VAL-D'OR, QUEBEC, Apr. 14, 2010 (Marketwire) -- Golden Valley Mines Ltd. (TSX VENTURE:GZZ) ("Golden Valley" or the "Company") is pleased to provide an exploration update in respect of its Option/Joint Venture Project ("Bourdon Prospects") located along the "Ring of Fire" in the James Bay area Lowlands, McFauld's Lake area. The Bourdon Prospects are under option to White Pine Resources Inc. (TSX-V: WPR) ("White Pine") (formerly WSR Resources Inc.) and Noront Resources Ltd. (TSX-V: NOT) ("Noront"). The information that follows has been prepared by joint venture partner and program operator White Pine:
"The Joint Venture Project has recently completed one drillhole each at the G1 and G3 anomalies. These anomalies were selected following positive results from a 2009 spring drilling program (see press release June 26, 2009) and a ZTEM survey which identified low resistivity anomalies directly over these zones suggesting that they could also continue potentially to greater depth (see press release November 3, 2009). These anomalies were the target of deeper additional drilling in January and February of this year.
Drillhole G1-10-06, drilled to intersect the massive sulphide horizon at a vertical depth of 450m, again intersected massive sulphides from 498.85-506.45m downhole which assayed 1.68% Zn, 0.35% Cu and 0.18% Pb over 7.60m. Included in this interval from 498.85-503.0m downhole was 2.84% Zn, 0.46% Cu and 0.28% Pb over 4.15m.
Drillhole G3-09-03 drilled to intersect the massive sulphide horizon at a vertical depth of 550m, again intersected massive sulphides from 596.12-596.28m which assayed 3.75% Zn, 0.025% Cu and 0.25% Pb over 0.16m."
The exploration program is managed by White Pine for the Joint Venture partners under supervision of Mike Kilbourne, P.Geo. President, White Pine Resources Inc. Mr. Kilbourne prepared the information and results pertaining to the drill program described above.
The Luc Bourdon and Bourdon West properties (a combined 9,969 hectares) were staked by Golden Valley in the fall of 2007 and spring of 2008. This ground was subsequently optioned to White Pine and Noront in August 2008 and subsequently expanded. White Pine and Noront can equally earn a combined undivided 70% of the property by incurring expenditures of $5 million within 3 years of the agreement date.
About Golden Valley Mines Ltd.: The Company typically tests initial grassroots targets while owning a 100% interest and then seeks partners to continue exploration funding. This allows the Company to continue its generative programs and systematic exploration efforts at other majority-owned grassroots projects. As of April 13, 2010, the Company holds majority property interests in 152 projects consisting of 3,879 mining titles (222,218 hectares) and 3 projects consisting of approximately 710 km(2) in the Republic of Sierra Leone in West Africa.
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.
Neither 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 release.