Golden Valley Mines provides update on its 53.3%-owned subsidiary
Abitibi Royalties Inc.
May 14, 2015
Val-d’Or, Québec – Golden Valley Mines Ltd. (“Golden Valley” or the “Company”), (TSX-V: GZZ) is pleased to announce that its majority owned subsidiary, Abitibi Royalties Inc. (“Abitibi Royalties”), has issued a press release announcing it received its first royalty payment in the amount of Cdn$254,500. The payment is from Abitibi Royalties’ 2% net smelter royalty (NSR) that covers a portion of the Gouldie Zone at the Canadian Malartic mine. The payment covers the period from June 16, 2014 to March 31, 2015. Any future royalty payments from the Gouldie Zone will be paid to Abitibi Royalties 60 days after each quarter. Agnico Eagle and Yamana Gold operate the Canadian Malartic mine.
Golden Valley is also pleased to announce that Annie Karahissarian, Golden Valley’s Chief Financial Officer since June 2007, has been appointed Corporate Secretary, replacing Luciana Zannella.
About Golden Valley Mines Ltd.
Golden Valley Mines Ltd. typically tests grassroots properties while owning a 100% interest therein and then seeks partners to continue exploration funding. This allows Golden Valley to carry on its early-stage exploration programs and systematic exploration efforts at other majority-owned grassroots projects. Golden Valley Mines Ltd. (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
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.