New Issue: Golden Valley Mines settles C$1.55 million stock sale

By Sheri Kasprzak

New York, Dec. 27 - Golden Valley Mines Ltd. has completed its previously announced non-brokered private placement for C$1,547,109.

The company sold 3,773,438 flow-through shares at C$0.41 each to investors in British Columbia, Quebec and Ontario, including officers and directors of the company. The investors included MineralFields Group, Societe en commandite CGE Resources and Northern Precious Metals 2006 LP.

Proceeds will be used for exploration and development on the company's James Bay, Abitibi and other properties in Ontario and Quebec.

Golden Valley is a Montreal-based mining company.

Issuer:	Golden Valley Mines Ltd.
Issue:	Flow-through shares
Amount:	C$1,547,109
Shares:	3,773,438
Price:	C$0.41
Warrants:	No
Investors:	MineralFields Group, Societe en commandite CGE Resources, Northern Precious Metals 2006 LP
Placement agent:	Non-brokered
Pricing date:	Dec. 8
Settlement date:	Dec. 27
Stock symbol:	TSX Venture: GZZ
Stock price:	C$0.38 at close Dec. 8
Stock price:	C$0.44 at close Dec. 27

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