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VZZ.V ·

OR TO U.S. NEWS AGENCIES 1 GOLDEN VALLEY MINES LTD. 152, chemin de la Mine École

Corporate Updates

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES

OR TO U.S. NEWS AGENCIES

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GOLDEN VALLEY MINES

LTD.

152, chemin de la Mine École

Val-d’Or, Québec J9P 7B6

819.824.2808 (main)

819.824.3379 (fax)

[email protected]

Nunavik Nickel Mines Ltd.

2864 chemin Sullivan

Val-d’Or, Québec J9P 0B9

819.824.2808 (main)

819.824.3379 (fax)

[email protected]

Golden Valley Mines and Nunavik Nickel Mines Receive

Final TSX Venture Exchange Acceptance of Option Agreement

Val-d’Or, Québec – July 17, 2017 – Golden Valley Mines Ltd. (“Golden Valley”) (TSX -

V:GZZ) and Nunavik Nickel Mines Ltd. (“ Nunavik Nickel ”) (TSX-V:KZZ) are pleased to

announce that the TSX Venture Exchange has issued its final acceptance of the Mining Option

Agreement (the “Option Agreement”) made as of April 18, 2017, pursuant to which Golden

Valley has granted to Nunavik Nickel an option to acquire a 100% interest in 61 of its grassroots

properties, detail of which was previously announced by news release dated April 18, 2017.

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: +1.819.824.2808 ext. 204

Email: [email protected]

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

Nunavik Nickel 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

Nunavik Nickel undertake no obligation to update these forward- looking statements in the eve nt that respective

management’s beliefs, estimates or opinions, or other factors, should change.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of th e TSX

Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release .

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES

OR TO U.S. NEWS AGENCIES

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THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR

DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND

DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY

OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE

NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF

1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOL D

IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.