GGM:CC - Granada Gold Grants Stock Options

(TheNewswire)

Rouyn Noranda, Q C - TheNewswire - February 14, 2023 - Granada Gold Mine Inc. (TSXV:GGM) (the “ Company ” or“ Granada ”) announces that it has grantedstock options to its directors and officers to purchase an aggregateof 600,000 common shares in the capital of the Company.  The stockoptions are exercisable for a term of three years at an exercise priceof $0.05 per share.  All stock options are granted in accordance withthe terms of the Company's Stock Option Plan and the policies of theTSX Venture Exchange and will be subject to a hold period of fourmonths and one day.

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. 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 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 and Chief Executive Officer

For further information, pleasecontact:

Frank J. Basa, P. Eng.,President and CEO at 1-819-797-4144 or Wayne Cheveldayoff, CorporateCommunications, at 416-710-2410 or 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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