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.