GZZ Golden Valley Mines and Royalties Ltd

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


Golden Valley Mines Ltd. ("Golden Valley" or the "Company"), (TSX VENTURE:GZZ)
is pleased to provide the following update on the Company and option-joint
venture exploration programs and corporate activities.


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

Field exploration will resume in the 3rd quarter of 2014 on the Company's
100%-owned prospects located in the Abitibi Greenstone Belt region. During the
course of the 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.


Exploration work will be focussed on preliminary fieldwork consisting of
conventional "boot and hammer" prospecting and sampling over selective
geophysical anomalies identified in the 2013 exploration program, where a total
of four (4) grids were established (total of 81 line kilometres) and geophysical
surveys (ground magnetic: 81 line kilometres and induced polarization: 63.5 line
kilometres) completed on three (3) 100%-owned AGB properties (Arbade, Baden and
Victoria Creek #1, #2 & #3 prospects), in addition to the Recession Larder
Prospect (Integra Gold Corp AGB Joint Venture). The objective of this work is to
identify priority targets for detailed follow-up geological-structural mapping,
selective surface stripping, channel sampling, and if warranted, diamond
drilling.


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), with the current focus on gold mineralization within the
major mining camps of Kirkland Lake-Larder Lake, Matachewan and Val-d'Or.


Option and Joint Venture Properties:

Abitibi Greenstone Belt

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


Fieldwork for the first year exploration program is set to get underway as part
of the initial work commitment of $250,000 of the option agreement. The property
portfolio consists of a group of 12 properties located in Quebec and Ontario
(please refer to the Company's January 18, 2012 news release for details of the
agreement and property descriptions).


Phase I of the 2014 first-year field program is budgeted at $125,000 and will be
primarily focussed on preliminary fieldwork consisting of the establishment of
grids over priority target areas (prospective geological and ore deposit model
attributes and/or previously untested geophysical anomalies) to facilitate the
completion of detailed ground geophysical surveys. The objective of this work
will be directed to upgrading and advancing each of the properties to a
"drill-ready" status.


Properties in this exploration program:

North Contact Prospect (Golden Valley, 100%): This gold property is located
within the Val-d'Or Gold Camp, along the north contact of the Bourlamaque
Batholith. This granodiorite intrusive containing multiple gold-bearing quartz
vein systems has had a well-documented mining history that includes past
(Ferderber and Dumont gold mines) and present (Lac Herbin gold mine) gold
producers.


Venus New Prospect (Golden Valley, 100%): This gold property is located in the
Barraute area approximately 45 kilometres north of the Val-d'Or Gold Camp. The
volcaniclastic rocks of the property are affected by the northwest extension of
the Uniacke Deformation Corridor. The property hosts gold occurrences that are
associated with quartz veins and carbonate alteration within two parallel shear
zones. Previous drilling programs by Golden Valley in 2009 confirmed the
presence of quartz vein-hosted gold mineralization grading 0.767 g/t Au over
0.57 metres; 2.05 g/t Au over 0.49 metres and 15.85 g/t Au over 0.26 metres. 


Bogside Prospect (Golden Valley 70%, Integra 30%): This gold property overlies a
section of a regional drag fold that is part of the Cadillac-Larder Lake Break.
The currently producing Lapa-Cadillac Gold Mine of Agnico-Eagle Mines Limited is
situated within this tectonic zone and is located one kilometer to the north of
the Bogside Prospect.


Claw Lake Prospect (Golden Valley 70%, Integra 30%): This gold property is
located in the Shining Tree area. The property was acquired to cover the massive
and porphyritic quartz-diorite Claw Lake Stock, based on an ore deposit model
target of an Archean porphyry-style copper-gold+/-molybdenite mineralization.
The best known porphyry-hosted deposit of this type is associated with the Pearl
Lake Porphyry Stock near Timmins, Ontario, at the Hollinger-McIntyre deposit. To
date there have been twelve showings of gold, molybdenum, silver, copper or zinc
identified on the property (OGS GR249, 1986; OGS AFRO ID 2.1483; OGS AFRO ID
W9480-00072).


Cook Lake Prospect (Golden Valley 70%, Integra 30%): This gold property is
well-located within the historic Kirkland Lake Gold Camp as per historical
exploration results from 1929, where underground sampling of a quartz vein
within the Scott-Kirkland Number two shaft returned 6.46 opt Au over three feet
(OGS Document: To Shareholders of Scott-Kirkland Gold Mines, A. Reid, 1929). The
property also displays favourable host rock alteration assemblages that are
generally identified with possible copper-zinc-silver volcanogenic massive
sulphide environments.


James Bay, Mid-North Quebec

Sirios Resources Ltd. - Cheechoo and Sharks Gold Prospects Joint Venture

Pursuant to an amended and restated binding term sheet dated October 23, 2013,
Sirios has provided the Company with notice (the "Option Notice") of its intent
to acquire the remaining 55% interest in the Sharks and Cheechoo prospects (the
"S&C Properties"), located in the James Bay area of northern Quebec, from Golden
Valley Mines. In accordance with the agreement Sirios has issued 2,898,374
common shares to Golden Valley Mines (the "Payment Shares"). In addition, within
3 years of the Option Notice Sirios will have to: (i) further complete
approximately $4,000,000 in exploration expenditures; and (ii) pay $500,000 in
cash or in shares to the Company. The Company retains a royalty equal to 4% of
the net returns from all mineral products mined or removed from the S&C
Properties. Notwithstanding the foregoing, the royalty relevant to gold mineral
products mined or removed from the S&C Properties (the "Gold Portion") may vary
between 2.5% and 3.5% depending on the market price of gold at the time of the
payment of the Gold Portion.


Sirios is the operator and the exploration expenditures incurred on the S&C
Properties shall include an amount representing 10% of same in lieu of the
payment of operator's fees in cash by the Company. Sirios must keep the S&C
Properties in good standing during the Option period and for a period of at
least one year from the lapse or termination of the Option.


On November 5, 2013, Sirios advised the Company of its intent to terminate the
option on the Sharks Prospect; the Company now retains a 100% interest in the
property.


Sirios, as operator of the program on the Cheechoo Prospect, announced the
start-up of a diamond drilling campaign via a news release dated June 4, 2014
and subsequently the drill results from two drill holes dated June 9, 2014 (for
additional details with respect to the exploration and field work completed to
date or to be completed on the project, as well as for the details on the
expenditures made to date by Sirios on the property, 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).


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


Corporate

Golden Valley has issued 33,019 common shares at a deemed per share price of
$0.18 to SIDEX Limited Partnership in settlement of $5,983.56 of accrued
interest to June 20, 2014, in accordance with the terms of the unsecured
convertible debenture of the Company in the principal amount of $100,000, which
was issued to SIDEX by Golden Valley as announced by prior news release dated
December 20, 2013. The shares issued to SIDEX are subject to a hold period until
November 17, 2014, in accordance with applicable securities legislation.


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 multiple property
interests in gold, base-metal and energy mineral projects in Canada (Quebec,
Ontario and Saskatchewan).


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.


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 TO SELL OR A SOLICITATION OF AN OFFER TO SELL
ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES
HAVE NOT BEEN, AND WILL NOT BE, 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. 


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


Golden Valley Mines Ltd.
152, chemin de la Mine Ecole
Val-d'Or, Quebec J9P 7B6

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