous reported exploration on the property has been limited to some prospecting, trenching, shallow drilling and geophysics in addition to Ontario Geological Survey (OGS) or equivalent reconnaissance geological / geophysical surveys.

Four (4) priority and previously untested chargeability anomalies have been selected for drill testing that are inferred to represent potential mineralized trends along possible extensions or splays of the main "Kirkland Lake-Larder Lake Break".

The property was acquired by Golden Valley Mines following a property due diligence program (refer to press release dated August 23, 2006) following a property submittal by the prospector/vendor (Michael Kilbourne) of the Island 27 claims. The Company has now earned a 100% in the property following exploration expenditures of $100,000 and other consideration to the vendor. The vendor retains a 2% NSR, of which the Company may purchase half (1%) at any time for $1,000,000.

Previous Drill Programs: Diamond drilling at the Bogside Prospect (gold target: map #61 - Kalahari Resources Ltd. Joint Venture property) located in Cadillac Township, Quebec, has been completed. Drilling (311-metres) tested three (3) separate geophysical and geological targets (please refer to the May 28, 2008 press release for details). The core is currently being logged and sampled for analysis.

The Pascalis West Prospect (copper-zinc-gold target: map #85) and Venus New (gold target: map #46) located in the Val-d'Or, Quebec mining camp will be drilled next.

Refer to the Quebec & Ontario prospects location map and the Island 27 / Bogside property maps attached to this press release.

Corporate Update: Golden Valley Mines is pleased to announce it will hold its Annual General Meeting of the Shareholders on Thursday June 26, 2007 at 14:00 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. 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 3, 2008, the Company holds majority property interests in 136 projects consisting of 4,318 mining titles (255,489 hectares) in Saskatchewan, Ontario and Quebec.

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 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. Accordingly, readers should not place undue reliance on such forward-looking statements.

Contacts: Golden Valley Mines Ltd. Glenn J. Mullan President and CEO Toll Free: 877-879-1688, ext. 222 819-824-3379 (FAX) [email protected] Michael P. Rosatelli Vice President-Exploration 819-824-2808 ext. 205 [email protected] [email protected]

SOURCE: Golden Valley Mines Ltd.

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