GGM:CC - Granada Gold Mine Amends Warrants

(TheNewswire)

Rouyn Noranda, Québec - TheNewswire - December 1, 2023 - Granada Gold Mine Inc. (TSXV:GGM) (the “ Company ” or“ Granada ”) announces that is proposing toamend the terms of 2,727,273 share purchase warrant (“Warrants) byamending the exercise price from $0.15 per share to $0.06 per shareand extending the term of the warrants by one year so that theWarrants will now expire on December 21, 2024.

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 $0.075 or more. Allother terms of the Warrants remain the same.

The 2,272,723 Warrants were issued pursuant to anon-brokered private placement that closed on December 21, 2021whereby 5,454,546 Flow-through units wereissued.  Each unit consisted of one common share and one half of oneWarrant exercisable at $0.15 per share and expiring on December 21,2023 .

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 14.73square kilometers of land in a combination of mining leases andclaims. The Company is undergoing a large drill program with 30,000mout of 120,000m complete. The drills are currently paused to providethe technical team with 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 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, of 543,000 ounces of gold(8,220,000 tonnes at an average grade of 2.05 g/t Au) in the Measuredand Indicated category, and 456,000 ounces of gold (3,010,000 tonnesat an average grade of 4.71 g/t Au) in the Inferred category. Pleasesee 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) 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) Compositeshave been capped where appropriate. The 2.5 m composites were cappedat 21 g/t Au in the thin rich veins and at 7 g/t Au in the low-gradevolumes.

(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) There areno 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 87,311 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.

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-looking statements.Canada Silver Cobalt Works Inc. does not undertake, and assumes noobligation, to update or revise, any such forward-looking statementsor forward-looking information contained herein or in othercommunications to reflect new events or circumstances, except as maybe required by law.

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