Golden Valley Mines: Exploring New Opportunities in Sierra Leone

1. Golden Valley Mines: Exploring New Opportunities in Sierra Leone Staking, drilling and discovering

2. Disclaimer Forward Looking Statements This document contains certain forward-looking information and statements (together “forward-looking statements”). In some cases, words such as “plans”, “expects”, or “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur, be achieved or continue, have been used to identify these forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the ability of Golden Valley Mines Ltd. (the “Company”) to control or predict and are not to be interpreted as guarantees for future performance. These forward-looking statements could cause actual events or results to differ materially from those anticipated in such forward-looking statements. All forward-looking statements, including those made verbally by Company representatives in the context of a presentation, speak only as of the date they are made and, except as required by law, the Company does not undertake any obligation to update or publicly release any revisions to such forward-looking statements to reflect events, circumstances, or changes in expectations after the date hereof, except as required by law. Accordingly, readers should not place undue reliance on such forward-looking statements. Risks and Uncertainties Mineral exploration and mining involve considerable financial and technical risk. Substantial expenditures are usually required to establish ore reserves, to evaluate metallurgical processes and to construct mining and processing facilities at a particular site. It is impossible to assure that the current exploration programs planned by the Company will result in profitable commercial mining operations. Unusual or unexpected geological formations, unstable ground conditions that could result in cave-ins or land slides, floods, power outages or fuel shortages, labour disruptions, fires, explosions, and the inability to obtain suitable or adequate machinery, equipment or labour are risks associated with the conduct of exploration programs and the operation of mines. At this point, the Company has no experience in the development and operation of mines and in the construction of facilities required to bring mines into production, and it has, to date relied, and may continue to rely, upon consultants for expertise with respect to the construction and operation of a mining facility. Future exploration and development activities on the Company’s properties will require additional financing. There is no assurance that additional funding will be available to the Company when needed or that, if available, the terms of such financing will be commercially reasonable. Failure to obtain such additional financing could result in delay or indefinite postponement of further exploration and development of the property interests of the Company with the possible dilution or loss of such interests. The effects of these factors cannot be accurately predicted, but any of these issues could impede development or render it uneconomic. The Company’s Sierra Leone operations operated through its subsidiary Calone Mining Company (S.L..) Limited are also subject to political, regulatory, foreign exchange and currency fluctuation risks.

3. GZZ Overview • Continuous exploration 12 months of the year for precious and base metals • Majority land ownership in over 153 properties, exposure to 3,839 claims and diversified commodities (Au, Cu-Zn, diamonds, Ni-Cu-PGE) • Projects in Sierra Leone, held through wholly owned subsidiary, Calone Mining Company (SL) Ltd. • JV partners are used to leverage larger projects by providing substantial funding • $4.4 million in cash & short term investments • Only exploration drilling leads to discoveries; GZZ is continuously drilling! Golden Valley « moose pasture »

4. Industry Position

5. Tectonics • Geology – highly prospective (Guyana Shield); West Africa; located in central part of Archean West African Craton • Approx. size of New Brunswick (Canada) • West African neighbours: • Guinea (north) • Liberia (south) • Population of Sierra Leone: 6,000,000 5 Source: http://www.agapemeridian.com/Pangaea_continents.png

6. Sierra Leone

7. Calone Mining Company (S.L.) Ltd. Calone Mining Company (S.L.) Ltd. (Golden Valley’s wholly owned subsidiary) Current Projects in Sierra Leone * • Project Areas consisting of: • Au-VMS (Sula Mountains) • Diamonds (Sewa and Bafi Rivers) • Au-VMS @ Nimini Hills • Uranium potential in broad area *On December 16, 2010, the Company announced that the Ministry of Mineral Resources of the Mines Division of Sierra Leone had cancelled 2 of the 5 licenses that it holds in Sierra Leone. The Company believes that all renewal fees have been duly paid and that all work performed to date has been executed in compliance with local mining regulations. The Company is currently working in conjunction with its team of advisors in Sierra Leone to clarify the situation with the local authorities so as to understand the reasons behind this decision.

8. Calone Mining Company (S.L.) Ltd. BoD Calone’s Board of Directors • Arthur T. Porter (Snr.), M.R.S.L., M.A., Ph.D., D.H.L., D. Litt.; • Retired SL academic, former Chairman of National Diamond Mining Company Ltd • Hon. Dr Arthur T Porter, PC MD; • Board member of Air Canada, Munder Funds, Member of Privy Council of Canada; DG/CEO McGill University Health Centre; Chairman of Calone • Vincent Kanu, GOOR; • Chairman, National Petroleum; former Italian Counsul in Sierra Leone; Director of Access Bank • J. David Allen,MA MBA; • Managing Director of Calone Mining Company SL Ltd.; international business and trade development for GM, sourcing raw materials • Glenn J. Mullan P. Geo. (B.Sc.); • Geologist/prospector, founder of GZZ and Chairman Emeritus of Canadian Royalties

