Val-d’Or, Québec – January 6, 2020 – Golden Valley Mines Ltd. (“Golden Valley” or the “Company”) (TSX-V: GZZ) announces that the Shareholder Rights Plan Agreement dated January 12, 2010 (the “Rights Plan”) between the Company and the rights agent, Computershare Investor Services Inc. will expire on January 12, 2020.  The Rights Plan was adopted by Golden Valley’s shareholders at the annual meeting of shareholders held on June 30, 2010.  The Rights Plan was designed to address the concern that existing Canadian securities legislation at the time did not provide sufficient time for shareholders to properly consider and respond to a take over offer.  Management of the Company determined that renewing the Rights Plan was no longer necessary given recent amendments to the take-over bid provisions contained in Canadian securities legislation.

For additional information please contact:

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

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