James Bay Quebec Gold Projects Exploration Update
Val-d'Or, Qu�bec - July 27, 2007 - Golden Valley Mines Ltd. (TSX-V symbol: GZZ) is pleased to report that geological, geochemical, and geophysical field crews have commenced field operations at the Cheechoo and Top Corner Prospects, each of which are situated in the James Bay area of Quebec.
Cheechoo Gold Prospect, James Bay, Qu�bec: Geophysical surveying (magnetic, electromagnetic and induced polarization) and geochemical sampling will be conducted on four detailed grids over the Sharks and Cheechoo B properties, to include the "Marchand" Showing (up to 11.96 g/t gold in rock grab sample results; see GZZ News Release dated May 30, 2007) and the "Garrioch" Showing (up to 0.39 g/t gold rock grab sample results) mineralized corridors. Follow-up prospecting, mapping and channel sampling in the areas are planned upon receipt of the results and interpretation thereof has been completed.
In addition, the Company expects to conduct follow-up prospecting, mapping, geochemical sampling, and in-fill geophysical surveying at the "Letang" Showing on the Cheechoo A property block where a rock sample assayed an impressive 209.24 g/t gold (Please see the Company's press release: January 29, 2007), and along with other areas on the property deemed as high priority target areas.
The 2007 Phase I Program will include the following ground follow-up components:
-
200 line kilometers of grid geophysical surveying (induced polarization (I.P.), magnetic and selective electromagnetic (HLEM) surveying , including detailed in-fill (50 meter line spacing) over showings;
-
Detailed grid and reconnaissance humus soil sampling,
-
Grid and detailed showing geological mapping;
-
Channel sampling of selective mineralized zones;
-
Follow-up prospecting of geophysical and geochemical results.
A 2007 Phase II, Diamond drill program is expected to commence in the 4th quarter contingent on identifying the number of individual targets. A minimum of 30 drill holes are currently planned.
The 2007 exploration budget for the joint venture properties is currently estimated at a minimum of $1,000,000.
The Cheechoo "A", "B", and "C" Prospect and the Sharks Prospect are under option from Sirios Resources (SOI:TSX/V) pursuant to which the Company, in each case, will earn an initial 60% interest by funding $1,000,000 in exploration over 4-years. Following initial vesting, the Company may then earn an additional 20% interest by completing a bankable feasibility study within 6 years of vesting. Should SOI then elect to allow the Company to provide the production financing, the Company would then acquire an additional 5% interest (aggregate 85% interest).
Top-Corner Gold Prospect, James Bay Qu�bec: Reconnaissance mapping and prospecting is planned over fifteen (15) 100%-owned property blocks (440 claims for 23,187 ha), based on encouraging lake sediment sample results obtained in 2005 and 2006. The objective of the exploration program is to define priority areas for detailed ground follow-up.
Golden Valley Mines now holds a 100%-interest, or is earning an interest pursuant to option joint venture agreements, in a total of 1,017 claims covering 53,377 ha (534- km2) in the James Bay (Opinaca) region. The Company is earning an interest in contiguous claim blocks on both the west and east sides of Les Mines d'Or OPINACA's (Goldcorp) �l�onore property, which hosts the Roberto Zone gold discoveries. For a map of the project area, please refer to www.goldenvalleymines.com/cheechoo.
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 July 25, 2007, the Company holds majority property interests in 126 projects consisting of 4,150 mining titles (230,962 hectares) in Saskatchewan, Ontario and Qu�bec.
Michael P. Rosatelli, P. Geo. is a "Qualified Person" as defined in National Instrument 43-101 and is responsible for the technical information presented in this news release.
Forward Looking Statement:
This press 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 press 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. Accordingly, readers should not place undue reliance on such forward-looking statements.
For additional information please contact:
Glenn J. Mullan |
Michael P. Rosatelli |
President and CEO |
Vice President - Exploration |
#800, boul. Ren�-L�vesque Ouest; Suite #1525 |
#2772 chemin Sullivan. |
Montreal, Qu�bec H3B 1X9 |
Sullivan (Val-d'Or), Qu�bec J9P 7B6 |
Toll Free: 877.879.1688, ext. 222 |
Toll Free: 866.219.4678, ext. 230 |
Email: mullan@goldenvalleymines.com |
Email: rosatelli@goldenvalleymines.com |
RENMARK FINANCIAL COMMUNICATIONS INC.
JASON ROY : JROY@RENMARKFINANCIAL.COM
DAN SYMONS : DSYMONS@RENMARKFINANCIAL.COM
TEL. : (514) 939-3989
FAX : (514) 939-3717
WWW.RENMARKFINANCIAL.COM