Golden Valley Mines Ltd. TSX VENTURE: GZZ

VAL-D'OR, QUEBEC--(Marketwire - Dec. 8, 2008) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) is pleased to announce that it has entered into an option/joint venture agreement with Takara Resources Inc. (TSX VENTURE:TKK), whereby Takara may earn up to a 60% interest in the company's 100%-owned Luciana Prospect, located north of Lebel-sur-Quevillon, Quebec.

In consideration for the granting of the option, Takara shall issue to Golden Valley Mines 250,000 common shares upon the receipt of TSX Venture Exchange approval, and shall conduct a drilling program during the month of December, 2008 in the minimum amount of $85,000. The property is fully permitted and drill-ready. Drilling crews have been mobilized to the property.

Following completion of the above conditions, Takara may then incur an aggregate $500,000 in exploration expenditures on or before December 31, 2011 to earn a 51% interest. Thereafter, Takara may elect to increase this interest to 60% by incurring an additional $1,000,000 in exploration expenditures prior to June 30, 2013 and by issuing Golden Valley Mines an additional 250,000 common shares. In the event that the Property evidences gold or base metals mineralization meeting a minimum threshold of 300,000 ounces gold equivalent or 1,000,000 pounds copper equivalent, Takara shall issue to Golden Valley an additional 200,000 common shares.

This Option granted to Takara by Golden Valley Mines is non-arms length and is subject to approval by the TSX Venture Exchange. The transaction was supported by the independent directors of the Corporation.

Golden Valley Mines acquired the Luciana Prospect in 2006 following in-house project generation activities. The property consists of twenty-one (21) claims encompassing 1,180 ha straddling the "Cameron Shear Zone" well known for its association with numerous gold occurrences, including the advanced-stage Discovery Project where a scoping and preliminary assessment of the deposit has been completed (September 2008). In addition to the property's gold potential, a number of LREE (light rare earth element) occurrences of lanthanum and cerium are located on, or nearby, the property that are associated with carbonatite intrusive rocks.

Since Golden Valley Mines staked the original property, a grid was established over the northern half of the prospect, where the "Cameron Shear Zone" strikes NW-SE across it and only limited historical exploration work has been conducted. Ground geophysical (magnetic and induced polarization ("IP")) surveys and a prospecting program were completed in 2007 and 2008 respectively. As a result of this work, six (6) diamond drill holes have been selected to test IP targets in areas where these geophysical signatures appear to be spatially associated with late, cross-cutting fault systems.

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 5, 2008, the Company holds majority property interests in 141 projects consisting of 4,541 mining titles (262,062 hectares) in Quebec, Ontario and Saskatchewan.

Michael P. Rosatelli, M.Sc., P. Geo., Vice-President, Exploration for Golden Valley Mines Inc., is a Qualified Person (as such term is defined in National Instrument 43-101-Standards of Disclosure for Mineral Projects), and is responsible for the geological information presented herein.

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.

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