Otish Basin Uranium Project Drill Result Update

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Otish Basin Uranium Project Drill Result Update

posted on Feb 24, 2009 05:34AM

February 24, 2009

Golden Valley Mines: Otish Basin Uranium Project Drill Result Update

Near Surface Mineralization Extended at Riviere Cheno Ouest Showing 0.072% U3O8 over 6.33 m, incl. 0.196% U3O8 over 1.46 m

VAL-D'OR, QUEBEC--(Marketwire - Feb. 24, 2009) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) and its partner, Lexam Explorations Inc. (TSX VENTURE:LEX)(PINK SHEETS:LEXEF)(FRANKFURT:D2Q) are pleased to announce the final set of drillholes from their 2008 drilling program at the Otish Uranium Project located in north-central Quebec. Drilling has successfully continued to intersect widespread, near surface uranium mineralization. Drill assay highlight results include an intersection grading 0.072% U3O8 over 6.33 m, including 0.196% U3O8 over 1.46 m starting at 21.5 metres below surface in GRCO-08-36.

During the 2008 field season, sixty-nine (69) holes totalling 2,802 linear metres of diamond drill core was completed on two areas within the Mistassini segment of the property referred to as "Riviere Cheno Ouest Showing", (36-holes, 1,411 m) and at the "Takwa Showing" (33-holes, 1,391 m). The two objectives of this work have been accomplished, namely the confirmation of the historical drill results and the extension of the mineralized zones.

Riviere Cheno Ouest Showing (South Zone) Assay Results:

Drill results included in this press release represent the final ten (10) holes (GRCO-08-27 to GRCO-08-36 inclusive) from the "Riviere Cheno Ouest Showing". Detailed drilling conducted by the partners over the showing area has confirmed and expanded the historical near surface mineralized horizon over a distance of approximately 80 metres and widths up to 25 metres. Furthermore, drilling has now identified thicker and higher grade (i.e. GRCO-08-17 grading 0.42% U3O8 over 2.37 m, including 1.63% U3O8 over 0.56 m & 2.02% U3O8 over 0.37 m) core of U3O8 mineralization oriented NE-SW. as defined so far between holes GRCO-08-20 and GRCO-08-30. (Figure 1 and 2 are available at http://media3.marketwire.com/docs/GZ... ).

The mineralized zone remains open for expansion along strike in both directions based on drilling results and geophysical interpretations.

Assay highlights from drilling into this area (approximately true widths) include:

Hole            From      To   Width    U3O8   Mineralized Zone
Number            (m)     (m)     (m)     (%)  (Unconformity-associated)
-------------------------------------------------------------------------
GRCO-08-27     18.77   22.24    3.47   0.041   Basal sediment & basement
                                               mineralized interval
 Including     20.83   21.51    0.68   0.101   - Basement-hosted 
                                               mineralized interval
-------------------------------------------------------------------------
GRCO-08-28     18.79   22.42    3.63   0.065   Basement mineralized 
                                               interval
 Including     19.48   21.32    1.84   0.102
-------------------------------------------------------------------------
GRCO-08-30     13.90   15.56    1.66   0.046   Basal sediment & basement 
                                               mineralized interval
 Including     14.32   14.70    0.38   0.127   - Sediment-hosted 
                                               mineralized interval
-------------------------------------------------------------------------
GRCO-08-31     12.66   17.54    4.88   0.032   Basal sediment & basement 
                                               mineralized interval
 Including     14.29   15.94    1.65   0.070
 Including     14.49   15.27    0.78   0.122   - Basement-hosted 
                                               mineralized interval
-------------------------------------------------------------------------
GRCO-08-34     18.75   24.71    5.96   0.047   Basal sediment & basement 
                                               mineralized interval
 Including     21.13   22.69    1.56   0.143   - Sediment-hosted 
                                               mineralized interval
               21.91   22.69    0.78   0.225
               22.27   22.69    0.42   0.285
-------------------------------------------------------------------------
GRCO-08-36     21.30   27.63    6.33   0.072   Basal sediment & basement 
                                               mineralized interval
 Including     21.68   23.14    1.46   0.196
               22.05   22.27    0.22   0.425   - Sediment-hosted 
                                               mineralized interval
 And           25.60   26.68    1.08   0.085   - Basement-hosted 
                                               mineralized interval
         

      25.60   25.81    0.21   0.114
-------------------------------------------------------------------------
(i) All holes drilled vertically

At the "Riviere Cheno Ouest" Showing, U3O8 mineralization occurs within a basal sequence of flat-lying Proterozoic-aged sedimentary rocks associated with an angular unconformity separating lower Archean-aged intrusive rocks.

Increasing and higher grade U3O8 mineralization is well developed and concentrated down the stratigraphic column to the angular unconformity, within the basal section of mixed coarse and fine-grained conglomeratic greywacke and greywacke beds. U3O8 mineralization is not only confined to the sedimentary sequence, but can also extend downwards below the angular unconformity within a distinctive regolith unit representing highly altered Archean basement rocks, or concentrated solely in these altered rocks.

2009 Exploration Program:

The upcoming 2009 exploration program will focus on expanding higher-grade mineralization, now outlined at the "Riviere Cheno Ouest" Showing and "Takwa Showing". Both companies believe there is excellent potential to discover additional high-grade mineralization. Drilling is scheduled to resume during late spring.

Sample handling consists of shipping one half of split BTW drill core samples to Activation Laboratories Ltd. in Ancaster, Ontario for sample preparation and analyses. Uranium analysis is performed using the delayed neutron counting (DNC) method. A multi-element (37) Inductively Coupled Plasma-Optical Emission Spectrometry (ICP-OES) is also performed on all samples. Where uranium values exceed the upper limit of 1%, samples are re-assayed using X-ray fluorescence (XRF). All reported values in this press release are uncut and composite intervals are reported as length along the core axis.

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 February 24, 2009, the Company holds majority property interests in 142 projects consisting of 4,510 mining titles (260,767 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.

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