VAL-D'OR, QUEBEC -- (Marketwire) -- 09/23/08 -- Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE: GZZ) is pleased to report on drilling activities for the Company's Abitibi Greenstone Belt "Grassroots Exploration Project".

Diamond Drill Program in Progress - Val-d'Or, Quebec: A first phase drilling campaign is underway on the Lock-out Prospect (gold target: map #51) located in Clericy Township, Quebec. The company will complete six (6) drillholes to test targets outlined by its recent geophysical survey and property compilation.

Pervious work on the property and surrounding area identified a surface gold showing termed "Indice II - Propriete Kino". Mineralization was described as being associated with a pyritic dioritic intrusive rock. Grab sampling results gave a best value of 1.3 g/t (Ministere de l'Energie et des Ressources naturelles, documentation technique GM 50937).

Previous Drill Program: Diamond drilling at the Venus New Prospect (VMS-gold target: map #85) located in Pascalis Township, Quebec, has been completed. Drilling (725-metres) tested five (5) separate geophysical targets (please refer to the August 14, 2008 press release for details). Assay results remain pending for the five drillholes. In addition, prospecting grab samples confirmed the historical vein-hosted gold mineralization with two samples grading 4.66 g/t gold and 0.516 g/t gold from the "Central Vein".

The two above reported rock sample assay results were completed by ALS Chemex with sample preparation in Val d'Or, Quebec and analyses at ALS Chemex in Vancouver, BC. The analytical method used was a multi element (33) ICP multi-element package, in addition to gold by a 30 g fire assay.

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 September 22, 2008, the Company holds majority property interests in 139 projects consisting of 4,537 mining titles (261,678 hectares) in Quebec, Ontario and Saskatchewan.

Michael P. Rosatelli, P. Geo. Vice-President, Exploration for Golden Valley Mines Inc., is a Qualified Person (as such term is defined in National Instrument 43-101-Standards of Disclosure for Mineral Projects), and is responsible for the geological information presented 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.

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

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Contacts:
Golden Valley Mines Ltd.
Glenn J. Mullan
President and CEO
877-879-1688 ext. 1222
glenn.mullan@goldenvalleymines.com

Golden Valley Mines Ltd.
Christina Lalli
Manager, Investor Relations
877-879-1688 ext. 1298
christina.lalli@goldenvalleymines.com

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

Renmark Financial Communications Inc.
Jason Roy: jroy@renmarkfinancial.com
Christine Stewart: cstewart@renmarkfinancial.com
514-939-3989
514-939-3717 (FAX)
www.renmarkfinancial.com