ROUYN NORANDA, QC, April 27, 2018 /CNW/ - Granada Gold Mine
(TSX.V: GGM) ("Granada Gold" or the "Company") announces the results of the 2018 Annual General and Special Meeting of
Shareholders (the "Meeting") held on Friday April 27, 2018.
The following individuals were elected directors of the Company: Frank J. Basa,
Jacques F. Monette, Dianne Tookenay and Robert Setter. Shareholders also approved the re-appointment of McGovern, Hurley, Cunningham, Chartered
Accountants as auditors of the Company, the continuation of the Company's 10% rolling stock option plan and amendments to stock
options previously granted to insiders.
Following the Meeting, the Board of Directors re-reappointed the following as officers of the Company:
Frank J. Basa, Chairman, President and Chief Executive Officer;
Thomas P. Devlin, Chief Financial Officer; and
Tina Whyte, Corporate Secretary
Frank J. Basa, Jacques F. Monette and Robert Setter were appointed members of the Audit Committee for the ensuing year with Mr. Basa as
Chairman.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is developing the Granada Gold Property near Rouyn-Noranda, Quebec.
The property includes the former Granada gold mine which produced more than 50,000 ounces of
gold in the 1930s before a fire destroyed the surface buildings. The highly prolific Cadillac
Trend, which has been the source of more than 50 million ounces of gold produced in the past century on a line running
from Val-d'Or to Rouyn-Noranda, cuts through the north part of
the property.
An updated Mineral Resource Estimate and revised Block Model dated June 30, 2017, with effective
date of May 16, 2017, includes the first material estimate of high-grade gold resources discovered
in zones at depth immediately north of the LONG Bars Zone open-pit deposit.
An initial Inferred underground resource of 10,386,500 tonnes grading 4.56 g/t Au at a
cut-off grade of 1.5 g/t (1.5 million oz. Au) has been outlined along 600 metres of
strike, north of the original near-surface discovery at Granada. Open-pit-constrained resources
have 625,000 ounces Measured at 1.14 g/t Au and 182,700 ounces Indicated
at 1.26 g/t Au with a cut-off grade of 0.39 g/t Au (807,700 ounces M&I
at 1.16 g/t Au) representing a major increase in Block Model estimates for Granada vs. 2012 Block Model.
The Company has obtained all necessary permits for the initial mining phase, known as the "Rolling Start", for which stripping
has already begun, and has been conducting exploration drilling in order to expand the reported mineral resource for the
property. Additional information is available at www.granadagoldmine.com.
The Company has signed a provisional milling agreement with Canada Cobalt Works (TSX-V: CCW) to process an initial
600,000-to-2,000,000 tonnes of mineralized material at a grade of 4.5 g/t Au. Canada Cobalt Works has retained the engineering
firm Wood Group to undertake the necessary studies to obtain the required permits to install a 600-tonne-per-day mill at the
Castle mine site in Gowganda, Ontario.
As well, Granada Gold has selected Ausenco Limited to commence a feasibility study for the development of a producing mine
with a capacity of 80,000-to-100,000 ounces of gold per year at its 100-percent-owned Granada
property, located in Quebec in the town of Rouyn-Noranda.
"Frank J. Basa"
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain
forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.
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