Agoracom

WSR/NOT JV on 2 of 5 GZZ properties

- $350,000 Cash/Shares at Approval - $5,000,000 Work Commitment funded by WSR Gold and Noront - Golden Valley Mines carried to production (30%) VAL-D'OR, QUEBEC--(Marketwire - June 9, 2008) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) is pleased to provide an update on the Luc Bourdon Prospect, located in the McFauld's Lake "Ring of Fire" area in northern Ontario, Canada. The Company has come to terms with WSR Gold Inc. (TSX-V: symbol WSR) and Noront Resources Ltd. (TSX-V: symbol NOT) for an option/joint venture on two of Company's five (100% owned) properties in the area. Terms: Golden Valley Mines has granted an option to WSR Gold Inc. and Noront Resources Ltd. to acquire an aggregate 70% legal and beneficial interest (the "Option") in the Golden Valley Mines "Luc Bourdon Prospect" located in the James Bay lowland region, Ontario (the "Property"). Cash/Shares: In order to acquire its two 35% interests in the Property (70% total), WSR will be required to make cash/share payments to Golden Valley Mines totalling $175,000, or $350,000 in the aggregate with the payments from Noront, payable in cash and/or by the issuance of common shares of WSR and Noront, upon the later of the execution of a definitive option agreement, or the receipt of approval from the TSX Venture Exchange. The number of shares, if any, to be issued by WSR and Noront as consideration for the Option will be equal to the dollar amount of the total consideration that Golden Valley elects to receive in shares divided by the ten day volume weighted average price of such shares for the ten trading day period immediately preceding the date on which a press release is issued announcing a definitive option agreement amongst WSR, Noront and Golden Valley Mines. Exploration Commitment: In addition to these payments, WSR and Noront will also be required to incur aggregate exploration expenditures on the Property of at least $5,000,000 over a three year period (of which $1,000,000 is a firm commitment and must be expended in the first year). It is anticipated that budget allocation will permit diamond drilling to begin in the latter part of the fall, following completion of airborne geophysical surveys. The airborne surveys are planned to commence over the next few weeks. 30% Carried Interest: Upon WSR and Noront earning their collective 70% interest in the Property, WSR, Noront and Golden Valley shall enter into a joint venture agreement ("JVA"). The JVA will require WSR and Noront to fund all project costs up to the start of commercial production from the Property, leaving Golden Valley Mines with a 30% carried interest. Following the commencement of commercial production, any cash flow after payment of operating expenses and third party financing costs will be distributed to WSR and Noront until such time as the aggregate of their project capital costs (Capex), including interest, up to the commencement of commercial production have been repaid, following which such cash flow shall be distributed to the three parties (WSR Gold, Noront, Golden Valley Mines) on a pro rata basis. The transaction remains subject to the approval of the TSX Venture Exchange and execution of the definitive option agreement.