Golden Valley Mines Corporate and Exploration Update

• Abitibi Royalties dividend payments & Canadian Malartic exploration update
• International Prospect Ventures update from Pilbara, Western Australia
• Val-d’Or Mining Corporation – Golden Valley’s ownership increases to 37.2%
• Sirios Resources report first inferred resource estimate at Cheechoo Prospect (1.6M oz inferred)

VAL-D’OR, Quebec, Dec. 20, 2019 (GLOBE NEWSWIRE) -- Golden Valley Mines Ltd. (“Golden Valley” or the “Company”) (TSX-V: GZZ) is pleased to provide an update on the Company’s activities, including updates on its related entities: Abitibi Royalties Inc. (RZZ-TSXV), International Prospect Ventures Ltd. (IZZ-TSXV) and Val-d’Or Mining Corporation (VZZ-TSXV),  and further updates on its option/joint ventures and net smelter royalties - including its royalty on the Cheechoo gold project.

A) Updates on Related Entities: 

1) Abitibi Royalties (RZZ-TSXV):  Golden Valley holds an approximate 44.8% interest (5,605,246 shares) in Abitibi Royalties Inc. (“Abitibi Royalties”).

Dividend Update: Abitibi Royalties declared its fourth quarter dividend (see Abitibi Royalties’ news release dated October 28, 2019).  The dividend paid is $0.03 per share of Abitibi Royalties paid quarterly, or $0.12 per share per annum.

Canadian Malartic Mine Update:  Exploration programs are ongoing to evaluate several deposits and prospective exploration areas to the east of the Canadian Malartic open pit where Abitibi Royalties holds royalties, covering and including portions of the Odyssey, East Malartic, Sladen, Sheehan, Jeffrey, Gouldie and Charlie zones. The permit allowing for the development of an underground ramp was received in December 2018.

Agnico Eagle and Yamana have announced a new discovery at the Canadian Malartic Mine named East Gouldie (see Abitibi Royalties news release September 10, 2019). Yamana states that East Gouldie, East Malartic and Sladen zones are converging at depth, increasing the level of confidence in the economic potential of the overall resources below 1,000 metres and the prospect for a large underground bulk tonnage opportunity. An initial resource estimate for East Malartic below 1,000 metres was contained in the Abitibi Royalties’ news release dated September 10, 2019.  Abitibi Royalties anticipates receiving an updated reserve and resource estimate for areas covered by its NSRs at the Canadian Malartic mine in late Q1 or early Q2-2020.