GGM:CC - Granada Gold Mine Submits Documentation to Renew Mining Development Lease BM813 for Potential Open Pit Mining

(TheNewswire)

Rouyn Noranda, Q.C. - TheNewswire- March 18, 2024 - GranadaGold Mine Inc. (TSXV: GGM) (OTC: GBBFF) (Frankfurt: B6D) (the“Company” or “Granada”) announces thatit has submitted the documentation with the completed required workprogram to the Directorate of Development and Control of MiningActivity, Ministry of Natural Resources and Forests, Quebec. The samerenewal application process was used recently to renew mining leaseBM852.

Mine Development LeasesHighlights:

• MiningLease BM813: Granada Gold Mine’s renewalapplication for this 21.12-hectare mining lease has been submitted andis awaiting approval.  Results from a 500-tonne surface bulk sample,taken in 2022 from BM813 from high-grade Vein 1 and processed atTemiskaming Testing Laboratory in Cobalt, Ontario, was reportedNovember 28, 2023 as grading 3.95 grams per tonne gold.

• Mining LeaseBM852: Granada Gold Mine applied and had the22.4-hectare mining lease renewed for 10 years. To keep the mininglease active, a 500-tonne surface bulk sample was taken in 2020.  Thesample was processed at Temiskaming Testing Laboratory in Cobalt,Ontario.  The material graded 4.33 grams per tonne gold.

Mr. Frank J. Basa, P.Eng., Member of the Order ofEngineers of Ontario, President and CEO of Granada Gold Mine Inc.,stated: "With the increase in the price of gold and the revisedhigher-grade open pit resource, Granada Gold Mine becomes viable for apotential production decision. With only twenty percent of the depositexplored, the potential exists for a significant increase in the goldresource by re-activating the initiated deep drilling program.”

All three surface bulk samples taken to-date alongstrike have returned grades well above the estimated Measured andIndicated Mineral Resource average grade of 2.05 g/t gold in theresource calculation (see resource table below and the May 10, 2022,and March 15, 2023 news releases regarding previous surface bulksample test results).

Historically, Vein 1 was mined from underground in the1930s at 9-10 grams per tonne gold, and then mined by open pit in1993-94 at 5.17 grams per tonne gold having mined 87,000 tonnes andagain in 1996 at 3.46 grams per tonne gold having mined 22,095tonnes.

At this stage of evaluating the surface mineralizationsample, the company is assessing the grade of the material without anyhigh-grade visible gold. It has been estimated, based on metallurgicaltesting, that close to 50 percent of the gold at Granada is in nativeform (43-101 Technical Report Updated Mineral Resource Estimate, March15, 2021).

Qualified person

The technical information in this news release has beenreviewed and approved by Claude Duplessis,P.Eng., GoldMinds Geoservices Inc., a member of the QuébecOrder of Engineers, and a qualified person in accordancewith 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 drillprogram with 30,000m out of 120,000m complete. The drills arecurrently paused to provide the technical team with the necessary timeto 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 0.55 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) The 1930-1935 production wasremoved from these numbers (164,816 tonnes at 9.7 g/t Au / 51,400ounces 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 werefollowed for 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 toreflect the relative accuracy of the estimate. Totals may not add dueto rounding

(8) Composites have been cappedwhere appropriate. The 2.5 m composites were capped at 21 g/t Au inthe thin rich veins and at 7 g/t Au in the low-grade volumes.

(9) Cut-off grades are based on agold price of US$1,700 per ounce, a foreign exchange rate of US$0.78for CA$1, a processing gold recovery of 93%.

(10) Pit constrained mineralresources are reported at a cut-off grade of 0.55 g/t Au within aconceptual pit shell

(11) Underground mineral resourcesare reported at a cut-off grade of 2.5 g/t Au within reasonablymineable volumes.

(12) A fixed specific gravity valueof 2.78 g/cm 3 wasused to estimate the tonnage from block model volumes

(13) There are no mineral reserveson the Property.

(14) The deepest resources reportedare at 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.

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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