Crash Course in Hammer Valve Workings:
This is the image of a hammer valve that I, myself made. It's not exactly whats inside every Hammer Valve in the world but the basic principles are still the same.

The dark grey circle is a small ball bearing.
The dark 'zig-zag' shape behind that is a spring.
The light grey area is the Hammer Valve body.
The light blue line is the valve stem.
A Hammer Valve works in almost the same way as a check valve does. The air is fed from behind the small ball bearing (Air in) and pushes the ball bearing closed against a sealing face where the ball bearing meets the valve body on the right hand side of the ball bearing).
The spring behind the ball bearing pushes the ball bearing against the sealing face so that it can return to the seated position after being opened.
The valve stem is struck by a 'hammer' (hence the name Hammer Valve). It is not literally a hammer but a weight on the end of a spring, the spring that drives the hammer need not be that strong as not much force is needed to open the valve.
The hammer is cocked and released with the use of a trigger sear (much in the same way that your design work, imagine your yellow 'bolt' is the hammer'). The hammer strikes the valve stem, and due to the inertia of the impact, the valve stem pushes back the ball bearing and allows only a small amount of air out at once.
The air then rushes passed the ball bearing and out through the air outlet (Air out).
This is how many shots are possible through a single filling of the chamber.
Certain hammer valves are used in semi-auto configurations. This can be done by widening the opening in which the 'valve stem' resides. The air not only rushes through the air outlet, but down the space around the valve stem aswell and could recock the hammer if in an air tight environment. Although the valve may need to have a longer dwell time in order for enough air to force the hammer back onto the sear, this would reduce the number of shots per charge.
See this image for details http://www.zdspb.com/media/tech/animations/spyder.gif.
A hammer valve is only really possible with a high pressure air source. Modern PCP Airguns use pressures in excess of 3000psi to achieve relatively good results.