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Granada Gold Mine Inc V.GGM

Alternate Symbol(s):  GBBFF

Granada Gold Mine Inc. is a Canada-based junior natural resource company. The principal business of the Company is the acquisition, exploration and development of mineral property interests. The Company is engaged in developing and exploring its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, which is adjacent to the Cadillac Break. The Granada Gold Property is located five kilometers south of the mining community of Rouyn-Noranda, Quebec. The property includes the former Granada Gold underground mine. The Company owns about 14.73 square kilometers of land from a combination of mining leases and claims. The Granada deposit is a quartz-vein mesothermal gold deposit hosted by late Archean Timiskaming sedimentary rock and younger syenite porphyry dykes.


TSXV:GGM - Post by User

Bullboard Posts
Post by railwazeon May 06, 2014 2:47am
252 Views
Post# 22527507

Example of possible gold value contained per tonne of ore

Example of possible gold value contained per tonne of ore 1 ounce = 28.35 grams

$1435.35 Cdn. per ounce of gold............say use 1.02 g per tonne......0.0359oz. per tonne

= $59.52 Cdn. contained gold per tonne milled

Of course 100% recovery of all gold contained will not happen.

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VANCOUVERApril 10, 2014 /CNW/ - Gold Bullion Development Corp. (TSXV: GBB) (OTCPINK: GBBFF) (the "Company" or "Gold Bullion") announces that it has signed a Memorandum of Understanding ("MOU") with IAMGOLD Corporation ("IMG") dated April 8, 2014 with respect to IMG processing ore emanating from the Granada mine site at its Westwood Mill.  After appropriate due diligence, Management has determined IAMGOLD Corporation is the best-positioned local mill facility to process the mineralized material from Granada. In summary, its proximity provides the most cost effective and economic option for the Company due to the short hauling distance from the Granada mine site.

The subject-mineralized material is to be mined from the near surface drill indicated gold resource identified in the Extend LONG Bars Zone. At this stage of property development, the Company is targeting a total of 500,000 to 600,000 tonnes of mineralized material for processing over a three-year period. The transaction terms outlined in the MOU are non-binding on the parties and the MOU is expected to be superseded by a definitive milling agreement to be signed between the parties no later than June 30th, 2014.

Memorandum of Understanding

Under the proposed terms of the MOU, IMG anticipates milling between 500,000 to 600,000 tonnes of gold mineralized material for Gold Bullion or 150,000 to 200,000 tonnes on an annualized basis. Management has set out the initial terms of the milling agreement at three years with the subject-mineralized material to be milled in batches.  It is expected typical batch size will range from 35,000 to 50,000 tonnes with each batch of material to be processed consecutively as one complete batch.

Processing will take place on a schedule of one batch every three months.  Once each batch of ore has been processed, settlement to Gold Bullion is to be made in the form of recovered precious metals that will be deposited to Gold Bullion metal accounts at the refiners' offices.

The milling agreement will have an Evergreen clause that will renew the agreement automatically for an additional three years upon completion of this first agreement unless either party notifies the other in writing otherwise.  This written notice must be with 120 days advance notice prior to the end of this initial term. The milling agreement can also be terminated earlier for convenience or based on other changes in circumstances, again by either party. Detailed specifics of the milling agreement will be forthcoming when finalized by both parties.





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