2014 NEWS

Golden Valley Mines Announces Annual Meeting Results & Option Grants

July 02, 2014

VAL-D'OR, QUÉBEC --

Golden Valley Mines Ltd. (“Golden Valley” or the “Company”) (TSX-V:GZZ) announces the results of its Annual and Special Meeting of Shareholders held on June 30, 2014, in Montréal, Québec.

At the meeting, shareholders re-elected five incumbent directors, being Joseph Groia, Blair F. Morton, Glenn J. Mullan, Chad Williams and Dr. C. Jens Zinke; and shareholders also elected as a director John S. Caldbick. Mr. Caldbick was a nominee of management to fill the vacancy created by the retirement of Robert D. Smith as a director of Golden Valley, who did not stand for re-election at the meeting. The Board of Directors extends sincere thanks to Mr. Smith for his contributions to Golden Valley during the years he served as a director, on the various committees of the directors, and in particular, acting as Chair of the Audit Committee. The Board wishes Mr. Smith well with his Halifax Mooseheads hockey club in the Quebec Major Junior Hockey League (QMJHL) of the Canadian Hockey League and welcomes Mr. Caldbick to the Board.

John Caldbick is a Professional Engineer with a BSc, Mining Engineering from Queen’s University. He is currently the President of Advanced Mine Solutions, a privately-owned consulting company. Mr. Caldbick previously served as President and Chief Operating Officer of Canadian Royalties Inc. and as Vice President, Operations and Chief Operating Officer of Jien Canada Mining Ltd., the Canadian subsidiary of Jilin Jien Nickel Industry Co. Ltd. He has also worked with Silvercorp Metals Inc., New Pacific Metals Corp. and North American Palladium Ltd. Mr. Caldbick was the General Manager/Vice President Operations of the Lac des Iles mining complex from July 2008 to February 2011.

The Company’s Board of Directors is comprised of a majority of independent directors.

Among other routine business dealt with at the meeting, shareholders approved, ratified and confirmed by disinterested vote, as required by the TSX Venture Exchange, the grant by Golden Valley to each of Joseph Groia, Michael P. Rosatelli and Chad Williams of certain rights for each of them to purchase at a per share price of $0.45 until June 19, 2015, 31,250 common shares in the capital of Abitibi Royalties Inc. (an aggregate of 93,750 common shares in the capital of Abitibi Royalties Inc.), which shares are currently owned by Golden Valley.

Following the shareholder meeting, the Board re-appointed officers for the ensuing year. The Board of Directors also granted incentive stock options to directors, officers, employees and consultants entitling the purchase of an aggregate 840,000 common shares of Golden Valley at a per share price of $0.17 until June 30, 2019.

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 multiple property interests in gold, base-metal and energy mineral projects in Canada (Québec, Ontario and Saskatchewan).

For additional information please contact:

Glenn J. Mullan
Chairman, President, and CEO
Golden Valley Mines Ltd.
152, chemin de la Mine École
Val-d’Or, Québec J9P 7B6
Telephone: 819.824.2808 ext. 204
Email: glenn.mullan@goldenvalleymines.com

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.

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