GGM:CC - Granada Gold Mine Announces 500 Tonne Surface Bulk Sample Returns a Grade of 3.95 Grams Per Tonne Gold

(TheNewswire)

Rouyn Noranda, QC - TheNewswire - November 28, 2023 - Granada GoldMine Inc. (TSXV:GGM) (OTC:GBBFF)(Frankfurt:B6D) (the “ Company ” or “ Granada ”) today announced that a500-tonne surface bulk sample, which is the third bulk sample from thehigh-grade Vein One at the Granada deposit, has returned an averagegrade of 3.95 grams per tonne (g/t) gold. All three surface bulksamples taken to-date along strike have returned grades well above theestimated Measured and Indicated Mineral Resource average grade of2.05 g/t gold in the resource calculation (see resource table belowand the May 10, 2022 and March 15, 2023 news releases regardingprevious bulk sample test results).

Bulk Sample Highlights:

• Processing of Bulk Sample: A 500-tonne surface bulk sample was blasted along with 800tonnes of low-grade material. The 500-tonne bulk sample was initiallyscreened with a 6.0-inch opening and the minus 6.0-inch material wasforwarded to Temiskaming Testing Laboratories (TTL) in Cobalt, Ontariofor further processing and assaying. The representative sample wasfurther crushed and ground for screening at 20-mesh. The minus 20-meshmaterial was sent to the sampling plant for a representative samplefor the assay lab. The remainder of the minus 20 mesh material waskept for further metallurgical testing at TTL. The screen size ofminus 20 mesh was chosen as a size class below which would eliminatenative gold from the sample for assaying. The company is attempting todetermine a base gold grade without any native gold.

• Gold Grade of Bulk Sample: The 500-tonne bulk sample returned an average grade of 3.95 grams pertonne gold.

• Metallurgical Testing to come: The minus 20-mesh material will be subjected to simple gravitytest work at TTL to see what gold grades are possible without usingany chemicals for processing.

Frank J. Basa, P.Eng., President and CEO of GranadaGold Mine Inc., conveyed his excitement about the results,highlighting, "These bulk sample findings underscore thepotential for significantly higher gold grades in our open-pit miningareas than initially estimated through drill core analysis. Ourstrategic positioning allows us to capitalize on these discoveries,propelling our exploration and development initiatives forward. Thereis a possibility that our current resource estimate is conservative,warranting further sampling, especially given historical operators'success in recovering 30 percent more gold in the mill thandrill-indicated."

Furthermore, Mr. Basa added, "We findencouragement in these results, and we eagerly await the next batch todetermine if they also surpass the gold grades observed in theblasters' drill cuttings."

Granada Gold Mine Inc. remains steadfast in advancingits exploration endeavours, utilizing insights derived from bulksampling to refine resource estimation and mine planning. The Companyis poised for continued success as it continues to unlock the vastpotential of its Granada Gold Mine property.

Qualified person

The technical information in this news release has beenreviewed and approved by Claude Duplessis, P.Eng., GoldMindsGeoservices Inc., a member of the Québec Order of Engineers, and i s a qualified person inaccordance with the National Instrument 43-101 standards.

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: Granada GoldProject 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) No economicevaluation of the resources has been produced.

(7) All figuresare rounded to reflect the relative accuracy of the estimate. Totalsmay 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) T here are no mineral reserves on theProperty.

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

(15) SGS is notaware of any known environmental, permitting, legal, title-related,taxation, socio-political, marketing or other relevant issues thatcould materially affect the mineral resource estimate.

(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-lookingstatements.

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