ROUYN NORANDA, QC, Sept. 27, 2019 /CNW/ - Granada Gold Mine
Inc. (TSXV: GGM) (the "Company" or "Granada") is pleased to
announce that further to its news release of September 11, 2019, the Company has increased and
closed its financing raising gross proceeds of $925,380.
A total of 9,253,800 units were issued with each unit consisting
of one common share in the capital of the Company and one share
purchase warrant. Each warrant entitles the holder to
purchase one share of the Company for a period of three years from
closing at an exercise price of $0.15
cents per share.
The Company also paid Finder fees in connection with the private
placement in the amount of $46,900 in
cash and 469,000 broker warrants on the same terms as the purchaser
warrants. All finder's fees are subject to TSX Venture
Exchange ("Exchange") approval.
All securities issued are subject to a four-month-and-a-day hold
period expiring on January 25, 2020,
in accordance with applicable securities laws. The private
placement is subject to final Exchange approval.
The proceeds of the private placement will be used for surface
exploration, trenching, resampling of historical drill core on the
Granada Gold Property in Québec and for general working capital
purposes.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the Granada Gold
Property near Rouyn-Noranda,
Quebec. Approximately 120,000 meters of drilling has been
completed to date on the property, focused mainly on the extended
LONG Bars zone which trends 2 kilometers east-west over a potential
5.5 kilometers of mineralized structure. The highly prolific
Cadillac Break, the source of more than 75 million plus ounces of
gold production in the past century, cuts through the north part of
the Granada property.
Pit-Constrained Mineral Resources at Granada disclosed on February 13th, 2019 Press Release
prepared by SGS independent QP stand at:
Category
|
Tonnes
|
Grade (g/t
Au)
|
Contained Au
(oz)
|
Measured
|
12,637,000
|
1.02
|
413,000
|
Indicated
|
9,630,000
|
1.13
|
349,000
|
Measured &
Indicated
|
22,267,000
|
1.06
|
762,000
|
Inferred
|
6,930,000
|
2.04
|
455,000
|
Mineral resources, which are not mineral reserves, do not have
demonstrated economic viability. An Inferred Mineral Resource has a
lower level of confidence than that applying to a Measured and
Indicated
Mineral Resource and must not be converted to a Mineral Reserve.
It is reasonably expected that the majority of Inferred Mineral
Resources could be upgraded to Indicated Mineral Resources with
continued exploration.
+
Open pit mineral resources are reported at a cut-off
grade of 0.4 g/t Au within a conceptual pit shell. Cut-off
grades are based on a gold price of US$1,300 per ounce, a foreign exchange rate of
US$0.76, and a gold recovery
of 95%.
The Company is in possession of a mining permit required to
commence the initial mining phase, known as the "Rolling Start",
which allows the company to mine up to 550 tonnes per day.
Additional information is available at www.granadagoldmine.com.
"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.