Mr. Glenn Mullan reports

GOLDEN VALLEY MINES LTD.: UP TO 177 G/T AU OBTAINED IN DRILLING AT THE CHEECHOO GOLD PROJECT, OPINACA AREA, JAMES BAY, QUEBEC

Golden Valley Mines Ltd. has received from Sirios Resources Inc. results from the first two diamond drill holes undertaken last September on the Cheechoo gold property which are currently under option to Sirios. The information that follows has been prepared by partner and program operator Sirios Resources Inc. and has not been independently verified by Golden Valley.

"Three gold zones, with some of the richest parts reaching up to 177.5 grams per tonne Au, were intersected. These zones grading respectively 15.04 g/t Au over 12.35 metres; 15.61 g/t Au over 9.70 m and 2.03 g/t Au over 14.35 m were intersected by drill hole No. 20 drilled under drill hole No. 18 that previously intersected the first two zones with 7.24 g/t Au over 7.9 metres and 2.04 g/t Au over 8.8 metres respectively (refer to press release Dec. 8, 2014).

"The second drill hole (No. 21) has intersected 3.19 g/t Au over 4.30 metres included in an interval of 10 metres grading 1.55 g/t Au. Other gold zones with lower grades or with smaller lengths were also intersected as indicated in the attached table.

"Eleven diamond drill holes were completed in last September for a total of 1,962 metres. The complete results of all the other nine drill holes will be obtained shortly, reanalysis are still under way for some samples."

   MAIN ASSAY RESULTS OF DRILL HOLE NO. 20 AND 21
        
Drill                                   Au
hole     From       To     Int.         Au     (g/t)
 No.      (m)      (m)   (m)***       (g/t)    cut** 

15-20     9.00    31.20   22.20        0.46
         54.40    64.10    9.70       15.61     5.10
incl.    59.50    63.30    3.80       39.17    12.33
incl.    62.50    63.30    0.80   ms 177.50   *50.00
         83.15    97.50   14.35        2.03
incl.    95.70    97.50    1.80      *10.14
        107.50   119.85   12.35       15.04     5.73
incl.   118.35   119.85    1.50      118.37    41.70
incl.   118.35   119.35    1.00   ms 165.00   *50.00
and     119.35   119.85    0.50      *25.10
        126.00   127.00    1.00        3.77
        157.20   160.00    2.80        1.76
        217.00   218.05    1.05        1.34
        253.00   257.00    4.00        1.11
        269.00   270.00    1.33        1.00

15-21    66.00    76.00   10.00        1.55
incl.    71.70    76.00    4.30        3.19
incl.    71.70    72.00    0.30      *26.58
        102.90   125.00   22.10        0.46

** Maximum gold grade cut at 50 g/t
* Visible gold
*** Interval along the hole
                
ms: Gold grade obtained by fire assay with metallic sieve
                
            
        

"Assay quality control

"For holes No. 20 and No. 21 respectively, 271 and 118 samples, representing 279 and 126 metres of NQ drill core, were sawed in half, with one-half sent to a commercial laboratory for analysis and other half retained for future reference. A strict quality assurance/quality control program was followed by integrating blanks and certified reference materials to the drill core samples, all of which were prepared by IOS Services Geoscientifiques inc. of Chicoutimi, and assayed for gold by fire assay and atomic absorption finish (AA24) by the ALS Minerals laboratories in Val d'Or, Que. Samples grading more than three g/t were reassayed by fire assay with gravimetric finish. (GRA22)."

Dominique Doucet, PEng, president of Sirios, is the qualified person pursuant to National Instrument 43-101, who has prepared and reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed, the sampling, and the analytical and QA/QC data underlying the technical information.

Golden Valley currently owns a 55-per-cent interest in the Cheechoo gold project, with Sirios owning the remaining 45-per-cent interest. Under the terms of a revised joint venture agreement, Sirios may acquire Golden Valley's remaining 55-per-cent interest subject to the following general conditions:

• Sirios must spend $4.2-million in exploration expenditures prior to June 13, 2016 (of which $3.2-million has been indicated as spent as of Sept. 30, 2015, leaving approximately $1-million remaining);
• Sirios issued 9.9 per cent of its share capital to Golden Valley as of Dec. 31, 2013 (2,898,374 shares, currently representing approximately 4 per cent of Sirios);
• Sirios must make a payment to Golden Valley of $500,000 (cash or equivalent in SOI shares) prior to June 13, 2016 (notwithstanding the foregoing, Sirios shall have the obligation to pay in cash that portion of the $500,000 which would result in Golden Valley becoming an insider of Sirios).

As additional consideration for the grant of the option and in order for Sirios to acquire Golden Valley's remaining 55-per-cent interest in the Cheecho gold project, Sirios has granted to Golden Valley a royalty equal to 4 per cent of the net returns from all mineral products mined or removed from the Cheechoo gold project. Notwithstanding the foregoing, the royalty relevant to gold mineral products mined or removed from the Cheechoo gold prospect may be reduced as follows depending on the market price of gold at the time of the payment of the gold portion:

• If the price of gold is less than $3,000 per ounce and higher than $2,400 per ounce, a 3.5-per-cent royalty on the gold portion shall be payable to Golden Valley;
• If the price of gold is less than $2,400 per ounce and higher than $1,200 per ounce, a 3-per-cent royalty on the gold portion shall be payable to Golden Valley;
• If the price of gold is less than $1,200 per ounce, a 2.5-per-cent royalty on the gold portion shall be payable to Golden Valley.

We seek Safe Harbor.