VAL-D'OR, QUEBEC, Nov 06 (MARKET WIRE) --
Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company")(TSX
VENTURE: GZZ) is pleased to announce that drilling activities have
resumed on the Malartic CHL Prospect, currently optioned to Osisko Mining
Corporation (OSK: TSX, EWX: Deutsche Boerse). The drill program is
scheduled to include 19,000 metres of definition drilling on the Jeffrey
Zone and 1,000 metres drill testing for extensions of the Mammoth Zone.
Two drills have now been mobilized on Jeffrey Zone and have started the
definition drilling program of approximately 19,000 metres, based on
sections 25 metres apart over a strike length of 400 metres. An
additional 1,000 metres is planned for drill testing of the fault near
the historical Mammoth Zone area located on the southern contact of the
Cadillac-Larder Lake Fault Zone. On the Malartic CHL Prospect, the Fault
Zone is defined by the contact between Archean-age Piche Group Volcanic
rocks (mafic to ultramafic schists) and the Pontiac Group Sediments
(wacke) to the south. The Mammoth Zone includes the two small open pits
located west of the Malartic CHL Prospect, just east of the East Malartic
mill on ground owned 100% by Osisko. Drilling is expected to be completed
by the end of January (2010).
Corporate Activities:
Golden Valley Mines will be exhibiting today (Friday November 6) and
tomorrow (Saturday November 7) at the Montreal Resource Investment
Conference. The Company invites you to stop by booth #210 at the Palais
des Congres Convention Centre located at 1001 Place Jean-Paul-Riopelle
for an update on the Company's projects and future plans. Golden Valley
Mines will also be giving a corporate presentation at the conference at
3:00 pm on November 7th in Workshop 3.
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 November 6, 2009, the Company
holds majority property interests in 144 projects consisting of 3,884
mining titles (229,770 hectares) and 3 projects consisting of
approximately 710 km2 in the Republic of Sierra Leone.
Mr. Glenn J. Mullan, P. Geo., President, CEO, and Chairman of Golden
Valley Mines, is the Qualified Person (as that term is defined in
National Instrument 43-101) who has reviewed this news release and is
responsible for the technical information reported 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts:
Golden Valley Mines Ltd.
Glenn J. Mullan
Chairman, President, and CEO
Toll Free: 877-879-1688 ext. 1222
glenn.mullan@goldenvalleymines.com
Golden Valley Mines Ltd.
Michael P. Rosatelli
Vice President, Exploration
819-824-2808 ext. 205
michael.rosatelli@goldenvalleymines.com
Copyright 2009, Market Wire, All rights reserved.
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