Val-d’Or,
Québec – March 31, 2008 - Golden Valley Mines Ltd. (“Golden Valley Mines” or
the “Company”) (TSX-V symbol: 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 Québec 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
Mega TEM 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
Québec 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 r elease 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.
For additional information please
contact:
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Golden Valley Mines Inc.
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Golden Valley Mines Inc.
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Glenn J. Mullan
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Michael P. Rosatelli
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President
and CEO
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Vice
President – Exploration
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800, boul.
René Lévesque Ouest; Suite #1525
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152, chemin
de la Mine École
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Montréal,
Québec H3B 1X9
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Val-d’Or,
Québec J9P 7B6
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Toll Free:
877.879.1688, ext. 222
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Tel: 819.824.2808 ext.
205
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Email :
glenn.mullan@goldenvalleymines.com
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Email: michael.rosatelli@goldenvalleymines.com
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Renmark Financial Communications Inc.
Jason Roy : jroy@renmarkfinancial.com
Christine Stewart : cstewart@renmarkfinancial.com
Tel. : (514) 939-3989
Fax : (514) 939-3717
www.renmarkfinancial.com
