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    GOLDEN VALLEY MINES LIMITED 2002-07-02 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    GVM is pleased to announce the addition of the extensively
    mineralised Eastman project to its East Kimberley portfolio. The 227
    km 2 project consolidates GVM's regional presence in the East
    Kimberley and strengthens it's exposure to platinum group elements
    (PGE's), copper-zinc-lead-gold (VMS) and gold.

    The Eastman project, together with GVMs Laura River project, gives
    GVM strategic dominance of the highly prospective Koongie Park
    Formation. The Koongie Park Formation hosts significant
    platinum-bearing layered intrusions and is the principal host to the
    regions VMS deposits. The Koongie Park Formation also hosts the
    relatively recent "new generation" high-grade gold discoveries in the
    Nicholson's Find area immediately south of GVM's Laura River project.

    PLATINUM GROUP ELEMENTS (PGE'S)

    The project contains multiple occurrences of PGE+gold mineralisation
    with grades up to 7 g/t. Mineralisation is hosted by several
    chromitite seams; chromite-bearing ultramafic rocks; and PGE-bearing
    shears and veins containing abundant copper mineralisation. The
    hosting layered mafic-ultramafic intrusion has a strike length of
    6.5km. The western 3.5km of the intrusion is largely under cover and
    has not been drill tested despite small exposures of chromitite with
    rockchip sample grades up to 5.4 g/t PGE's. Previous drilling in the
    outcropping eastern portion of the intrusion is restricted to two
    localities, and is limited and inconclusive.

    COPPER-ZINC-LEAD-GOLD (VMS)

    The Eastman property includes two known significant VMS occurrences
    and several smaller occurrences. Significant drill intercepts by
    previous explorers dating back to the 1970's include 9.6m @ 2.7% Cu,
    1.5%Zn and 1.5g/t Au at the Landrigan Creek prospect, and 16.8m @
    1.42%Cu, 13.3m @ 2.1%Zn and 1.1%Pb at the Eastman Bore prospect.
    Drilling is limited at both Landrigan Creek and Eastman Bore with
    good potential for extensions and satellite deposits. Exploration
    will benefit from modern geophysical techniques not available when
    the area was explored previously. In addition, aeromagnetic data
    indicate that the VMS-hosting stratigraphy extends under cover
    through the western half of the property, where it is totally
    untested. The potential for further VMS deposits, which typically
    occur in clusters, is rated highly.

    GOLD

    There has been no modern gold exploration in the Eastman project
    despite discoveries of high-grade gold mineralisation hosted by the
    Koongie Park Formation in the Lamboo (Nicholson's Find) area. Old dry
    blowing heaps present within the project are regarded as encouraging.

    R Linnell
    CHAIRMAN


 
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