Results: Annual General Meeting of Shareholders and Corporate Update

VAL-D'OR, QUÉBEC-- May 17, 2012 - Abitibi Royalties Inc. (TSX VENTURE:RZZ)(hereinafter "Abitibi Royalties" or the "Company") announces the results of its Annual General Meeting of Shareholders (the "Meeting") held on May 16, 2012, in Montreal, Quebec. At the Meeting, shareholders approved all resolutions put before them by management, including the election of all director nominees, the appointment of the auditor, and the approval of the previously adopted stock option incentive plan, as required annually by the policies of the TSX Venture Exchange.

Results of the Meeting

Elections of Directors

The shareholders re-elected Messrs. Glenn J. Mullan, Andrew T. Pepper, Chad Williams, and Dr. C. Jens Zinke. Each shall service the Company as directors until the next annual general meeting of shareholders Messrs. Williams and Pepper are considered to be independent pursuant to applicable securities legislation.

Appointment of the Auditor

The shareholders re-appointed Raymond Chabot Grant Thornton LLP, Chartered Accountants as the Company's auditor for the ensuing year.

Annual Approval of the Abitibi Stock Option Incentive Plan

The shareholders voted in favour of the resolution pertaining to the annual approval of the Company's stock option incentive plan.

Corporate Update

Officer Appointment

Chief Executive Officer: Glenn J. Mullan
Chief Financial Officer and Corporate Secretary: Daniel Poisson

Board Committees

The Board of Directors has crystallized its standing board committees; they include the Audit Committee, the Corporate Governance and Compensation Committee, and the Technical Committee. With the exception of the Technical Committee, all of the Company's committees are comprised of a majority of independent directors.

About Abitibi Royalties Inc.: Abitibi Royalties Inc. holds title to interests in the Luc Bourdon and Bourdon West Prospects (also known as the McFaulds Lake Property) and a 30% carried interest to production in the Malartic CHL Property, plus a 2% net smelter royalty interest in one claim held by Osisko Mining Corporation, which was previously held by Golden Valley Mines Ltd. and vended to Osisko, and may acquire and generate other property and royalty interests.

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 believes 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 Golden Valley's management on the date the statements are made. Except as required by law, Golden Valley undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

CONTACT INFORMATION

Abitibi Royalties Inc.
Glenn J. Mullan
President
819-824-2808, x 1222
glenn.mullan@goldenvalleymines.com