Golden Valley Mines and Uranium Valley Mines Announce Termination of Option Agreement and Concurrent Non-Brokered Private Placement

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

Val-d’Or, Québec – Golden Valley Mines Ltd. (“Golden Valley”)(TSX-V:GZZ) and Uranium Valley Mines Ltd. (“Uranium Valley”) (TSX-V:VZZ.H) regret to announce that they have terminated the Mining Option Agreement as more particularly described in the joint news release of December 14, 2016.

In addition, Uranium Valley is not closing the concurrent non-brokered private placement for gross proceeds of $718,000.

The option agreement and concurrent financing were terminated as Uranium Valley was not able to obtain minority shareholder approval as required by Multilateral Instrument 61-101 and TSX Venture Exchange policies and which was a condition to completion of the transactions.

Uranium Valley will continue exploration on its Porcupine Miracle Prospect near Timmins, Ontario and will also look at other mining exploration opportunities to maximize shareholder value.

Golden Valley is currently looking at other potential transactions regarding its grassroots properties and will continue to work with its financial advisor, Maxit Capital to consider strategic alternatives.

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 Golden Valley and Uranium Valley believe 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 management on the date the statements are made. Except as required by law, Golden Valley and Uranium Valley undertake no obligation to update these forward-looking statements in the event that respective 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.

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
glenn.mullan@goldenvalleymines.com