9. Sierra Leone Properties Au-Cu-Zn-Ag Targets Diamond Targets 9 9

10. Sierra Leone Geology • Abundance of mineral opportunities including iron ore, bauxite, rutile, gold, base metals, and diamonds • GZZ now working in three project areas* • Initial focus are PreCambrian greenstone belts and diamonds areas in Kono district* *On December 16, 2010, the Company announced that the Ministry of Mineral Resources of the Mines Division of Sierra Leone had cancelled 2 of the 5 licenses that it holds in Sierra Leone. The Company believes that all renewal fees have been duly paid and that all work performed to date has been executed in compliance with local mining regulations. The Company is currently working in conjunction with its team of advisors in Sierra Leone to clarify the situation with the local authorities so as to understand the reasons behind this decision. 10 10

11. Sula Mountains (gold) High grade gold, en echelon quartz veins mapped by Sierra Leone Geological Survey (within Calone’s APL’s) On December 16, 2010, the Company announced that the Ministry of Mineral Resources of the Mines Division of Sierra Leone had cancelled 2 of the 5 licenses that it holds in Sierra Leone. The Company believes that all renewal fees have been duly paid and that all work performed to date has been executed in compliance with local mining regulations. The Company is currently working in conjunction with its team of advisors in Sierra Leone to clarify the situation with the local authorities so as to understand the reasons behind this decision. 11 11

12. Sewa / Bafi River Area (diamonds) Bafi River – Kona Area On December 16, 2010, the Company announced that the Ministry of Mineral Resources of the Mines Division of Sierra Leone had cancelled 2 of the 5 licenses that it holds in Sierra Leone. The Company believes that all renewal fees have been duly paid and that all work performed to date has been executed in compliance with local mining regulations. The Company is currently working in conjunction with its team of advisors in Sierra Leone to clarify the situation with the local authorities so as to understand the reasons behind this decision. 12 12

13. Sierra Leone 13 13

14. Corporate Social Responsibility (CSR) • GZZ/Calone have a Corporate Social Responsibility (“CSR”) policy in place and applies it to all Management, employees and contractors • Actively working with the communities/Chiefdoms in Sierra Leone; early engagement to identify local priorities • Committed to improving the social and living conditions in our work areas: health, education, employment, safety • Governance, ethical business practices, engage host communities, sustainable development principals

15. Local Cheifdoms Boundary Central Boundary East 15 15

16. Management & Consultants Management Glenn Mullan – Chairman, President/CEO Annie Karahissarian – CFO Michael Rosatelli – VP Exploration Luciana Zannella – VP Corporate and Legal Affairs; Corporate Secretary GZZ Board of Directors George Cross (retired writer/journalist) Joe Groia (Lawyer, BA, JD) Blair Morton (Former Chairman & President, Ross Finlay 2000 Inc.) Glenn Mullan (Geologist, B.Sc.) The Hon. Arthur Porter (Medical Physician) Robert Smith (Businessman, B.Sc., MBA) Dr. Jens Zinke (Geophysicist ,BA, B.Sc., MS, PhD) Key Consultants Auditors: Raymond Chabot Grant Thornton Bankers; Royal Bank of Canada Transfer Agent: Computershare Investor Services Legal Counsel (External): Getz Prince Wells & Lavery de Billy Sierra Leone: Mr. Mohamed B Mansaray Berthan MacCaulay jnr – Local Counsel

17. Future Plans and Objectives • Continue JV partner-funded programs aggressively. • Seek new transactions to develop GZZ properties. • Ducros Prospects (nickel-copper-PGE’s) • Shoot Out Prospects (nickel-copper-PGE’s) • Marymac Prospect (nickel-copper-PGE’s) • Otish & Beartooth Prospects (uranium) • Calone Mining Company (S.L.) Ltd holdings in Sierra Leone • Evaluate & Exploit new opportunities. • Continue to generate new precious & base metal & uranium projects. Otish Basin Uranium prospect, North-Central Québec Sierra Leone

18. Market Data Cash ~$4.4 million Price $0.55 52 Week Range $0.22 - $0.57 MarketCapitalization $39.3million SharesOutstanding 71.6million OptionsOutstanding 6.1million WarrantsOutstanding 3.3million AverageDailyVolume 168,003 InsiderOwnership 7% Source: stockhouse.com As at February 25, 2011

19. Why GZZ? • John Kaiser • “… Perpetual Lottery Ticket …” • Refers to our ongoing Abitibi Exploration Program designed to continuously drill-test promising targets • Lawrence Roulston • “… extraordinary property portfolio … with huge upside potential …” • “… more opportunities for exploration success than any other company …” • Refers to the quality and number of exploration properties in our portfolio (in excess of 140 including a large variety of commodities) Safe Harbour Statement – “All statements other than those of historical fact that are within this presentation or made by the company representatives are "forward-looking statements" that may involve a number of unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.”

20. For more information contact: Glenn J Mullan Val-d’Or Office 2864, Chemin Sullivan Val-d’Or, Québec J9P 0B9 (819) 824-2808 Staking, drilling and discovering