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Golden Valley Mines: Discovery of Gold-Copper Mineralization on the Cheechoo Project, James Bay, Quebec

Golden Valley Mines: Discovery of Gold-Copper Mineralization on the Cheechoo Project, James Bay, Quebec

Posted: 2005-12-05

MONTREAL, QUEBEC -- December 5, 2005 - Golden Valley Mines Ltd. (TSX VENTURE:GZZ) reports the discovery of gold-copper mineralization grading up to 3.98 g/t gold and 1.73% copper from samples collected in its fall 2005 mapping and prospecting program. In total, 27 of the first 418 rock grab samples (or 6%) collected on the project assayed 0.1 g/t gold or better. The six best sample results and associated highest-grade copper values are as follows:

Property

Sample Type

Sample Site

Gold Assay

Copper Assay

Cheechoo A Block

Boulder

Boulder Field SE

0.56 g/t

 

Cheechoo A Block

Boulder

Boulder Field NW

1.58 g/t

1.63%

Cheechoo A Block

Boulder

Boulder Field NW

1.89 g/t

Result Pending

Cheechoo A Block

Boulder

Boulder Field NW

3.98 g/t

1.73%

Cheechoo B Block

Boulder

West Quadrant

0.89g/t

Cheechoo A Block Discovery Areas (located 1.1 kilometres southwest of Virginia's Eleonore Property): The four above highlighted samples occur within two separate boulder field clusters 1.5 and 2.4 kilometres down-ice and down-slope from the location of the interpreted surface mineralization and is of similar character. Prospecting and mapping work outlined an altered and mineralized (pyrite+-pyrrhotite-magnetite-chalcopyrite-bornite) shear zone along a diorite-amphibolized basalt contact. This contact and related mineralized zone is associated with an airborne electromagnetic conductor axis that has been defined across the entire property over a distance of some 2.3 kilometres, of which only a small portion has been prospected to date.

Cheechoo B Block Discovery Area (located 1.2 kilometres southeast of Virginia's Eleonore Property): The above highlighted gold value is located along a well defined regional structural lineament along the northwest extension of an airborne electromagnetic conductor axis.

No follow-up sampling of these results has been completed on any of the properties. These target areas are deemed as high priority for ground follow-up. This planned work combined with detailed geochemical sampling and ground geophysical surveys is expected to help define drill targets. Work plans going forward will be detailed once all the rock and lake sediment sample results have been received, compiled and evaluated.

Golden Valley Mines has become one of the principal claim holders in the area to the east and west of Virginia Gold Mines Inc. Eleonore property that hosts the Roberto Zone gold discoveries. The company now holds interest in 1,017 claims in 14 wholly owned (100%) properties, and two option/joint ventures with Sirios Resources Inc. (refer to the November 16, 2005 press release for more information) covering 52,846 hectares (529 km2) in the region.

The field work was in part, completed by IOS Services Geoscientifiques Inc. of Saguenay, Quebec under the supervision of Senior Geologist, Michael P. Rosatelli who is the company's Qualified Person as defined by NI 43-101 and the person responsible for this press release. All rock samples are assayed at the Laboratoires Expert of Rouyn-Noranda.

Refer to the project maps on the Golden Valley Mines website, www.goldenvalleymines.com/cheechoo

FOR FURTHER INFORMATION PLEASE CONTACT:

Golden Valley Mines Ltd.
Glenn J. Mullan
President and CEO
(877) 879-1688, ext. 222
mullan@goldenvalleymines.com

Golden Valley Mines Ltd.
R. Bruce Durham
Vice President - Exploration
(877) 879-1688, ext. 252
durham@goldenvalleymines.com
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