Mr. Frank Basa reports

GRANADA GOLD MINE BEGINS THE EVALUATION OF LOCAL MILLS FOR CUSTOM PROCESSING OF GOLD ORE, ON-SITE PROCESSING OR ON-SITE PRE-CONCENTRATION

Granada Gold Mine Inc.'s internal study of gold processing mills within Quebec and Ontario indicates there currently is a shortage of ore for processing in the local gold mills. It is expected that this critical shortage is to persist and that some mills will operate at decreased processing rates. There are currently three mills that are shut down due to lack of ore. The company will reach out to all mill operators within Quebec and Ontario for a custom milling contract. The company will also look at building a mill or a preconcentrator on site.

Custom milling, on-site milling, preconcentrator highlights:

• Custom milling: The company has all permits in good standing to operate at 550 tonnes per day targeting two grams per tonne gold from an open pit.
• On-site milling: If overall custom milling charges equate the purchase of a mill and operating on- site costs, then an on-site mill will be installed.
• Preconcentration on site: Test work at Temiskaming Testing Labs in Cobalt, Ont., on the two 500-tonne bulk samples indicated that it is possible to produce a high-grade gravity concentrate from the native gold and lower-grade gold concentrate for direct shipping for final processing into gold bars to an off-site facility.

"Granada Gold Mine is committed to working with local mills and their pressing challenges. We stand ready to play our part in alleviating the growing shortfall. This opportunity not only benefits the industry and local economy, but also underscores our dedication to delivering value to all shareholders," stated Frank J Basa, president and chief executive officer of Granada Gold Mine.

Qualified person

The technical information in this news release has been reviewed and approved by Claude Duplessis, PEng, GoldMinds Geoservices Inc., who is 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 (m) out of 120,000 m complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.

The Granada Shear zone and the South Shear zone contain, based on historical detailed mapping as well as from current and historical drilling, up to 22 mineralized structures trending east-west over 5.5 kilometres. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were eight to 10 grams per tonne gold from two shafts down to 236 metres and 498 metres with open pit grades from 3.5 to five grams per tonne gold.

Mineral resource estimate

On Aug. 20, 2022, the company released an updated National Instrument 43-101 technical report supporting the resource estimate update for the Granada gold project reporting that the Granada deposit contains an updated mineral resource, at a base case cut-off grade of 0.55 gram per tonne Au for pit constrained mineral resources within a conceptual pit shell and at a base case cut-off grade of 2.5 grams per tonne for underground mineral resources within reasonably mineable volumes, of 543,000 ounces of gold (8.22 million tonnes at an average grade of 2.05 grams per tonne Au) in the measured and indicated category and 456,000 ounces of gold (3.01 million tonnes at an average grade of 4.71 grams per tonne Au) in the inferred category.

We seek Safe Harbor.