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 - Cadillac, Quebec: Diamond drilling is underway at the Bogside Prospect (gold target: map #61 - Kalahari Resources Ltd. Joint Venture property) located in Cadillac Township, Quebec. The company will complete three (3) drillholes to test targets outlined by its recent geophysical survey and property compilation.

The property lies immediately southwest of the "Larder Lake-Cadillac Break", underlain by sedimentary rocks of the Pontiac Group comprised of wacke and mudstone. In the extreme northeast corner of the property, Piche Group volcanic (komatiite, basalt and andesite) have been previously mapped in contact with the Pontiac sediments immediately to the northeast. The western part of the property is dominated by the Heva Lake Granite that intruded the surrounding Pontiac Group sediments.

Previous diamond drilling (4 DDH's) has been completed on the property by Camflo Mines Ltd. (Ministere de l'Energie et des Ressources naturelles documentation technique GM 38093) in 1980-81. Erratic gold values up to 0.23 oz/t gold over 4' were intersected (referred to as "Hamel West" showing area) at the granite-greywacke contact or within granitic dikes associated with silicification and quartz veining. The primary target on the property is an Archean porphyry gold system, consisting of a widespread shell of disseminated gold and pyrite mineralization hosted by diorite porphyry and altered metasediments similar to the Osisko Exploration Ltd. (TSX: OSK) advanced-stage Canadian Malartic gold deposit (a preliminary NI 43-101 compliant inferred gold resource estimate calculation of 8.4 million ounces was reported by Osisko on July 5, 2007)

Three priority and previously untested induced polarization (IP) anomalies have been selected for drill testing.

Previous Drill Programs: Diamond drilling at the Ducros Prospect (nickel-copper-PGE / gold target: map #52) located in Ducros Township, Quebec between Senneterre and Lebel-sur-Quevillon has been completed. Drilling (639-metres) tested seven (7) separate geophysical and geological targets (please refer to the April 17, 2008 press release for details). The core is currently being logged and sampled for analysis.

The Island 27 Prospect (gold target: map #71) located between Kirkland Lake and Matatchewan, Ontario along the "Kirkland Lake-Larder Lake Break" will be drilled next. 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 expenditures of $100,000. The vendor retains a 2% NSR, of which the Company may purchase half (1%) at any time for $1,000,000.

Refer to the Quebec & Ontario prospects location map and the Bogside / Ducros 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 May 27, 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 glenn.mullan@goldenvalleymines.com Golden Valley Mines Ltd. Michael P. Rosatelli Vice President - Exploration 819-824-2808 ext. 205 michael.rosatelli@goldenvalleymines.com

SOURCE: Golden Valley Mines Ltd.

mailto:glenn.mullan@goldenvalleymine... mailto:michael.rosatelli@goldenvalle...