Golden Valley Mines typically tests initial grassroots targets while owning a 100% interest and then seeks partners to continue exploration funding. This allows the Company to continue its generative programs and systematic exploration efforts at other majority-owned grassroots projects. As of October 1, 2010, the Company holds majority property interests in 155 projects in Canada (Saskatchewan, Ontario and Québec) consisting of 3,900 mining titles (222,606 hectares) and 3 projects consisting of approximately 1,104 km² in the Republic of Sierra Leone in West Africa (through its subsidiary Calone Mining Company (S.L.) Limited). Golden Valley Mines has formed four subsidiaries to hold advanced projects and/or projects that are peripheral to its core business plan (grassroots exploration) and/or outside of its main area of operations (Abitibi Greenstone Belt) with the intention of making an application for the listing of their shares on the TSX Venture Exchange (the “Exchange”), namely (1) Abitibi Royalties Inc. (to hold carried interests including the Malartic CHL project, an option/joint venture project with Osisko Mining Corp.), (2) Nunavik Nickel Mines Ltd. (to hold advanced nickel-copper-PGE projects situated in the Nunavik Region of Québec), (3) Uranium Valley Mines Ltd. (to hold the Company’s vested interests in advanced uranium joint venture projects), and (4) Calone Mining Ltd. (to pursue grassroots exploration in the Republic of Sierra Leone, West Africa). At this time, the Company has yet to make a formal listing application to the Exchange and the completion of the foregoing proposed transactions is subject to, amongst other things, the approval of the Exchange, the Company’s shareholders, the Court of British Columbia, and all other applicable regulatory bodies.

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