GGM:CC - Granada Amends Shares for Debt

(TheNewswire)

TheNewswire - May 26, 2023 - Granada Gold Mine (TSXV:GGM) (“ Granada Gold ” orthe “ Company ”) announces that further to its news release datedDecember 2, 2022, Granada has reached an agreement with a third partyto repay the debt in the amended amount of $286,482.67 through theissuance of 5,729,654 shares in the capital of the Company at a deemedprice of $0.05 per share.  The shares for debt transaction remainssubject to the acceptance from the TSX Venture Exchange.

All securities issued in connection with the shares fordebt transaction will be subject to a four?month and a day holdperiod in accordance with applicable Canadian Securities Laws.

About Granada Gold Mine Inc.

Granada Gold Mine Inc. continues to develop and exploreits 100%-owned Granada Gold Property near Rouyn-Noranda, Quebec, andis adjacent to the prolific Cadillac Break. The Company owns 14.73square kilometers of land in a combination of mining leases andclaims. The Company is currently undergoing a large drill program with 30,000 meters (2020-2021) out of120,000 meters complete. The drills are currently paused to providethe technical team the necessary time to evaluate and assimilateexisting 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 meters and 498 meters with open pit gradesfrom 3.5 to 5 grams per tonne gold.

Mineral Resource Estimate

The mineral resources of the PFS are inclusive of the2022 Mineral resource update. On August 20, 2022 the Company releasedan updated NI 43-101 technical report supporting the resource estimateupdate for the Granada Gold project (Please see July 6, 2022 newsrelease) reporting that the Granada deposit contains an updatedmineral resource, at a base case cut-off grade of 0.55 grams pertonne gold for pit constrained mineral resources within a conceptualpit shell and at a base case cut-off grade of 2.5 grams per tonne forunderground mineral resources within reasonably mineablevolumes, of 543,000 ounces of gold (8,220,000 tonnes at an averagegrade of 2.05 grams per tonne gold in the Measured and Indicatedcategory, and 456,000 ounces of gold (3,010,000 tonnes at an averagegrade of 4.71 grams per tonne) in the Inferred category. Please seeTable 1 below for full details. Report reference: GranadaGold Project Mineral Resource Estimate Update,Rouyn-Noranda, Quebec, Canada authored by Yann Camus, P.Eng. andMaxime Dupéré, B.Sc., P.Geo., SGS Canada Inc. dated August 20th,2022 and with an effective date of June 23rd, 2022.

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

(1) The1930-1935 production was removed from these numbers (164,816 tonnes at9.7 g/t Au / 51,400 ounces Au).

(2) TheIndependent QP for this resources statement is Yann Camus, P.Eng., SGSCanada Inc.

(3) Theeffective date is June 23 rd ,2022.

(4) CIM(2014) definitions were followed for Mineral Resources.

(5) Mineralresources which are not mineral reserves do not have demonstratedeconomic viability. An Inferred Mineral Resource has a lower level ofconfidence than that applying to a Measured and Indicated MineralResource and must not be converted to a Mineral Reserve. It isreasonably expected that the majority of Inferred Mineral Resourcescould be upgraded to Indicated Mineral Resources with continuedexploration.

(6) Noeconomic evaluation of the resources has been produced.

(7) Allfigures are rounded to reflect the relative accuracy of the estimate.Totals may not add due to rounding

(8) Composites have been capped where appropriate. The 2.5 m compositeswere capped at 21 g/t Au in the thin rich veins and at 7 g/t Au in thelow-grade volumes.

(9) Cut-offgrades are based on a gold price of US$1,700 per ounce, a foreignexchange rate of US$0.78 for CA$1, a processing gold recovery of93%.

(10) Pitconstrained mineral resources are reported at a cut-off grade of 0.55g/t Au within a conceptual pit shell

(11) Underground mineral resources are reported at a cut-off grade of 2.5g/t Au within reasonably mineable volumes.

(12) A fixedspecific gravity value of 2.78 g/cm 3 was used to estimate the tonnage fromblock model volumes

(13) Thereare no mineral reserves on the Property.

(14) Thedeepest resources reported are at a depth of 990 m.

(15) SGS isnot aware of any known environmental, permitting, legal,title-related, taxation, socio-political, marketing or other relevantissues that could materially affect the mineral resourceestimate.

(16) Theresults from the pit optimization are used solely for the purpose oftesting the “reasonable prospects for economic extraction” by anopen pit and do not represent an attempt to estimate mineral reserves.There are no mineral reserves on the Property. The results are used asa guide to assist in the preparation of a mineral resource statementand to select an appropriate resource reporting cut-off grade.

The property includes the former Granada Goldunderground mine which produced more than 50,000 ounces of gold at 10grams per tonne gold in the 1930’s from two shafts before a firedestroyed the surface buildings.  In the 1990s, Granada Resourcesextracted a bulk sample (Pit #1) of 87,311tonnes grading 5.17 g/t Au.  They also extracted a bulk sample (Pit #2) of 22,095 tonnes grading 3.46 g/t Au.

“Frank J. Basa”

Frank J. Basa, P. Eng.

Chief Executive Officer

For further information, Contact:

Frank J. Basa, P.Eng.

Chief Executive Officer

P: 416-625-2342

Or:

Wayne Cheveldayoff,

Corporate Communications

P: 416-710-2410

E: waynecheveldayoff@gmail.com

Neither the TSX Venture Exchange norits Regulation Services 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 which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-lookingstatements.

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