Golden Valley Mines: CDN$200,000 Raised from the Closing of a Third Private Placement.

MONTREAL -- Golden Valley Mines Ltd. (TSX VENTURE:GZZ) announces that it has closed a third private placement totaling $200,000 in gross proceeds with Sidex, Societe en Commandite ("SIDEX")

The Corporation issued 666,667 Units to SIDEX, a Quebec based investment fund, for gross proceeds of $200,000. Each unit is comprised of one common share and one half of a warrant. Each whole warrant entitles the holder to acquire one common share of the Corporation at a price of $0.35 for a period of 12 months and thereafter, at a price of $0.40, expiring 24 months from closing. An administration fee equal to 3% of the aggregate gross proceeds raised was paid by Golden Valley Mines to SIDEX.

The Corporation will be allocating the proceeds from this private placement to fund activities on its uranium properties (440 claims) located in the Otish and Mistassini basins of the province of Quebec.

These uranium properties were acquired by staking, and encompass over 20,000 hectares (50,000 acres) of land. The properties include several historical uranium occurrences from work conducted in the late 1970's, having little follow-up exploration conducted since that time.The exploration of these properties is consistent with the Corporation's business plan, which focuses on the exploration of grass-roots properties in readily accessible areas with favourable geological potential, political stability, and security of title.

All the securities issued pursuant to the foregoing private placement offerings are subject to a hold period of four months from the date of closing

The TSX Venture Exchange has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this release.

Golden Valley Mines Ltd. (TSX VENTURE:GZZ)