GGM:CC - GRANADA Amends Warrants

(TheNewswire)

September 16, 2022 – TheNewswire - GranadaGold Mine Inc. (TSXV:GGM) (the “Company” or“Granada”) announces that further to itsnews release dated August 29, 2022, it is amending the terms of9,053,800 share purchase warrants (“Warrants) by reducing theexercise price from $0.15 per share to $0.075 per share and extendingthe term of the warrants by two years so that the Warrants will expireon September 27, 2024.  The effective date of the Warrant amendmentwill take place after September 27, 2022.

In accordance with the policies of the TSX VentureExchange (“Exchange”), the terms of the Warrants will be furtheramended to include an accelerated expiry clause such that the exerciseperiod of the Warrants will be reduced to 30 days if, for any 10consecutive trading days during the unexpired term of the Warrants,the closing price of the Company’s shares is $0.095 or more. Allother terms of the Warrants remain the same.

The 9,053,800 Warrants were issued pursuant to anon-brokered private placement that closed on September 27, 2019whereby 9,253,800 units were issued.  Each unitconsisted of one common share and one Warrant exercisable at $0.15 pershare and expiring on September 27, 2022 .

The amendment is subject to the acceptance by theExchange and the consent of the holders of the Warrants.

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 0.55g/t Au for pit constrained mineral resources within a conceptual pitshell and at a base case cut-off grade of 2.5 g/t for undergroundmineral resources within reasonably mineable volumes, 543,000 ouncesof gold (8,220,000 tonnes at an average grade of 2.05 g/t Au) in theMeasured and Indicated category, and 456,000 ounces of gold (3,010,000tonnes at an average grade of 4.71 g/t Au) in the Inferredcategory. Please see Table 1 below for fulldetails. Report reference: Granada Gold Project Mineral ResourceEstimate Update, Rouyn-Noranda, Quebec, Canada authored by Yann Camus,P.Eng. and Maxime Dupéré, B.Sc, P.Geo., SGS Canada Inc. dated August20th, 2022 and with an effective date of June 23rd, 2022.

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

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

   2. The Independent QP for this resourcesstatement is Yann Camus, P.Eng., SGS Canada Inc.

   3. The effective date is June 23 rd , 2022.

   4. CIM (2014) definitions were followed forMineral Resources.

   5. Mineral resources which are not mineralreserves do not have demonstrated economic viability. An InferredMineral Resource has a lower level of confidence than that applying toa Measured and Indicated Mineral Resource and must not be converted toa Mineral Reserve. It is reasonably expected that the majority ofInferred Mineral Resources could be upgraded to Indicated MineralResources with continued exploration.

   6. No economic evaluation of the resourceshas been produced.

   7. All figures are rounded to reflect therelative accuracy of the estimate. Totals may not add due to rounding

   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 gold priceof US$1,700 per ounce, a foreign exchange rate of US$0.78 for CA$1, aprocessing gold recovery of 93%.

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

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

   12. A fixed specific gravity value of 2.78g/cm was used to estimate thetonnage from block model volumes

   13. There are no mineral reserves on theProperty.

   14. The deepest resources reported are at adepth 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 pit optimization areused solely for the purpose of testing the “reasonable prospects foreconomic extraction” by an open pit and do not represent an attemptto estimate mineral reserves. There are no mineral reserves on theProperty. The results are used as a guide to assist in the preparationof a mineral resource statement and to select an appropriate resourcereporting 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 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes grading3.46 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 inherent risks anduncertainties. Actual results may differ materially from thosecurrently anticipated in such statements.

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