2017 NEWS

Golden Valley Mines and Nunavik Nickel Mines Receive Final TSX Venture Exchange Acceptance of Option Agreement

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

July 17, 2017

Val-d’Or, Québec – Golden Valley Mines Ltd. (“Golden Valley”) (TSX- V:GZZ) and Nunavik Nickel Mines Ltd. (“Nunavik Nickel”) (TSX-V:KZZ) are pleased to announce that the TSX Venture Exchange has issued its final acceptance of the Mining Option Agreement (the “Option Agreement”) made as of April 18, 2017, pursuant to which Golden Valley has granted to Nunavik Nickel an option to acquire a 100% interest in 61 of its grassroots properties, detail of which was previously announced by news release dated April 18, 2017.

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 Golden Valley 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 management on the date the statements are made.  Except as required by law, Golden Valley undertakes no obligation to update these forward-looking statements in the event that respective management’s beliefs, estimates or opinions, or other factors, should change.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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