GGM:CC - Corrected Version of March 2 2023 News Release: Granada Retracts Its Rubidium Resource

(TheNewswire)

TheNewswire - March 2, 2023 - Granada Gold MineInc. (TSXV:GGM) (the “ Company ” or “ Granada ”) announced today that ithas retracted its published inferred Rubidium resource for the GranadaGold Project, located near Rouyn-Noranda, Quebec.

Following a review by the British Columbia Securities Commission(BCSC), it was found that the published inferred Rubidium resourceestimate did not comply with National Instrument 43-101 ("NI43-101") standards, and therefore cannot be relied upon. Granadatakes its obligations to provide accurate and transparent disclosurevery seriously and regrets any confusion or inconvenience caused bythis retraction.

The following summarizes the reasons for the retraction:

• The estimation of resource was based on a single hole.

• The estimation of resource did not include all the requiredinformation and disclosures required by NI 43-101.

• The estimation of resource did not provide enough details about theassumptions and parameters used in the estimation.

• The estimation of resource was not supported by a sufficient amount ofgeological data to meet NI 43-101 standards.

Granada is committed to upholding the highest standards of disclosureand transparency and will work diligently to rectify this situation.The Company will ensure that all future estimates of mineral resourcesare based on sufficient geological data and comply with all NI 43-101requirements.

Granada's CEO, Frank J. Basa, B.Eng., P.Eng., commented, "Weapologize for any inconvenience this may have caused and we are takingimmediate steps to address the error. We remain committed to theresponsible development of the Granada Mine Gold Project and willcontinue to update our shareholders and stakeholders asappropriate."

About Granada Gold Mine Inc.

Granada Gold Mine Inc. continues to develop and exploreits 100% owned Granada Gold Property near Rouyn-Noranda, Quebec whichis adjacent to the prolific Cadillac Break. The Company owns 14.73 square kilometers of landin a combination of mining leases and claims. The company is currentlyundergoing a large drill program with 30,000m out of 120,000mcomplete. The drills are currently paused to provide the technicalteam with the necessary time to evaluate and assimilate existing data.

The Granada Shear Zone and the South Shear Zonecontain, based on historical detailed mapping as well as from currentand historical drilling, up to twenty-two mineralized structurestrending east-west over five and a half kilometers. Three of thesestructures were mined historically from four shafts and three openpits. Historical underground grades were 8 to 10 grams per tonne goldfrom two shafts down to 236 m and 498 m with open pit grades from 3.5to 5 grams per tonne gold.

Mineral Resource Estimate

On August 20, 2022 the Company released an updated NI43-101 technical report supporting the resource estimate update forthe Granada Gold project (Please see July 6, 2022 news release)reporting that the Granada deposit contains an updated mineralresource, at a base case cut-off grade of 0.55 g/t Au for pitconstrained mineral resources within a conceptual pit shell and at abase case cut-off grade of 2.5 g/t for underground mineral resourceswithin reasonably mineable volumes, 543,000 ounces of gold (8,220,000tonnes at an average grade of 2.05 g/t Au) in the Measured andIndicated category, and 456,000 ounces of gold (3,010,000 tonnes at anaverage grade of 4.71 g/t Au) in the Inferred category. Please see Table 1 below for full details. Report reference: GranadaGold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec,Canada authored by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc,P.Geo., SGS Canada Inc. dated August 20th, 2022 and with an effectivedate of June 23rd, 2022.

Table 1: Mineral Resource Estimate Showing Tonnes,Average Grade, and Gold Ounces

1. The 1930-1935 production was removedfrom these numbers (164,816 tonnes at 9.7 g/t Au / 51,400 ounces Au).

2. The Independent QP for thisresources statement is Yann Camus, P.Eng., SGS Canada Inc.

3. The effective date is June23 rd , 2022.

4. CIM (2014) definitions were followedfor Mineral Resources.

5. Mineral resources which are notmineral reserves do not have demonstrated economic viability. AnInferred Mineral Resource has a lower level of confidence than thatapplying to a Measured and Indicated Mineral Resource and must not beconverted to a Mineral Reserve. It is reasonably expected that themajority of Inferred Mineral Resources could be upgraded to IndicatedMineral Resources with continued exploration.

6. No economic evaluation of theresources has been produced.

7. All figures are rounded to reflectthe relative accuracy of the estimate. Totals may not add due torounding

8. Composites have been capped whereappropriate. The 2.5 m composites were capped at 21 g/t Au in the thinrich veins and at 7 g/t Au in the low-grade volumes.

9. Cut-off grades are based on a goldprice of US$1,700 per ounce, a foreign exchange rate of US$0.78 forCA$1, a processing gold recovery of 93%.

10. Pit constrained mineral resourcesare reported at a cut-off grade of 0.55 g/t Au within a conceptual pitshell

11. Underground mineral resources arereported at a cut-off grade of 2.5 g/t Au within reasonably mineablevolumes.

12. A fixed specific gravity value of2.78 g/cm was used toestimate the tonnage from block model volumes

13. There are no mineral reserves on theProperty.

14. The deepest resources reported areat a depth of 990 m.

15. SGS is not aware of any knownenvironmental, permitting, legal, title-related, taxation,socio-political, marketing or other relevant issues that couldmaterially affect the mineral resource estimate.

16. The results from the pitoptimization are used solely for the purpose of testing the“reasonable prospects for economic extraction” by an open pit anddo not represent an attempt to estimate mineral reserves. There are nomineral reserves on the Property. The results are used as a guide toassist in the preparation of a mineral resource statement and toselect an appropriate resource reporting cut-off grade.

The property includes the former Granada Gold underground mine whichproduced more than 50,000 ounces of gold at 10 grams per tonne gold inthe 1930’s from two shafts before a fire destroyed the surfacebuildings.  In the 1990s, Granada Resources extracted a bulk sample(Pit #1) of 87,311 tonnes grading 5.17 g/t Au.  They also extracted abulk sample (Pit # 2) of 22,095 tonnes grading 3.46 g/t Au.

“Frank J. Basa”

Frank J. Basa, P. Eng.

President & Chief ExecutiveOfficer

For further information, Contact:

Frank J. Basa, P.Eng.

President & Chief ExecutiveOfficer

P: 416-625-2342

Or:

Wayne Cheveldayoff,

Corporate Communications

P: 416-710-2410

E: waynecheveldayoff@gmail.com

Neither the TSX Venture Exchange norits Regulation Service Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements including but not limited to commentsregarding the timing and content of upcoming work programs, geologicalinterpretations, receipt of property titles, potential mineralrecovery processes, etc. Forward-looking statements address futureevents and conditions and therefore, involve inherentrisks and uncertainties.Actual results may differ materially from those currently anticipatedin such statements.

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