Golden Valley Mines: New Cobalt-Nickel-Silver Discovery, Island 27 Prospect (Kirkland Lake-Matachewan, Ontario)

VAL-D'OR, QUEBEC, Jul 22, 2008 (MARKET WIRE via COMTEX News Network) --

Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE: GZZ) is pleased to announce a new Cobalt-Nickel-Silver drill discovery as part of the Company's on-going "Grassroots Exploration Project" in the Abitibi Greenstone Belt

Drill Results, Island 27 Prospect - Kirkland Lake - Matachewan, Ontario: As reported in the Company's June 3 press release, a 4-hole, 489-metre drill program was completed. Four (4) priority and previously untested geophysical and/or geological targets, inferred to represent potential mineralized trends along possible extensions or splays of the main "Kirkland Lake-Larder Lake Break", were selected for initial drilling.

GIS-08-04: 4.18% Co, 0.38% Ni and 12.1 g/t Ag over 4.0 from 110.0-114.0 m:

Selective assay intervals for GIS-08-04 are shown below:

Sample     From       To   Width (m)      Co       Ni         Ag
----------------------------------------------------------------
311708   110.00   111.00        1.0    1.785%   0.131%   3.0 g/t
311709   111.00   111.90        0.9     4.36%   0.364%   7.0 g/t
311710   111.90   112.30        0.4    1.305%   0.107%   4.0 g/t
311711   112.30   114.00        1.7     6.33%   0.607%  22.0 g/t
----------------------------------------------------------------
- True widths have not yet been established

The mineralized interval is contained within a 15.8 metre wide fault zone. Cobalt-Nickel-Silver (Co-Ni-Ag) mineralization is concentrated along an intensely fractured (quartz-carbonate) and brecciated (micro dike injections) section of the fault structure. An abundance of very fine-grained sulphides (arsenides estimated up to 30%) with minor pyrite and traces of chalcopyrite are hosted within the light green hostrock. The apparent strike extension of the new Co-Ni-Ag zone is defined by a series of intermittent chargeability anomalies and associated resistivity axis, defined over a strike length of some 650 metres on the property. Sampling for the rest of the hole has been completed and samples have now been submitted for analysis, in addition to petrographic and lithogeochemistry samples.

Cobalt (Co) is a strategic and critical metal used in many diverse commercial, industrial, and military applications. The largest use of cobalt is in superalloys, which are used to make parts for gas turbine aircraft engines. Complex Ni-Co-As (nickel-cobalt-arsenic) arsenide ores from the Cobalt mining camp of northeastern Ontario gave Canada world leadership in production for the period 1905-1925. Cobalt output from this area stopped in 1971 but was reactivated in 1995 as a primary production. Modern metallurgical processes would treat this ore to recover the high grades of cobalt and nickel, which are important additives in the steel industry, while retaining the potentially toxic arsenic by-product. Cobalt 99.80% purity was quoted at $39.00/41.00 per pound, while 99.30% purity was indicated at $36.5/37.50 per pound (http://www.minormetals.com/).

All NQ core assays reported above were completed by ALS Chemex with sample preparation in Val d'Or, QC and analyses at ALS Chemex in Vancouver, BC. Silver, nickel and arsenic values were determined by a 33 element, ICP-AES analysis. Cobalt values were determined by Ore grade Co - 4 acid analytical procedures.

The property was acquired by Golden Valley Mines ensuing 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.

Diamond Drill Program in Progress - Val-d'Or, Quebec: A first phase drilling campaign is underway on the Pascalis West Prospect (VMS-gold target: map #85) located in Pascalis Township, Quebec. The company will complete four (4) drillholes to test targets outlined by its recent geophysical survey and property compilation.

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

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 July 22, 2008, the Company holds majority property interests in 135 projects consisting of 4,352 mining titles (257,064 hectares) in Saskatchewan, Ontario and Quebec.

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

Maps are available at the following addresses:

http://file.marketwire.com/release/G...

http://file.marketwire.com/release/I...

http://file.marketwire.com/release/P...

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this release

Contacts:
Golden Valley Mines Ltd.
Glenn J. Mullan
President and CEO
Toll Free: 877-879-1688 ext. 1222
[email protected]

Golden Valley Mines Ltd.
Michael P. Rosatelli
Vice President - Exploration
819-824-2808 ext. 205
[email protected]

Golden Valley Mines Ltd.
Christina Lalli
Manager, Investor Relations
Toll Free: 877-879-1688 ext. 1298
[email protected]

Renmark Financial Communications Inc.
Jason Roy: [email protected]
Christine Stewart: [email protected]
514-939-3989
514-939-3717 (FAX)
www.renmarkfinancial.com

SOURCE: Golden Valley Mines Ltd.

mailto:glenn.mullan@goldenvalleymine... mailto:michael.rosatelli@goldenvalle... mailto:christina.lalli@goldenvalleym... mailto:[email protected] mailto:[email protected] http://www.renmarkfinancial.com

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