Abitibi ("AGB") Grassroots Exploration Project Update: Golden Valley Identifies 29 "Drill Ready" Prospects

Golden Valley Mines Ltd. ("Golden Valley" or the "Company")(TSX VENTURE:GZZ)
provides the following update with respect to its property holdings in the
Abitibi Greenstone Belt ("AGB"), located in Quebec and Ontario.


Golden Valley's exploration activities over the past several years have been
mainly focused on preliminary fieldwork conducted over the company's 100%-owned
properties, with the objective of upgrading and advancing each property to the
group of "drill-ready" prospects for the Company's AGB Project.


The preliminary fieldwork consisted of "boot and hammer" prospecting and
sampling and where warranted, the establishment of mini grids over high priority
target areas (i.e. surface showings and airborne geophysical anomalies) to
facilitate the completion of ground geophysical surveys. The Company's AGB
Grassroots exploration project is principally directed towards identifying
prospective targets for both precious (Au-Ag, PGE) and base-metals (Cu-Zn, Co,
Ni-Cu).


Presently, Golden Valley has identified drill targets on twenty-one (21)
individual prospects, that in total include fifty-five (55) "higher priority
targets" for an aggregate amount of approximately 7,445 metres of proposed
diamond drilling. Table I includes both 100%-owned and recently optioned
properties (to each of Monarch Energy Limited ("Monarch") and Golden Cariboo
Resources Ltd. ("GCC") and in respect of which Golden Valley is the program
operator. 


A summary of the proposed drilling is as follows:

Table I



----------------------------------------------------------------------------
                                                                  DDH Target
Property     Region                    Ore Deposit Model         Information
----------------------------------------------------------------------------
Lac Barry    Urban-Barry     Quartz-Carbonate-Gold Vein,                    
                                 Shear-zone related (Au)    10 DDH's, 1,075m
----------------------------------------------------------------------------
Threshold-85 Chapais        Chapais-type Cu-Au Sulphide-                    
                                               rich Vein       6 DDH's, 800m
----------------------------------------------------------------------------
Dionne       Val-d'Or        Quartz-Carbonate-Gold Vein,                    
(GCC Option)                    shear-zone related (BIF-                    
                                                 hosted)       6 DDH's, 690m
----------------------------------------------------------------------------
Jonsmith     Shining Tree         Silver-Arsenide Veins                     
                                        (Co-Ni-As-Ag-Bi)     2 DDH's, 250m 3
                                      Magmatic Ni-Cu-PGE         DDH's, 340m
----------------------------------------------------------------------------
Claw Lake    Shining Tree    Quartz-Carbonate-Gold Vein,                    
(GCC Option)              Shear-zone related (intrusion-                    
                           hosted porphyry Au+/-Cu+/-Mo)       4 DDH's, 555m
----------------------------------------------------------------------------
Perestroika  Val-d'Or        Quartz-Carbonate-Gold Vein,                    
West                                  Shear-zone related       3 DDH's, 475m
----------------------------------------------------------------------------
Bench Depth  Matachewan      Quartz-Carbonate-Gold Vein,                    
(South)                               Shear-zone related       3 DDH's, 430m
----------------------------------------------------------------------------
Kharlamov    Chapais                    VMS (Au-Cu-rich)       2 DDH's, 400m
----------------------------------------------------------------------------
Oregon       Val-d'Or        Quartz-Carbonate-Gold Vein,                    
                                      Shear-zone related       2 DDH's, 300m
----------------------------------------------------------------------------
Barraute     Val-d'Or                   VMS (Au-Cu-rich)       2 DDH's, 240m
----------------------------------------------------------------------------
Centermaque  Val-d'Or        Quartz-Carbonate-Gold Vein,                    
(MNL Option)                          Shear-zone related       2 DDH's, 180m
----------------------------------------------------------------------------
Petite Lac   Val-d'Or                                                       
Noir Sud                                VMS (Au-Cu-rich)         1 DDH, 200m
----------------------------------------------------------------------------
Petite Lac   Val-d'Or                                                       
Noir Nord                               VMS (Au-Cu-rich)         1 DDH, 200m
----------------------------------------------------------------------------
Lac Gueguen  Val-d'Or                   VMS (Au-Cu-rich)         1 DDH, 200m
----------------------------------------------------------------------------
Township     Val-d'Or                 Magmatic Ni-Cu-PGE                    
Line                                             and/or                     
                             Quartz-Carbonate-Gold Vein,                    
                                      Shear-zone related         1 DDH, 150m
----------------------------------------------------------------------------
Shamrock     Kirkland Lake   Quartz-Carbonate-Gold Vein,                    
                                      Shear-zone related         1 DDH, 150m
----------------------------------------------------------------------------
Odie-        Val-d'Or                                                       
Cleghorn                                VMS (Au-Cu-rich)         1 DDH, 150m
----------------------------------------------------------------------------
Lac Ducros   Val-d'Or                 Magmatic Ni-Cu-PGE                    
                                                 and/or                     
                            Quartz-Carbonate-Gold Vein,                     
                                      Shear-zone related         1 DDH, 120m
----------------------------------------------------------------------------
U-Turn       Val-d'Or                 Magmatic Ni-Cu-PGE                    
                                                 and/or                     
                               Quartz-Carbonate-Au Vein,                    
                                      Shear-zone related         1 DDH, 120m
----------------------------------------------------------------------------
Double       Duparquet       Quartz-Carbonate-Gold Vein,                    
Trouble                               Shear-zone related         1 DDH, 100m
----------------------------------------------------------------------------
Calamity     Duparquet                  VMS (Au-Cu-rich)         1 DDH, 100m
----------------------------------------------------------------------------
Note: GCC = Golden Cariboo Resources Ltd.                                   
      MNL = Monarch Energy Limited                                          



In addition to the prospects listed in Table I above, a further sixty-three (63)
follow-up drillholes with an aggregate amount of approximately 9,838 metres of
diamond drilling is proposed on eight (8) separate properties, following the
initial diamond drill programs operated by Golden Valley. Table II includes both
100%-owned and recently optioned properties (to each of GCC and Big North
Graphite (formerly Big North Capital Inc. and in respect of which the Company is
the program operator). 


