Golden Valley Mines Ltd.: Exploration Update.

VAL D'OR, Quebec -- Golden Valley Mines Ltd. (TSX VENTURE:GZZ) provides the following update on its exploration activities in Ontario and Quebec:

1) James Bay ("Mid-North"), Quebec: Following a review of recent airborne surveys, several areas have now been selected for detailed ground follow-up programs on properties contiguous to Virginia Gold Mines' Eleonore property, which hosts the Roberto discoveries. Golden Valley Mines has become one of the principal claim holders in the new discovery area, now holding mineral interests covering 500 km2 (124,000 acres) on its James Bay projects. The east blocks of Cheechoo and the Sharks property collectively cover approximately 40-kilometres of strike length in a west-southwest east-northeast magnetic trend, and includes portions of several broad geochemical indicator anomalies derived from lake bottom sediments collected by the Ministere des Ressources Naturelles et Faune (MRNF). Historic regional airborne geophysical signatures and geological mapping appear to indicate that the groups are located along the flanks of felsic intrusive features and underlain by the same favourable metasediments described as the host rocks at the Virginia Gold Roberto discoveries. Refer to www.goldenvalleymines.com/cheechoo for additional information on the properties.

2) Nunavik (Ungava), Quebec: Exploration work at the West Shoot Out Prospect is being financed through an option/joint venture with Little Mountain Resources Ltd. (TSX.V-LIT) who may earn a 50% interest by incurring expenditures of $2,000,000 over three years, issuing 500,000 shares of LIT (issued), and making cash payments of $100,000 ($70,000 paid). To date, Little Mountain has incurred $900,000 in exploration expenditures, and they have advised that upon completion of the Plan of Arrangement with Starburst Exploration (whereby Little Mountain will transfer all of its rights and interest in and to the West Shoot Out Prospect to Starburst Exploration), and a simultaneous private placement financing in Starburst, the 2005 exploration program will commence with the mobilization of geological and diamond drilling crews to the Kenty Lake area. Golden Valley will be operator of the program.

The East Shoot Out Prospect was an option/joint venture with Resolve Ventures Inc. (TSX-V-RVN) who could earn a 50% interest by incurring expenditures of $2,000,000 over 3-years, issuing 500,000 shares of RVN (issued), and making cash payments of $100,000 ($100,000 paid). Expenditures of approximately $1,100,000 have been incurred. Resolve Ventures have provided notice that they are terminating the option and will therefore not be vesting. Golden Valley Mines is now seeking a new option/joint venture partner to finance exploration at the East Shoot Out Prospect. The property therefore remains 100% owned by Golden Valley Mines.

3) Abitibi Greenstone Belt - Grassroots Exploration Programs:

Additional work including linecutting and geophysical surveys have resolved drill targets in several key areas in the Abitibi Greenstone Belt, and a detailed analysis of same will be announced shortly.

Corporate Update: The Company wishes to remind shareholders and investors that its Annual General Meeting will be held at the Montreal office today at 16:00. A corporate presentation will follow the meeting at 16:30.

Glenn J. Mullan, P. Geo. and President of Golden Valley Mines Ltd. is the designated Qualified Person responsible for the exploration programs on the properties and the person responsible for the preparation of this release.

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

GOLDEN VALLEY MINES LTD. (TSX VENTURE:GZZ)