THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. 


Golden Valley Mines Ltd. ("Golden Valley" or the "Company") (TSX VENTURE:GZZ) is
pleased to announce the results of its Annual General and Special Meeting of
Shareholders (the "Meeting") held on June 30th, 2011 in Montreal, Quebec. At the
Meeting, shareholders approved all resolutions put before them by management,
including the election of all director nominees, the re-appointment of the
incumbent auditor, approval of the proposed reorganization to be carried out by
plan of arrangement (the "Arrangement") pursuant to the Canada Business
Corporations Act, and the ratification of the shareholders rights plans and
stock option incentive plans adopted by each of Abitibi Royalties Inc., Nunavik
Nickel Mines Ltd. and Uranium Valley Mines Ltd. (the "Subsidiaries"), which are
parties to the Arrangement. 


As a result of the proposed Arrangement, each Golden Valley shareholder will
receive one common share in the capital of each of the Subsidiaries for every 25
shares of Golden Valley held by that shareholder on the effective date of the
reorganization and a capital taxable dividend will be deemed to be paid to each
of the Golden Valley shareholders having received such Subsidiaries' shares
equal to the value of the Subsidiaries' shares distributed to such Golden Valley
shareholders. Completion of the proposed reorganization is subject to the
approval of the Supreme Court of British Columbia and final acceptance by the
TSX Venture Exchange.


At 9:45 a.m. on July 8, 2011, Golden Valley plans to apply to the Supreme Court
of British Columbia (the "Court") at 800 Smithe Street, Vancouver, British
Columbia, to obtain the Final Order of the Court approving the Arrangement
pursuant to the Interim Order of Master Bishop dated May 26, 2011, as amended by
the Order of Master Taylor dated May 31, 2011. At the hearing, any registered
shareholders of Golden Valley and any other interested parties who wish to
participate or to be represented or to present evidence or arguments may do so,
subject to filing with the Court and delivering a notice of such intention to
appear to Shane D. Coblin, Kornfeld Mackoff Silber LLP, 1100 One Bentall Centre,
505 Burrard Street, Vancouver, British Columbia V7X 1M5, counsel for Golden
Valley, no later than 4:00 p.m. on July 7, 2011, the day immediately preceding
the date of the hearing. 


The following is a summary of results of the Meeting.

Election as Directors 

Golden Valley's incumbent directors, namely: Joseph Groia, Blair F. Morton,
Glenn J. Mullan, the Hon. Dr. Arthur T. Porter, Robert D. Smith, Chad Williams
and Dr. C. Jens Zinke, were elected as directors of Golden Valley for a further
term of one year.


Re-appointment of incumbent Auditor 

Raymond Chabot Grant Thornton LLP, Golden Valley's auditor since August 2000,
was re-appointed by Golden Valley shareholders at the Meeting.


The Arrangement 

Golden Valley shareholders approved by special resolution the proposed
Arrangement to reorganize Golden Valley's business by spinning-out to Golden
Valley shareholders partial ownership of the Subsidiaries, with 99.68% of the
votes cast at the Meeting voting in favour of the Arrangement Resolution.
Assuming the Court issues its Final Order approving the Arrangement and the
Exchange gives final acceptance of the transactions, Golden Valley proposes
effecting the Arrangement on or about July 19, 2011. 


Please refer to Golden Valley's news release dated June 2, 2011, for a
description of the Subsidiaries' respective property interests.


No assurance can be given that the proposed reorganization will be completed as
envisaged, nor that Golden Valley will achieve its reorganization objectives.


Shareholder Rights Plans and Stock Option Plans of the Subsidiaries 

By ordinary resolutions, Golden Valley shareholders ratified and approved the
adoption by each of the Subsidiaries of a Shareholder Rights Plan and a Stock
Option Plan. It is proposed that the Stock Option Plans will be implemented,
subject to acceptance by the Exchange in conjunction with the listing on the
Exchange of the common shares of each of the Subsidiaries. 


Corporate Update 

Officer Appointments 

Golden Valley's Board has also reappointed the following individuals as officers
of Golden Valley: 


Glenn J. Mullan: Chairman of the Board, President, and Chief Executive Officer. 

Annie J. Karahissarian: Chief Financial Officer. 

Michael P. Rosatelli: Vice-President, Exploration. 

Luciana Zannella: Vice-President, Corporate and Legal Affairs, and Corporate
Secretary. 


Board Committees 

Golden Valley's Board has crystallized its standing board committees, which
include the Audit Committee (Blair F. Morton, the Hon. Dr. Arthur T. Porter and
Robert Smith/Chair), the Compensation and Corporate Governance Committee (Joseph
Groia/Chair, the Hon. Dr. Arthur T. Porter and Chad Williams), and the
Environmental Excellence in Exploration/Corporate Social Responsibility
("E3CSR") Committee (Glenn J. Mullan/Chair, the Hon. Dr. Arthur T. Porter and
Dr. Jens Zinke). With the exception of the E3/CSR Committee, all of the
committees are comprised of independent directors. 


Lead Director 

Given that the positions of the Chair of the Board and President/CEO are held by
the same individual, the Board has re-appointed Mr. Joseph Groia as lead
director.


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 majority property
interests in projects in Canada (Saskatchewan, Ontario and Quebec) and in the
Republic of Sierra Leone in West Africa through the Company's wholly owned
Canadian subsidiary, Calone Mining Ltd., the parent of Calone Mining Company
(S.L.) Ltd.


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 Golden Valley's 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 management's beliefs,
estimates or opinions, or other factors, should change.


THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES,
AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD
IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
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