Abitibi Regional Exploration Update Diamond Drilling Activities - Lac Barry Prospect

Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company")(TSX
VENTURE:GZZ) is pleased to report on its latest diamond drilling results for the
Company's Abitibi Greenstone Belt "Grassroots Exploration Project". 


At the Lac Barry Prospect (Quebec & Ontario Prospects Location Map: Au Prospect
#24) located in the Urban-Barry gold camp, the first-phase drill program (eight
drillholes, totalling 999-metres) tested two separate target areas (SW & NE grid
areas) on the property, separated by a distance of approximately 5 kilometres.
The first five (5) holes (609 metres) discussed herein are from the SW grid area
targeting the Barry West Shear Zone that hosts the historical Lac Barry Gold
Showing on the property. 


To view accompanying location map, visit the following link:
http://cnrp.marketwire.com/cnrp_files/20130911-QuebecOntarioLocation.pdf


The Urban-Barry area is presently the focus of increased gold exploration
activity by Golden Valley Mines and by other junior companies active in the area
in addition to on-going advanced-staged development projects (i.e. Windfall Lake
Gold Project - Eagle Hill Exploration Corp.) and active mining operations (i.e.
Barry Mine - Metanor Resources Inc.). The Lac Barry property is 100% owned by
Golden Valley Mines and consists of 35 claims covering 1,185 hectares, located
275 kilometres NE of Val-d'Or, Quebec. 


Lac Barry Showing - Shear Zone-Hosted Gold Mineralization (Barry West Shear Zone): 

Drilling successfully extended the known extent of the Lac Barry Showing
mineralization 300 metres to the southwest along strike with the intersection of
a mylonitized (silicified and biotite altered) and mineralized (mainly pyrite)
shear zone over a wide and shallow intersection from 23.20-35.75 metres in hole
GLBO-13-01. In the core of the shear zone, an anomalous zone of gold
mineralization was intersected averaging 3.70 metres (from 24.26-27.96 metres)
grading 0.177 g/t gold, including 0.49 metres assaying 0.734 g/t gold
(24.26-24.75 metres). The hole was designed to test a strong chargeability
anomaly inferred to be representative of a mineralized shear zone coincidental
with the northeast-southwest trending Barry West Shear Zone hosting the Lac
Barry Showing. The axis of the chargeability anomaly is intermittently defined
over a distance of approximately 1 kilometre and remains open to the southwest.
Based on the current and historical drilling results, further drilling is
warranted along the axis of the chargeability anomaly and testing for the depth
extensions of the Lac Barry Showing gold mineralization. 


Holes GLBO-13-02, 03, 04 & 05 tested a series of chargeability (strong verses
weak) and/or resisistivity (low) anomalies representing possible sub-parallel
mineralized structures south of the prospective Barry West Shear Zone. Although
the holes all intersected favourable sheared, altered and mineralized hostrocks,
no significant gold mineralization was intersected in these four (4) holes. No
further work is presently planned on these targets.


New Type of Gold Mineralization Intersected - Intrusion-Hosted (Diorite): 

A new type of intrusion-hosted gold mineralization was intersected deeper in
hole GLBO-13-01 from a downhole depth at 133.05-141.00 metres (end of hole),
hosted in a massive, dark grey, diorite- intrusive unit, versus the more common
shear-zone hosted environments observed in the local area. Within this section
from 138.40-141.00 metres, the diorite is weakly sheared and altered
(pervasively silicified and chloritized with 15% uniformly disseminated
fine-grained biotite and traces of pyrite) and variably fractured
(quartz-carbonate veins and stringers). Anomalous gold mineralization grading
0.19 g/t (from 135.18-135.32 metres), 0.128 g/t (from 137.35-137.53 metres) and
0.617 g/t (from 137.53-138.00 metres) was intersected in this section. Further
prospecting, mapping and detailed sampling is recommended in this area of the
property to check for the surface trace of the mineralization. 


Drill assay results for the three (3) drillholes, totalling 390 metres at the
Lac Barry Prospect NE Grid Area will follow in a subsequent news release as such
results become available. The program consisted of testing two (2) separate gold
targets as well as volcanogenic massive sulphide mineralization that has been
identified over the southern sections of the grid area where massive sulphides
hosting chalcopyrite (copper) mineralization was intersected in two separate
holes in 1991, but had no base-metal assaying recorded on the core logs (MRNQ,
GM 47465). 


All NQ core assays reported above were completed by ALS Minerals with sample
preparation and gold analysis completed in Val-d'Or, Quebec and multi-element
analyses finalized in Vancouver, British Columbia. A standard 33 multi-element,
four acid ICP-AES analysis was completed on selective samples. Gold values were
determined by 30g FA-AA finish with over limits (greater than 10g/t Au) by a 30g
FA-GRAV finish. A "metallics" or screen fire assay for samples containing
possible "coarse" visible gold was completed on select samples. The ALS Minerals
analytical procedure utilized a full sample "metallics" or screen fire assay,
Au-SCR21. In the Au-SCR21 procedure, the entire sample received is crushed to
greater than or equal to 70% passing 6mm and then pulverized to greater than or
equal to 85% passing 75 micron. The entire pulp is then dry screened to 100
micron. Any +100 micron material remaining on the screen is weighed and analyzed
in its entirety. The -100 micron material is homogenized. Duplicate sub-samples
of the minus fraction are analyzed using the standard fire assay procedures. The
gold values for both +100 micron and -100 micron fractions are reported together
with the weight of each fraction as well as the calculated total gold content of
the sample. Golden Valley Mines follows strict QA-QC protocol measures in
keeping with industry standards and regulatory reporting requirements, including
the insertion of blanks and duplicates in the sample stream. ALS Minerals sites
and laboratories are registered to ISO 9001:2008 for the "provision of assay and
geochemical analytical services" by QMI Quality Registrars. The North America
analytical laboratories are also accredited by the Standards Council of Canada
(SCC) for specific tests listed in a Scope of Accreditation. These
accreditations conform to requirements of CAN-P-1579, CAN-P-4E ISO/IEC
17025:2005 and are international standard.


Corporate Update - Re-pricing of Incentive Stock Options: As a result of a
bulletin issued by the TSX Venture Exchange (the "Exchange") on August 14, 2013,
amending amongst other things the minimum pricing rules for convertible
securities, the Corporation advises that it has amended the exercise price of an
aggregate 3,275,000 incentive stock options originally granted on August 1, 2013
from $0.10 to $0.07. The foregoing amendment is subject to the approval of the
TSX Venture Exchange. 


Mr. Glenn J. Mullan, is the Qualified Person (as that term is defined in
National Instrument 43-101 - Standards of Disclosure for Mineral Projects) who
has reviewed this news release and is responsible for the technical information
reported herein. 


About Golden Valley Mines Ltd.: The Company typically tests grassroots targets
while owning a 100% interest therein and then seeks partners to continue
exploration funding. This allows the Company to conduct its generative programs
and systematic exploration efforts at other majority-owned grassroots projects.
The Company (together with its various subsidiaries) holds multiple property
interests in gold, base-metal and energy mineral projects in Canada (Quebec,
Ontario and Saskatchewan).


Forward Looking Statements: 

This news release contains certain statements that may be deemed
"forward-looking statements. Forward looking statements are statements that are
not historical facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although the Company believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance
and actual results or realities may differ materially from those in forward
looking statements. Forward looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date the statements
are made. Except as required by law, the Company undertakes no obligation to
update these forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change. 


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Glenn J. Mullan
Chairman, President, and CEO
Golden Valley Mines Ltd.
819.824.2808 ext. 204
[e-mail]