VAL-D'OR, QUEBEC--(Marketwire - Sept. 11, 2008) - Golden Valley Mines Ltd. ("Golden Valley Mines" or the "Company") (TSX VENTURE:GZZ) is pleased to announce the signing of a definitive agreement among WSR Gold Inc., Noront Resources Ltd. ("Noront") and the Company, providing WSR and Noront the option to acquire, from Golden Valley, an aggregate 70% legal and beneficial interest (the "Option") in the Golden Valley property located in the lowlands region (McFauld's Lake Area) of James Bay, Ontario (the "Property").

In order for WSR to acquire its 35% interest in the Property, WSR will be required to make payments to Golden Valley totaling $175,000 (or $350,000 in the aggregate with the payments from Noront), to be satisfied by the payment by each of WSR and Noront of $25,000 in cash, and by the issuance of 340,909 common shares of WSR, and 56,174 common shares of Noront. 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 must be expended in the first year).

Upon WSR and Noront earning their collective 70% interest in the Property, WSR, Noront and Golden Valley shall enter into a joint venture agreement. The Joint Venture Agreement will require WSR and Noront to fund all project costs up to the start of commercial production from the Property. Following the commencement of commercial production, any cash flow after payment of operating expenses and third party financing costs will be distributed to Noront and WSR until such time as the aggregate of their project costs, including interest, up to the commencement of commercial production have been repaid, following which such cash flow shall be distributed to the parties on a pro rata basis.

The transaction remains subject to the approval of the TSX Venture Exchange and execution of the definitive option agreement.