Golden Valley Mines Announces Annual Meeting Results

Val-d'Or, Quebec--(Newsfile Corp. - June 29, 2020) - Golden Valley Mines Ltd. (TSXV: GZZ) ("Golden Valley" or the "Corporation") announces the results of its annual meeting of shareholders held in Val-d'Or, Québec, and by telephone conference on June 26, 2020.

At the meeting, shareholders elected four incumbent directors, being Joseph Groia, Jimmy S.H. Lee, William D. McCartney and Glenn J. Mullan, and reappointed MNP LLP as Golden Valley's auditor for the ensuing year.

Following the shareholder meeting, the Board reconstituted its Audit Committee, the Compensation Committee and the Corporate Governance Committee. The Board also reappointed officers for the ensuing year as follows:

The Corporation's Board has granted incentive stock options to its directors, officers, employees and consultants entitling the purchase of an aggregate 250,000 common shares at a per share price of $0.68 for a period of 5 years.

About Golden Valley Mines Ltd.: Golden Valley Mines is focused on project generation and continues to evaluate opportunities to enhance its mining exploration property portfolio. The Company is able to grow its current assets by way of partner-funded option/joint ventures and through its shareholdings in related entities.

For additional information please contact:

Glenn J. Mullan
Chairman, President, and CEO
Golden Valley Mines Ltd.
152, chemin de la Mine École
Val-d'Or, Québec J9P 7B6
Telephone: 819.824.2808 ext. 204
Email: glenn.mullan@goldenvalleymines.com

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 Corporation 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 Corporation's management on the date the statements are made. Except as required by law, the Corporation undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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