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

Posted on: Monday, 31 March 2008, 18:00 CDT

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

SOURCE: Golden Valley Mines Ltd.

Source: MARKET WIRE

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