GGM - Update on Granada Gold Mine On-Site Sampling Plant

(TheNewswire)

Rouyn Noranda, Q.C. – TheNewswire - January 9, 2025 - GranadaGold Mine Inc. (TSXV: GGM) (OTC: GBBFF) (Frankfurt: B6D) (the"Company" or "Granada") is pleased to provide anupdate on the progress of an on-site sampling plant. The potentialinstallation of an on-site sampling plant is to further confirm thenear-surface open pit resource from the two 500-tonne bulk samplesrecently taken which correlates well with historic open pit miningresults of 3.5 to 5 grams per tonne gold. The current open pitresource of 2 grams per tonne (Please see July 6, 2022 newsrelease ) andwas calculated by cutting all the high-grade sample assays due tofifty percent of the gold being in native form which lends to highergold assays. The on-site sampling plant would further confirm the truegrade of the open pit resource.

Bulk Sampling PlantHighlights:

• Two products will be produced, a high-grade native goldgravity concentrate and a high-grade sulfide gold concentrate. Sandby-product would be sold as aggregate.

• No chemicals will be used in the sampling plant. Anywater usage will be closed-loop and recycled.

• Sampling plant daily average capacity would be rated at550 tonnes per day.

Contractor Operator:

The Company has reviewed local mining contractors andproject management companies for the mining and primary crushing.Final processing and gold bullion doré bar pours and gold sulfideconcentrate to be done by third parties.  The Company envisionsminimal capital expenditures for equipment and infrastructurerequirements.

Qualified person

The technical information in this news release was reviewed andapproved by Matthew Halliday, P.Geo., Director of Granada Gold MineInc., and member of the Ordre des Géologues du Québec, who is aQualified Person in accordance with National Instrument 43-101.

Mineral Resource Estimate

On August 22, 2022 the Company filed an updated NI43-101 technical report supporting the resource estimate update forthe Granada Gold project (Please see July 6, 2022 newsrelease ) reporting that the Granadadeposit contains an updated mineral resource, at a base case cut-offgrade of 0.55 g/t Au for pit constrained mineral resources within aconceptual pit shell and at a base case cut-off grade of 2.5 g/t forunderground mineral resources within reasonably mineablevolumes, of 543,000 ounces of gold (8,220,000 tonnes at an averagegrade of 2.05 g/t Au) in the Measured and Indicated category, and456,000 ounces of gold (3,010,000 tonnes at an average grade of 4.71g/t Au) in the Inferred category. Please see Table 1 below for fulldetails. Reportreference : Granada Gold ProjectMineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canadaauthored by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc, P.Geo., SGSCanada Inc. dated August 20th, 2022 and with an effective date of June23rd, 2022.

Table 1: 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 14.73square kilometers of land in a combination of mining leases andclaims. The Company is currently undergoing a large drill program with 20,000m out of 120,000m complete.The drills are currently paused to provide the technical team with thenecessary time to evaluate, assimilate existing data and wait forimproved market conditions.

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 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.

For further information, Contact:

Frank J. Basa, P.Eng. member of ProfessionalEngineers Ontario

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. The Company does notundertake to update any forward-looking information in this newsrelease or other communications unless required by law.

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