Granada Gold Mine Inc.
Frank Basa, P. Eng., President & CEO

The Granada Gold deposit along the Cadillac Break in northwestern Quebec has recently revised its resource estimate to improve the grades of the deposit and the economics of mining it. The new resource estimate of 700,000 oz Au (M+I+I) has an average grade of 2 g/t open pit and 4 g/t underground. In addition, the company has permits to begin open-pit mining (to ship to a local mill). GGM's current focus is on: (1) drilling the high-grade areas in, below and near the pit in order to increase the resource estimate. The company is currently part-way through a 120,000m drill program which it expects could potentially increase the total resource to 2.5-3.0 million oz Au (mostly underground). GGM is also continuing with bulk sampling to demonstrate that the actual milling grade potentially would be higher than the resource estimates show due to the native gold in the deposit not being fully reflected in the drill core assays which are the basis of the resource estimate. Historical engineering work towards establishing a mill on the property have indicated potential production of 80,000 to 100,000 oz Au/yr at Granada. Recent drill results: 11.45 g/t Au over 33m at surface. Past surface bulk sampling: 5.17 g/t Au. Past underground mining averaged 9.7 g/t Au. There is a lot of potential at Granada to expand resources: (1) drilling has defined underground targets with potential to add 1-2 million oz underneath the pit and to the north; and (2) additionally, only 20% of east-west 5.5 km strike length has been explored so far. Also, recent pre-concentration testing has shown gravity concentration of low-grade Granada material can successfully be upgraded to mining grades.

TSX-V: GGM

https://www.granadagoldmine.com/

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