Golden Valley Mines Inc./Abitibi Grassroots Exploration Program Update: Diamond Drill Program Underway-Cook Lake

VAL-D'OR, QUEBEC, Mar 31 (MARKET WIRE) --
Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX
VENTURE: GZZ) is pleased to report that drilling at the Cook Lake
Prospect has commenced.

Diamond Drill Program in Progress - Kirkland Lake, Ontario: Diamond
drilling has started at the Cook Lake Prospect (Gold target: map #54 -
Kalahari Resources Inc. - Joint Venture property), located in Grenfell
and Teck townships of the province of Ontario, northwest of Kirkland
Lake. Drilling will test for both gold (Au) and volcanogenic massive
sulphide (Cu-Zn-Ag) targets on the property.

- Airborne Input Anomaly: Two (2) drillholes are planned to test for
potential volcanogenic massive sulphide mineralization related to an
isolated airborne input anomaly. Overburden in the area has hampered
previous surface exploration attempts to explain the causative source of
the anomaly that included VLF (very low frequency electromagnetic)
geophysical surveying and follow-up channel sampling and rock sampling.
No drilling was completed. Recent induced polarization (IP) surveying
completed by Golden Valley Mines outlined a strong chargeability anomaly
associated with the input response;

- Induced Polarization Anomalies (IP): A series of four (4) drillholes
are planned to test moderate to strong and well defined chargeability
anomalies across the property. Previous exploration work on the south
part of the property identified anomalous gold values associated with
gabbro / volcanic contacts and/or related to late fault zones.

Previous Drill Programs: Diamond drilling at the Riviere Lois Prospect
(VMS target: map #29) located in northwestern Quebec between the villages
of Taschereau and Poularies has been completed. Drilling (348-metres)
tested three (3) separate geophysical anomalies located within a
favourable, and untested, felsic to immediate volcanic sequence within
the Hunter Mine Group (HMG) stratigraphy (please refer to the March 14,
2008 press release for details). The core is currently being logged and
sampled for

At the Munro Prospect (VMS target: map #58 - Kalahari Resources Inc. -
Joint Venture property), located in Munro Township, Ontario approximately
15-km east of the town of Matheson. Assay results have now been received
for nine (9) of the ten (10) holes. No significant base-metal values were
returned from the seven (7) holes targeting the Potter Mine mineralized
stratigraphy. The source of the MegaTEM anomaly tested by two (2)
drillholes is related to a graphitic argillite unit, weakly anomalous in
base-metal mineralization. Assay results for one (1) of the holes remain
outstanding. An isolated IP anomaly to the west-southwest of the MegaTEM
anomaly was tested by a single drillhole, intersected weakly mineralized
volcanic and felsic intrusive rocks A BHPEM (borehole pulse
electromagnetic) survey is planned on selective drillholes to test for
conductive bodies along the prospective stratigraphy.

The Bejopipa and Bearmac Prospects (Gold target: map #30 and #42) located
in the Chapais-Chibougamau area of Quebec will be drilled next.

Refer to the Quebec & Ontario prospects location map
http://www.goldenvalleymines.com/abitibi and the property maps at
http://www.goldenvalleymines.com/cooklake;
http://www.goldenvalleymines.com/rivierelois and
http://www.goldenvalleymines.com/munro on the Golden Valley Mines'
website.

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 March 31, 2008, the Company
holds majority property interests in 135 projects consisting of 4,230
mining titles (236,538 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 Inc.
Glenn J. Mullan
President and CEO
Toll Free: 877-879-1688, ext. 222
glenn.mullan@goldenvalleymines.com

Golden Valley Mines Inc.
Michael P. Rosatelli
Vice President - Exploration
819-824-2808 ext. 205
michael.rosatelli@goldenvalleymines.com

Copyright 2008, Market Wire, All rights reserved.

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