Update on Granada Gold Mine Restauration Plan

(TheNewswire)

Rouyn Noranda, Q.C. – TheNewswire - January 13, 2025 -Granada Gold Mine Inc. (TSXV: GGM) (OTC: GBBFF) (Frankfurt: B6D) (the"Company" or "Granada") is pleased to report thatit has engaged the services of Goldminds Geoservices to complete therequired revision to its restauration plan at Granada Gold Mine. This revision is required every 5 years to account for changes inany activities on site that may affect the terrain as well as thecosts or modifications to proposed activities.

“This revision is a requirement to keep the permitsat Granada Gold Mine in good standing and the resourceshovel-ready,” commented Frank J Basa, President and Director ofGranada.” The Company is one of the few high-grade open pit golddeposits on the Cadillac Break in Quebec that is fully permitted as ashipper for custom milling in a region where a majority of theoperating mills within a 300-kilometer radius are critically short ofore, with many mills being shutdown. The ore shortage is expected toincrease as the current operating mills’ resources are dwindling andpermitting for a new mine start-up may take 3 to 5 years.”

Qualified person

The technical information in this news release was reviewed andapproved by Claude Duplessis, Ing., member of the Ordre des Géologuesdu Québec, who is a Qualified Person in accordance with NationalInstrument 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 ofmining leases and claims. The Company is currently undergoinga large drill program with 20,000m out of120,000m complete. The drills are currently paused to provide thetechnical team with the necessary time to evaluate, assimilateexisting data and wait for improved 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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