Golden Valley Mines Ltd.: Drill Hole #3 Yields 0.65 g/t Gold Over 128.6 Metres, Including 1.09 g/t Over 56 Metres, Cheechoo P...

Golden Valley Mines Ltd. ("Golden Valley" or the "Company") (TSX VENTURE:GZZ)
announces the receipt from Sirios Resources Inc. ("Sirios") of complete assay
results in respect of drill holes #3 and #4 from the Cheechoo gold project
comprised of the Sharks and Cheechoo gold properties ("Cheechoo gold project")
which are currently under option to Sirios. The information that follows has
been prepared by partner and program operator Sirios Resources Inc. (TSX
VENTURE:SOI) and has not been independently verified by Golden Valley: 


"Over the entire length of hole #3, assays yielded a continuous section of 0.65
g/t in gold over 128.6 metres (weighted average) including a section of 1.09 g/t
over 56 metres. Drillhole #3 starts and ends in the gold zone. The results
confirm the presence of large gold sections similar to those found in holes #1
and #2 which are located at more than 285 metres and 377 metres respectively
from hole #3. Drill holes #1 and #3 are entirely found within the gold zone,
which is open in all directions and can only be fully delineated with additional
drilling. 


In drill hole #3, of the 129 core samples which all vary between 0.6 and 1.2
metres, three yielded high gold grades: 10.7 g/t over 0.6 m; 10.8 g/t over 1 m
and 25.9 g/t over 1 m. There are another eight samples that yielded between 1.10
g/t and 3.92 g/t Au over 1 m each. 




              Assay results from drill holes #1, #2, #3 and #4              
                                                                            
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Drill          Collar     Azimut    Plunge    From      To Interval       Au
Hole #       position  (degrees) (degrees)     (m)     (m)      (m)    (g/t)
CH-919-12- UTM Nad 83                                                       
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03            438434E        270        45     3.4   132.0    128.6     0.65
             5830232N                                (EOH)                  
----------------------------------------------------------------------------
                                     Incl.     3.4     4.0      0.6    10.70
----------------------------------------------------------------------------
                                     Incl.    76.0   132.0     56.0     1.09
----------------------------------------------------------------------------
                                     Incl.    89.0    90.0      1.0    10.85
----------------------------------------------------------------------------
                                     Incl.   119.0   120.0      1.0    25.90
----------------------------------------------------------------------------
(i)01         438708E        234        45     3.6   195.0    191.4     0.21
             5830309N                                (EOH)                  
----------------------------------------------------------------------------
                                     Incl.     3.6    49.4     45.8     0.50
----------------------------------------------------------------------------
                                     Incl.    18.0    42.0     24.0     0.70
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
(i)02         438764E        320        45    43.5   100.0     56.5     0.59
             5830049N                                (EOH)                  
----------------------------------------------------------------------------
                                     Incl.    43.5    56.0     12.5     0.39
----------------------------------------------------------------------------
                                     Incl.    60.5   100.0     39.5     0.72
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
04            437675E        270        45     2.8   102.0        -      An.
             5830780N                                (EOH)                  
----------------------------------------------------------------------------
                                              58.0    64.0      6.0     0.17
----------------------------------------------------------------------------
(i)Already published (EOH): End of hole An.: Numerous anomalous values      



Drill holes #1, #2 and #3 show a fine and weak dissemination of arsenopyrite and
pyrrhotite over large widths in a silicified tonalite (granitic intrusive rock).
Numerous small quartz veinlets occur in the tonalite. Drillholes #1 and #2
contain gold-bearing pegmatites, which are less common in hole #3. Hole #4 is
located at more than 1 km from the delineated gold zone of the first three
holes. Several anomalous gold grades varying between 0.02 g/t and 0.42 g/t occur
in the hole.


A total of eight diamond drill holes of NQ caliber were completed for a total of
938 metres on the Cheechoo gold project. Assay results of four other drill holes
are expected in the next few weeks. The last three drill holes (#6 to #8) were
drilled in a different geological environment located to the north of the first
five holes. Photographs of drill cores are available on Sirios' web site as well
as drillhole localisation maps. 


The completed drilling program on the Cheechoo project is located at less than
15 km from the future Eleonore gold mine currently under construction by a
subsidiary of producer Goldcorp. As announced last summer, Sirios has signed an
agreement with Golden Valley Mines Ltd. (TSX VENTURE:GZZ) for the Sharks and
Cheechoo gold properties ("Cheechoo gold project"), allowing Sirios to increase
its current interest in the project from 40% to 100% following the completion of
certain obligations and compensation (see our June 15, 2012 press release)."


Assaying Quality Control

A total of 792 drill core samples were collected, sawed in half, with one half
sent to a commercial laboratory for analysis and other half retained for future
reference. A strict QA/QC program was followed by integrating blanks and
certified reference materials to the drill core samples, all of which were
prepared by IOS Services Geoscientifiques inc. of Chicoutimi, and assayed for
gold by fire assay and atomic absorption finish (AA23) by the ALS Minerals
laboratories in Val d'Or, Quebec. Assays on the highest grades were duplicated
in the laboratory. Samples grading more than 10 g/t were re-assayed by fire
assay with gravimetric finish." 


Mr. Dominique Doucet, P. Eng., President of Sirios, is the Qualified Person
pursuant to National Instrument 43-101, who has prepared and reviewed this news
release and is responsible for the technical information reported herein,
including verification of the data disclosed, sampling, analytical and QA-QC
data underlying the technical information. 


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 property interests in
projects in Canada (Saskatchewan, Ontario and Quebec). 


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.


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