Golden Valley Mines Ltd.: 63.6 Metres Grading 1.50 gpt Gold Intersected at the Jeffrey Zone, Malartic CHL Prospect

VAL-D'OR, QUÉBEC--(Marketwire - June 14, 2011) -Golden Valley Mines Ltd. ("Golden Valley" or the "Company")(TSX VENTURE:GZZ) is pleased to report on the latest assay results from the 2010 drill program targeting the Jeffrey Zone on the Malartic CHL Prospect, held through its wholly owned subsidiary Abitibi Royalties Inc. and located immediately east of Osisko's 100%-owned Canadian Malartic gold property. The information that follows has been prepared by joint venture partner and program operator Osisko Mining Corporation ("Osisko")(TSX:OSK)(FRANKFURT:EWX):

"Highlights from seventy four drill holes include 64.8 metres averaging 1.47 g/t Au(CHL10-2347, uncut), 63.6 metres averaging 1.50 g/t Au(CHL10-2351), and 55.4 metres averaging 1.39 g/t Au(CHL10-2297). Assay results are summarized in the table below:

Drillholes CHL10-2302, CHL10-2308, CHL10-2321, CHL10-2326, CHL10-2329, CHL10-2334, CHL10-2335, CHL10-2339, CHL10-2340, CHL10-2342, CHL10-2346, CHL10-2359, CHL10-2361, CHL10-2364 and CHL10-2369 did not intersect significant mineralization. Definition drilling on the Jeffrey Zone is based on a series of sections spaced at 25 metre intervals over an east-west strike length of 400-metres and north-south distance of 135 metres. The objective of the current program is to gather sufficient drill information along strike and to depth to complete an initial indicated resource calculation by the end of Q3 2011. Additional drilling is also planned in order to investigate the extent of the zone recently discovered immediately south of the Jeffrey zone (see February 28, 2011 press release).

Mineralization at the Jeffrey Zone is located along the southern limit of the Cadillac Break, where it consists of disseminated pyrite-gold in potassic-altered quartz-feldspar porphyry dikes, in contact with a predominately ultramafic flow sequence, and in subordinate diorite-gabbro and sedimentary units. Narrower, higher-grade mineralization is hosted in quartz veined (silicified) porphyry or talcose and chlorite-altered ultramafic schists.

Continuity of steeply-dipping mineralization is now well established along a strike length of 400 metres (sections 7200E to 7600E), with a true width of 30 to 60 metres. Mineralization is more sporadic further east between sections 7600E and 8100E. Mineralization has been traced to a depth of 200 metres on most sections, where it remains open at depth. The western extremity of the Jeffrey zone (section 7200E) lies 800m east of the Canadian Malartic property, where Osisko defined the extension of the Barnat deposit. Based on previous work by East Malartic Mines Ltd and confirmed by 2009 drilling from section 6400E to 6550E (see Golden Valley Mines March 23, 2010 press release), mineralization is known to extend on the Malartic CHL property (the Mammoth zone). An additional 2,223m of drilling was conducted in this area in late 2010 and early 2011 with results expected to be released soon.

All NQ core assays reported above were obtained by standard 50 g fire assaying-AA finish or gravimetric finish at ALS Chemex laboratories in Val d'Or, Quebec. Reported drill core weighted averages were calculated using a minimum of 0.40 g/t Au over successive intervals of 20 metres. The lengths of mineralized intervals of less than 20 metres were minimized, and an upper cut-off of 30 g/t Au was applied to individual assays where indicated. Intervals containing individual assays that are greater than six times the average of the interval are included separately. Intersected drifts or lost core within mineralized intersections were incorporated as blank intervals."

Osisko follows strict QA-QC protocol measures in keeping with industry standards and regulatory reporting requirements. Mr. Robert Wares, P. Geo. and Executive Vice-President of Osisko, and Mr. François Bouchard, P. Geo., are the Qualified Persons who has reviewed this news release and are responsible for the technical information reported herein, including verification of the data disclosed including the sampling, analytical and test data underlying the technical information.

Osisko has the right to acquire a 70% interest in the Malartic CHL Prospect in consideration for $150,000 in cash payments over a four year period (paid) and by completing a minimum $2,000,000 in exploration work over a four year period. Upon earning its 70% interest, Abitibi Royalties Inc., Golden Valley Mines' wholly owned subsidiary, will retain a free-carried interest of 30% to production. Additionally, the Company holds through Abitibi a 2% net smelter royalty interest on a claim block held by Osisko and covering the Charlie Zone, which is located immediately southeast of the Canadian Malartic deposit held by Osisko.

About Golden Valley Mines Ltd.: The Company typically tests initial grassroots targets while owning a 100% interest therein and then seeks partners to continue exploration funding. This allows the Company to carry on its generative programs and systematic exploration efforts at other majority-owned grassroots projects. The Company (together with its various subsidiaries) holds majority property interests in projects in Canada (Saskatchewan, Ontario and Québec) and in the Republic of Sierra Leone in West Africa.

Golden Valley intends to seek shareholder approval at an annual and special meeting of its shareholders to be held on June 30, 2011 (the "Meeting") of its previously announced corporate reorganization pursuant to which the common shares of three of the Company's subsidiaries, being Abitibi Royalties Inc., Nunavik Nickel Mines Ltd. and Uranium Valley Mines Ltd. (the "Subsidiaries") are to be listed on the TSX Venture Exchange. Said reorganization is to be carried out by plan of arrangement (the "Arrangement") pursuant to the Canada Business Corporations Act. The Arrangement is subject to the approval of the Court of British Columbia and the shareholders of the Company. No assurance can be given that the proposed reorganization will be completed as envisaged, nor that Golden Valley will achieve its reorganization objectives.

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.