GZZ Golden Valley Mines and Royalties Ltd

Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX
VENTURE:GZZ) is pleased to provide the following update on the Company's
on-going exploration programs:


Abitibi ("AGB") Grassroots Exploration Project - Quebec and Ontario:

Diamond drilling activities will resume early in the 1st quarter of 2013 on the
Company's 100%-owned gold prospects located in the Abitibi Greenstone Belt
("AGB") region. During the course of the last year, in response to market
conditions, the Company curtailed the majority of its field expenditures on its
self-funded exploration activities and instead directed activity primarily on
in-house project generation activities, property compilations and assessment
report filing.


Golden Valley Mine's exploration activities over the past several years have
been mainly focused on preliminary fieldwork conducted over the company's
100%-owned properties, with the objective of upgrading and advancing each
property to the group of "drill-ready" prospects' for the Company's AGB Project.


Preliminary fieldwork is expected to consist of conventional "boot and hammer"
prospecting and sampling and, where warranted, the establishment of mini grids
over priority target areas (i.e. surface showings and previously untested
airborne geophysical anomalies) to facilitate the completion of detailed ground
geophysical surveys. The Company's AGB grassroots exploration project is
principally directed towards identifying prospective targets for both precious
(Au-Ag, PGE) and base-metals (Cu-Zn, Ni-Cu & Co).


At this time, the Company has identified drill targets on twenty-one (21)
individual prospects, that in total include fifty-five (55) "higher priority
targets" for an aggregate amount of approximately 7,445 metres of proposed
diamond drilling including properties optioned to Golden Cariboo Resources Ltd.
and in respect of which Golden Valley Mines is the program operator (refer to
the Company's June 11, 2012 news release for details of the drill ready
properties). 


The 2013 exploration budget is presently allocated at approximately $875,000 and
is anticipated to consist primarily of diamond drilling with certain additional
drill target definition activities over newly acquired properties. The program
emphasis will be directed primarily at gold targets. Specific property
parameters, exploration program details and results will follow in subsequent
news releases.


Option/Joint Venture Funded Programs:

Golden Cariboo Resources Ltd. ("GCC-TSXV") - 12 Abitibi Greenstone Belt Property
Option - Quebec and Ontario:


Planning for the first year exploration program is underway with an initial work
commitment of $250,000 (refer to the Company's January 18, 2012 news release for
details). The property portfolio consists of a group of 12 properties located in
Quebec (9) and Ontario (3). See attached Abitibi Greenstone Belt map for
prospect locations.


The exploration program is expected to consist of modest detailed geophysical
surveying, prospecting and sampling as well as drill programs over high priority
gold properties. Once the programs have been finalized and approved by Golden
Cariboo, additional details will be provided. Golden Valley Mines is the project
operator.


Big North Graphite Corporation ("NRT") - Luciana Prospect Option - Abitibi
Greenstone Belt - Quebec:


A $100,000 first-phase exploration program has been approved and will commence
when field conditions permit in 2013. The program is anticipated to consist of
an airborne survey and follow-up program of prospecting and sampling with the
objective of defining target areas on the property for the establishment of
detailed mini-grids, geological mapping and ground geophysical surveys, with the
objective of defining drill targets. Golden Valley Mines is the project
operator.


The Luciana Prospect is prospective for both gold and REE (Rare Earth Element)
mineralization, as it straddles the Cameron Lake Deformation Zone, well known
for its spatial association with gold mineralization, and its proximity to the
Grevet Carbonatite Complex that is associated with REE mineralization as well as
known occurrences over the southern part of the property. Big North Graphite has
until May 30, 2013 to incur the first tranche of expenditures consisting of
$250,000 on the Luciana Prospect per the terms of the amended option agreement.


Sirios Resources Inc. ("SOI-TSXV") - Cheechoo Gold Project - James Bay, Quebec

Gold Valley Mines granted an option (the "SOI Option") to Sirios Resources Inc.
("Sirios") to acquire the Company's 60% interest in and to the Sharks and
Cheechoo prospects (the "S&C Properties") located in the James Bay area of
Northern Quebec and in which Sirios currently holds a 40% interest. For
additional details on the terms of the option agreement, please refer to the
Company's June 15, 2012 news release. 


As reported to date by project operator Sirios, a total of eight diamond drill
holes of NQ caliber have been completed for a total of 938 metres. Sirios
further reported that more than 600 core samples are currently being prepared to
be sent for assaying at the ALS Chemex laboratory in Val-d'Or. For additional
details on program results made to date by Sirios on the S&C Properties, please
refer to Sirios' continuous disclosure documents available for viewing by the
public through the internet at the SEDAR website (www.sedar.com) by accessing
Sirios' issuer profile or by visiting Sirios' website at www.sirios.com. 


Mr. Glenn J. Mullan, is the Qualified Person (as that term is defined in
National Instrument 43-101) who has reviewed this news release and is
responsible for the technical information reported herein.


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 property interests in
projects in Canada (Saskatchewan, Ontario and Quebec).


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.


A map is available at the following address:
http://media3.marketwire.com/docs/1224gzz.pdf


FOR FURTHER INFORMATION PLEASE CONTACT: 
Golden Valley Mines Ltd.
Glenn J. Mullan
Chairman, President, and CEO
Telephone: 819.824.2808 ext. 204
Email: glenn.mullan@goldenvalleymines.com

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