The EGX 30 rose 0.5 percent to 5,774.81 points, while thebroader EGX 70 index .EGX70 gained 0.3 percent to 630.93points ($1 = 5.6196 Egyptian pounds)(Writing by Aziz El-Kaissouni). VAL-D’OR, QUEBEC, May 11 (MARKET WIRE) — Golden Valley Mines Ltd. (“Golden Valley Mines” or the “Company”) (TSXVENTURE: GZZ)) is pleased to report on exploration activities for theCompany’s Abitibi Greenstone Belt (AGB) “Grassroots Exploration Project”and Joint Ventures.2008 & 2009 Program Summary and Update: Over the course of the Company’s2008 program, exploration activities were allocated to three mainactivities: (1) project generation; (2) grid establishment andgeophysical surveys; and (3) diamond drill programs and related fieldactivities.Seven (7) new properties considered prospective for zinc-copper-silverdeposits were staked and additional claims added to three existingproperties based on promising initial exploration work results by theCompany. Preliminary fieldwork consisting of grid establishment andgeophysical surveying was completed on fifteen (15) separate propertiesduring 2008 adding to the “pipe-line” of drill-ready prospects. Diamonddrilling was conducted on eleven (11) properties during the course of theCompany’s Abitibi Greenstone Belt “Grassroots Exploration Project” during2008, including the “Luciana Prospect” option/joint venture agreementwith Takara Resources Inc (“Takara”) signed in December. For the year,the Company drilled 7,223 metres testing fifty-two (57) separategrassroots targets.The Company implemented an “Asset Conservation Plan” (ACP) in earlyOctober 2008 in order to diminish expenditures and protect its financialresources brought on by the “sub-prime” or credit crisis in the UnitedStates and its broadening influence on public capital markets and agenerally negative sentiment in investor valuations. To execute on theACP, the Company has reduced administrative and exploration staffing,diminished its field operations and exploration activities and is nowfocused primarily on its partner-funded exploration activity while itcontinues to evaluate certain strategic business opportunities, includingfor the first time, exterior to Canada.The 2009 budget of approximately $1,000,000 for the AGB “GrassrootsExploration Project” has been reduced significantly from the prior year,now consisting primarily of project generation activities, prospecting,geological mapping and sampling, ground geophysical surveys and limiteddiamond drilling as required for purposes of assessment, to keep keyproperties in good standing.

Based on historical work in the areas,geophysical signatures, and general geological conditions, the propertiesincluded in the exploration programs include both precious and basemetals as primary targets.2008 Diamond Drill Program Results: As previously reported, the mainhighlights of the 2008 AGB “Grassroots Exploration Project” drill programwere the discoveries of two new zones of base-metal mineralization on twoseparate 100%-owned properties:- the Ducros Prospect (northwestern Quebec), GCF-08-07 intersected a zoneof disseminated to net-textured pyrrhotite and chalcopyritemineralization. This mineralized zone graded 0.213 g/t Pt, 0.237 g/t Pd(combined 0.451g/t Pt-Pd), 0.4142% Cu and 0.3540% Ni (combined 0.7682%Cu-Ni) over 23.20 m from 2.0-25.2.- the Island 27 Prospect (northeastern Ontario), GIS-08-04 intersected4.18% Co, 0.38% Ni and 12.1 g/t Ag over 4.0 from 110.0-114.0 m.In addition to the above, other new drill discoveries were made duringthe course of the 2008 program on 100%-owned Company properties. Theseinclude intersections grading 1.65 g/t gold over 1.5 m (GBP-08-06) and0.78% zinc over 1.5 m (GBP-08-05) at the Bejopipa Prospect; 0.88% Zn over1.33 m from the Lock-out Prospect in hole GLO-08-01 and; a series ofnarrow, quartz vein-hosted gold mineralization from the Venus NewProspect grading 0.767 g/ t Au over 0.57 m in GVN-08-01; 2.05 g/t Au over0.49 m in GVN-08-04 and 15.85 g/t Au over 0.26 m in GVN-08-06.Malartic CHL Gold Project “Osisko Option”, Quebec: During 2008, OsiskoMining Corp. completed 19,746 metres (101 drillholes) on the property,including 4,941 metres (26 drillholes) in the fourth quarter of 2008.Previously, Osisko had drilled 15 holes totalling 6,544 metres in 2007.Results for all 101 drill-holes of the 2008 drill program remainoutstanding. These drillhole results represent drilling testing forextensions of the “Jeffrey Zone” along strike from Osisko’s “South BarnetZone”, testing of other targets along the prospective porphyry-volcaniccontacts on the property including the “Norrie Zone” and additionalfollow-up drilling on the “Shaft Zone”. The results will be reported whenreceived from Osisko.Osisko has the right to acquire a 70% interest in the Malartic CHLProperty in consideration for $150,000 in cash payments over a four yearperiod ($105,000 paid to date) and by completing a minimum $2,000,000 inexploration work over a four year period.

Upon earning its 70% interest,Golden Valley Mines will maintain a free-carried interest of 30% toproduction.Luciana Prospect “Takara Option”, Quebec: During the fourth quarter 2008,Golden Valley Mines’ and Takara Resources Inc. (“Takara”) signed anoption / joint venture agreement, whereby Takara may earn up to a 60%interest in the company’s 100%-owned property, located north ofLebel-sur-Quevillon, Quebec. In consideration for the granting of theoption, Takara issued to Golden Valley Mines 250,000 common shares andconducted a drilling program during the month of December, 2008 in theminimum amount of $85,000. The drill program consisted of five (5) holestotaling 557 metres. As announced by Takara on March 13, 2009 (TKK newsrelease), Garson Gold will acquire all of Takara’s rights and interest invarious Takara properties including the Luciana Prospect by issuingshares to Takara, which will be distributed to Takara shareholders,including Golden Valley.Luc Bourdon Prospect “White Pine/Noront Option”, McFauld’s Lake, Ontario:Airborne geophysical surveys (“VTEM”) were completed during 2008.

Aninitial five targets were selected for detailed follow-up by groundgeophysics. The Company has been informed by the Operator (WPR) thatdiamond drilling is now underway on the Golden Valley option. White PineResources and Noront Resources may each earn a 35% interest by funding acombined total of $5,000,000 in exploration and by paying additionalconsideration (cash/shares) of $350,000 (paid) to Golden Valley.Following vesting, Golden Valley will retain a carried interest of 30% toproduction.All BQ or NQ core assays reported above were completed by ALS Chemex withsample preparation in Val d’Or, QC and analyses at ALS Chemex inVancouver, BC. Copper, nickel, cobalt and silver values were determinedby a 33 element, ICP-AES analysis.