GGM:CC - Granada Gold Reprices and Extends Warrants

(TheNewswire)

Coquitlam, BC - TheNewswire - August 9, 2023 - Granada Gold Mine Inc. (TSXV:GGM) (the " Company " or" Granada Gold ") announces that it intends toreprice an aggregate of 9,135,093 outstanding common share purchasewarrants (“Warrants”) issued by way of private placements thatclosed on September 4, 2020 and September 27, 2021.

3,959,521 of the common share purchase warrants(“Warrants”) were issued in two tranches pursuant to a privateplacement that closed on September 4, 2020. The Warrants have anexercise price of $0.28 and two expiry dates one being August 27, 2023and one being September 4, 2023. The Company will amend the Warrantexercise price to $0.05 per share and extend the Warrant expiry dateto August 27, 2025 and September 4, 2025.

5,178,572 of the common share purchase warrants(“Warrants”) were issued pursuant to a private placement thatclosed on September 27, 2021. 3,928,572 of the Warrants have anexercise price of $0.20 and an expiry date of September 27, 2023 and1,250,000 Warrants have an exercise price of $0.15 and an expiry dateof September 27, 2024. The Company will amend both Warrant exerciseprices to $0.05 per share and extend both Warrant expiry dates toSeptember 27, 2025.

The Warrants, as amended, will be subject to anaccelerated expiry provision such that if for any ten consecutivetrading days (the “Premium Trading Days”) during the unexpiredterm of the Warrants, the closing price of the Company’s shares onthe TSX Venture Exchange exceeds $0.0625, representing the amendedWarrant exercise price of $0.05 plus 25%, the exercise period of theWarrants will be reduced to 30 days, starting seven days after thelast Premium Trading Day. The Company will announce any suchaccelerated expiry date by press release. All other terms of theWarrants remain unchanged.

The amendments described above are subject to approvalby the holders of the Warrants and by the TSX Venture Exchange.

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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