Mr. Frank Basa reports

GRANADA GOLD MINE TO UPDATE HISTORIC PFS FOR BULK SAMPLE PROCESSING

Granada Gold Mine Inc. will update the historic PFS (prefeasibility study) of 2014 where proven, probable reserves and costs to process the bulk sample (rolling start) of Granada Gold Mine were identified.

Frank J. Basa, PEng, president and chief executive officer, commented: "Since 2014, the cost of custom processing and the price of gold have both increased about 30 per cent. Using the historical PFS as a good indication of the cost per ounce for this bulk sample, the potential profitability for mining this deposit is excellent."

Further quoted historical PFS highlights from 2014

In the context of re-engineering to increase robustness of the Granada project, Mineral resources have been remodelled with mineral zones having a minimum horizontal width of 7m down to elevation 237.5m in 2014 for the PFS. This resource model has been used for pit optimization and design for the "Rolling Start" project. This model starts from the surface and pit bottom to elevation 237.5 metres. Lower grade is now excluded from the mineral resource statement. No gold loss has occurred from the PEA resource model to the actual presentation. It is all a matter of the mineral cut-off grade used with the associated economic scenario. In order to address mining underground, mineralized zones have been remodelled with 3 to 4 meters horizontal width below elevation 237.5 metres.

Historical, not current, highlights of 2014 include a Measured and Indicated combined underground gold resource of 325,450 ounces of gold at an average grade of 5.10 g/t gold plus 25,700 ounces Inferred at a grade of 7.14 g/t gold. The combined underground measured resource is 107,600 ounces (763,500 tonnes grading 4.38 g/t), indicated resource is 217,600 ounces (1,221,000 tonnes grading 5.54 g/t), inferred resource is 25,700 ounces gold (112,000 tonnes grading 7.14 g/t Au) using a cut-off grade of 0.40 g/t. Gold price of 1400$Can/ Oz with constant exchange rate (CDN$:US$) of 0.90.

For additional details, the document is still on SEDAR as NI 43-101 Technical Report Prefeasibility Study (PFS) Phase 1 - Open Pit Granada Gold Project Rouyn- Noranda Quebec dated June 19th, 2014, by SGS, Roche, and GoldMinds for Gold Bullion Development Corp. Granada Gold Mine does not consider the 2014 PFS to be current as per NI 43-101 regulation. This being said, it is the basis for the fully permitted mining lease and environmental permits (Certificate of Authorization).

Cautionary statement: to give an appraisal of what to expect in the FPS update within the fully permitted pit shell of 2014, the company is presenting the historical numbers which are not current and should not be relied upon as these will be updated in 2023.

Qualified person

The technical information in this news release has been reviewed and approved by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., a member of the Quebec Order of Engineers, and is 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, and 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 currently undergoing a large drill program with 30,000 meters (2020-2021) out of 120,000 meters complete. The drills are currently paused to provide the technical team 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 meters and 498 meters with open pit grades from 3.5 to 5 grams per tonne gold.

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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