GBBFF - Granada Gold Mine Proceeds with Metallurgical and Environmental Studies for On-Site Milling at Granada

(TheNewswire)

Rouyn Noranda, Q.C. - TheNewswire- November 15, 2021 - Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D) (the “Company” or “Granada”) ispleased to announce that it has engaged SGS Canada for metallurgicaland environmental studies for on-site milling at its Granada projectnear Rouyn-Noranda, Que

The studies will be used for the planned application tomodify the Company’s existing Quebec Certificate of Authorization,which currently allows for the open-pit mining of 8,000 tonnes per dayat the property and the custom milling of 550 tonnes per day (200,000tonnes per year) at a local mill.

Granada President and CEO Frank J. Basa, P.Eng.,states: “Earlier this year the historical open-pit resource of 1gram/tonne at Granada was recalculated to 2 grams per tonne open pitand 4 grams per tonne underground. More recently, we completed 30,000meters of an in-fill drill program that includes the 100 and 200series drill holes, with the results indicating there is more gold inthe mineralized structures than defined by the historical 120,000meters of drilling. The combined potential impact of thesedevelopments is a positive change in the processing economics of theproject. We have therefore decided to begin the process for amendingthe existing permits to enable on-site milling at Granada.”

SGS Canada will be testing ore processing with theaddition of calcite with gravity and cyanidation of gravity tails, as well as processing the ore by gravity andflotation for production of gold sulfides concentrates.  The studiesare expected to begin in November 2021.

Since the Granada 43-101 mineral resource estimate waslast updated, the Company has completed 30,000 meters of a planned120,000-meter drill program. An update of the estimate to include thelatest drill results is planned for Q1 2022.

Location

The Granada Gold project is located in an establishedmining district 5 km south of Rouyn-Noranda adjacent to the prolificCadillac Break shear zone, which is hosted in Pontiac metasedimentaryrocks, granites, and younger syenite sills along the Granada shearzone (LONG Bars Zone). The project is located on the same side of theCadillac Fault as the Canadian Malartic mine property, which hashistorically produced 12.7 million Ounces of gold from 1935 to 2010with an additional 5 million ounces as of June 18, 2020 (CanadianMalartic Technical Report of March 25, 2021 & Le Citoyen June 19,2020).

Qualified person

The technical information in this news release has beenreviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., amember of the Québec Order of Engineers, and isa qualified person in accordance with the National Instrument43- 101 standards.

Mineral Resource Estimate

On March 15, 2021 the Company released an updated NI43-101 resource estimate for the Granada Gold project (Please seeJanuary 29, 2021 news release) with a combined total of 713,000 goldounces of measured, indicated, and inferred. This estimate contains351,000 gold ounces of combined measured, indicated, and inferred forthe open pit and 362,000 gold ounces of combined measured, indicated,and inferred for the underground. Please see Table 2 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. with aneffective date of December 15, 2020 and signature date of March 15,2021.

Table 2: Mineral Resource Estimate Showing Tonnes,Average Grade, and Gold Ounces

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 14.73 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.

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 1990’s, 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, upcoming work programs, geologicalinterpretations, receipt and security of mineral property titles,availability of funds, and others are forward-looking. Forward-lookingstatements are not guarantees of future performance and actual resultsmay vary materially from those statements. General business conditionsare factors that could cause actual results to vary materially fromforward-looking statements.

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