Table II



----------------------------------------------------------------------------
                                                                  DDH Target
Property     Region             Ore Deposit Target Model         Information
----------------------------------------------------------------------------
Perestroika  Val-d'Or        Quartz-Carbonate-Gold vein,                    
(GCC Option)                          shear-zone related    30 DDH's, 4,000m
----------------------------------------------------------------------------
Blue         Kirkland Lake   Quartz-Carbonate-Gold vein,                    
Mountain                              shear-zone related     8 DDH's, 1,200m
----------------------------------------------------------------------------
Winnie Lake  Kirkland Lake              VMS (Au-Cu-rich)     5 DDH's, 1,000m
----------------------------------------------------------------------------
Amikougami   Kirkland Lake   Quartz-Carbonate-Gold vein,                    
                                      shear-zone related     5 DDH's, 1,000m
----------------------------------------------------------------------------
Richore      Matachewan      Quartz-Carbonate-Gold vein,                    
                                      shear-zone related       5 DDH's, 700m
----------------------------------------------------------------------------
Munro        Matheson                  VMS (Cu-Zn-Co-Ag)       5 DDH's, 700m
----------------------------------------------------------------------------
Salve Lake   Matheson        Quartz-Carbonate-Gold vein,                    
(GCC Option)                          shear-zone related      3 DDH's 1,000m
----------------------------------------------------------------------------
Luciana      Lebel-sur-      Quartz-Carbonate-Gold vein,                    
(NRT Option) Quevillion               shear-zone related       2 DDH's, 238m
----------------------------------------------------------------------------
Note: GCC = Golden Cariboo Resources Ltd.                                   
      NRT = Big North Graphite Corp.                                        



Golden Valley also has a portfolio of thirteen (13) properties that warrant
further exploration work based on encouraging results obtained by the Company in
its initial drilling campaigns. 


A summary of the prospects warranting additional exploration work is outlined as
follows: 


Table III



----------------------------------------------------------------------------
Property       Region                               Ore Deposit Target Model
----------------------------------------------------------------------------
Bearmac        Chibougamau         Chibougamau-type Cu-Au sulphide-rich vein
----------------------------------------------------------------------------
Bejopipa       Chibougamau                                  VMS (Au-Cu-rich)
----------------------------------------------------------------------------
Cadillac High  Cadillac-                                                    
               Malartic       Quartz-Carbonate-Gold Vein, Shear-zone related
----------------------------------------------------------------------------
Dubuisson      Val-d'Or                                                     
               -Malartic      Quartz-Carbonate-Gold Vein, Shear-zone related
----------------------------------------------------------------------------
Golden Jet     Duparquet      Quartz-Carbonate-Gold Vein, Shear-zone related
----------------------------------------------------------------------------
Lock-Out       Cadillac       Quartz-Carbonate-Gold Vein, Shear-zone related
----------------------------------------------------------------------------
Lac Laverdiere Val-d'Or       Quartz-Carbonate-Gold Vein, Shear-zone related
----------------------------------------------------------------------------
Mindoka        Kirkland Lake                       Cu-Au sulphide-rich Vein?
----------------------------------------------------------------------------
Mona Lisa      Duparquet      Quartz-Carbonate-Gold Vein, Shear-zone related
----------------------------------------------------------------------------
Pascalis Cu-Zn Val-d'Or                                     VMS (Au-Cu-rich)
----------------------------------------------------------------------------
Pascalis West  Val-d'Or                                     VMS (Au-Cu-rich)
----------------------------------------------------------------------------
Riviere Heva   Cadillac-                                                    
               Malartic       Quartz-Carbonate-Gold Vein, Shear-zone related
----------------------------------------------------------------------------
Riviere Lois   Duparquet                                    VMS (Au-Cu-rich)
----------------------------------------------------------------------------



Additionally, and in reference to the Company's news release of May 10, 2012 in
which Golden Valley provided an update in respect of Calone Mining Company
(S.L.) Ltd. ("Calone SL"), the Company advises that it has been agreed to
between Calone Mining Ltd. ("Calone Canada"), Golden Valley's wholly owned
subsidiary, and K&K Investment GMBH ("K&K"), that the closing of the
transactions contemplated by the share purchase agreement, as it has been
amended and restated, and pursuant to which K&K is to acquire all of Calone
Canada's shareholdings in its Sierra Leonean subsidiary Calone SL, shall take
place on or before July 2, 2012, or on such later date as may be determined
between Calone Canada and K&K ("Closing").


Mr. Glenn J. Mullan, P. Geo., (OGQ) and (APGO (Temporary)), is the Qualified
Person (as that term is defined in National Instrument 43-101) who has reviewed
this news release and is responsible for the technical information reported
herein.


About Golden Valley Mines Ltd.: The Company typically tests initial grassroots
targets while owning a 100% interest therein and then seeks partners to continue
exploration funding. This allows the Company to carry on its generative programs
and systematic exploration efforts at other majority-owned grassroots projects.
The Company (together with its various subsidiaries) holds majority property
interests in projects in Canada (Saskatchewan, Ontario and Quebec) and until
Closing, in the Republic of Sierra Leone.


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.


A figure is available at the following link:
http://media3.marketwire.com/docs/GZZ_2012-06-11_Exploration_Update_AGB_Figure.pdf.