Mr. Frank Basa reports

GRANADA GOLD MINE ADVANCES PLANS FOR ON-SITE MILL, BOLSTERING ECONOMICS AND GRADE CONTROL

Granada Gold Mine Inc. has provided a follow-up on the recent announcement regarding the development of a high-grade flow sheet. Granada Gold Mine is pleased to provide further details on its plans to establish a mill at the Granada property. After productive discussions with our preferred vendor, the company is moving forward with a comprehensive study to build a mill on site at Granada. This strategic decision reflects our belief that on-site processing offers the most favorable economics and provides enhanced grade control for the company.

Despite the 43-101 open pit resource being calculated at 2 grams per tonne, the results from two bulk samples of 500 tonnes each have both returned grades averaging 4 grams per tonne gold (Press Release Nov 28th 2023 and May 10th 2022). These findings are in line with historically mined open pit grades ranging from 3.5 to 5 grams per tonne gold, further validating the potential of the Granada property.

CEO Frank Basa expressed confidence in the robustness of the resource calculation, stating, "Our continued exploration and sampling efforts have consistently demonstrated the high-grade nature of the mineralization at Granada. These recent findings reinforce our belief in the economic viability of the project and our commitment to maximizing shareholder value."

Establishing an on-site mill aligns with Granada Gold Mine's strategic vision of optimizing operations and minimizing logistical challenges associated with off-site processing. By bringing processing capabilities closer to the source of mineralization, the company aims to streamline production and capitalize on operational efficiencies.

The upcoming study will evaluate various factors, including infrastructure requirements, environmental considerations, and economic feasibility, to inform the design and implementation of the on-site mill. Granada Gold Mine remains committed to transparent and responsible stewardship of its resources, adhering to industry best practices and regulatory standards throughout the development process.

Granada Gold Mine remains steadfast in its mission to deliver value to stakeholders while upholding the highest standards of environmental responsibility and community engagement. With these recent advancements, the company is poised to unlock new opportunities for growth and prosperity.

Qualified person

The technical information in this news release has been reviewed and approved by Claude Duplessis, P.Eng., 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 Inc. continues to develop and explore its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, which is adjacent to the prolific Cadillac Break. The Company owns 14.73 square kilometers of land in a combination of mining leases and claims. The Company is undergoing a large drill program with 30,000m out of 120,000m 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 twenty-two mineralized structures trending east-west over five and a half kilometers. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 3.5 to 5 grams per tonne gold.

Mineral Resource Estimate

On August 20, 2022 the Company released an updated NI 43-101 technical report supporting the resource estimate update for the Granada Gold project (Please see July 6, 2022 news release) reporting that the Granada deposit contains an updated mineral resource, at a base case cut-off grade of 0.55 g/t Au for pit constrained mineral resources within a conceptual pit shell and at a base case cut-off grade of 2.5 g/t for underground mineral resources within reasonably mineable volumes, of 543,000 ounces of gold (8,220,000 tonnes at an average grade of 2.05 g/t Au) in the Measured and Indicated category, and 456,000 ounces of gold (3,010,000 tonnes at an average grade of 4.71 g/t Au) in the Inferred category. Please see Table 1 below for full details. Report reference: Granada Gold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada authored by Yann Camus, P.Eng. and Maxime Dupere, B.Sc, P.Geo., SGS Canada Inc. dated August 20th, 2022 and with an effective date of June 23rd, 2022.

The property includes the former Granada Gold underground mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930's from two shafts before a fire destroyed the surface buildings. In the 1990s, Granada Resources extracted 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 grading 3.46 g/t Au.

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