Mr. Frank Basa reports

GRANADA GOLD MINE SUBMITS DOCUMENTATION TO RENEW MINING DEVELOPMENT LEASE BM813 FOR POTENTIAL OPEN PIT MINING

Granada Gold Mine Inc. has submitted the documentation with the completed required work program to the Directorate of Development and Control of Mining Activity, Ministry of Natural Resources and Forests, Quebec. The same renewal application process was used recently to renew mining lease BM852.

Mine development leases highlights:

• Mining lease BM813: Granada Gold Mine's renewal application for this 21.12-hectare mining lease has been submitted and is awaiting approval. Results from a 500-tonne surface bulk sample, taken in 2022 from BM813 from high-grade Vein 1 and processed at Temiskaming Testing Laboratory in Cobalt, Ont., were reported Nov. 28, 2023, as grading 3.95 grams per tonne gold.
• Mining lease BM852: Granada Gold Mine applied and had the 22.4-hectare mining lease renewed for 10 years. To keep the mining lease active, a 500-tonne surface bulk sample was taken in 2020. The sample was processed at Temiskaming Testing Laboratory in Cobalt, Ont. The material graded 4.33 grams per tonne gold.

Frank J. Basa, PEng, member of the Order of Engineers of Ontario, president and chief executive officer of Granada Gold Mine, stated: "With the increase in the price of gold and the revised higher-grade open-pit resource, Granada Gold Mine becomes viable for a potential production decision. With only 20 per cent of the deposit explored, the potential exists for a significant increase in the gold resource by reactivating the initiated deep drilling program."

All three surface bulk samples taken to date along strike have returned grades well above the estimated measured and indicated mineral resource average grade of 2.05 g/t gold in the resource calculation (see the May 10, 2022, and March 15, 2023, news releases regarding previous surface bulk sample test results).

Historically, Vein 1 was mined from underground in the 1930s at nine to 10 grams per tonne gold, and then mined by open pit in 1993 to 94 at 5.17 grams per tonne gold having mined 87,000 tonnes and again in 1996 at 3.46 grams per tonne gold having mined 22,095 tonnes.

At this stage of evaluating the surface mineralization sample, the company is assessing the grade of the material without any high-grade visible gold. It has been estimated, based on metallurgical testing, that close to 50 per cent of the gold at Granada is in native form (National Instrument 43-101 technical report updated mineral resource estimate, March 15, 2021).

Qualified person

The technical information in this news release has been reviewed and approved by Claude Duplessis, PEng, GoldMinds Geoservices Inc., a member of the Quebec Order of Engineers and a qualified person in accordance with the National Instrument 43-101 standards.

About Granada Gold Mine Inc.

Granada Gold Mine continues to develop and explore its 100-per-cent-owned Granada gold property near Rouyn-Noranda, Que., which is adjacent to the prolific Cadillac break. The company owns 14.73 square kilometres of land in a combination of mining leases and claims. The company is undergoing a large drill program with 30,000 metres out of 120,000 metres complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.

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