Granada Gold Mine announces Date for Dividend Payments
Granada Gold Mine announces Date for Dividend Payments
ROUYN NORANDA, QC
,
Feb. 9, 2018
/CNW/ - Granada Gold Mine Inc. (TSX-V: GGM) (OTCPK: GBBFF) (Frankfurt: B6D) (the
"Company" or "Granada") announces that it is will be issuing its third annual Castle Silver Resources Inc. (Castle") unit dividend to all
shareholders on record, as at
February 27, 2018
, subject to TSX Venture Exchange ("Exchange") approval.
The Company previously announced that it was distributing pro rata, 10,000,000 Castle units received pursuant to a share purchase
agreement with Castle subject to certain restrictions, to its shareholders in increments of 2,500,000 annually on
April 26, 2016
,
February 27, 2017
, 2018 and 2019. On
April 26, 2016
, the Company distributed 2,500,000 Castle units to its shareholders. On
February 27, 2017
, the Company distributed 2,500,000 Castle units to its shareholders.
A follow-up news release will be disseminated setting out the ex-dividend date, holder-of-record date and distribution date for the
2,500,000 Castle units to be issued to
Granada's
shareholders on
February 27, 2018
.
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 1930's 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
meters 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
.
"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.
View original content: http://www.newswire.ca/en/releases/archive/February2018/09/c8267.html
%SEDAR: 00004087E
For further information:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144; or Wayne Cheveldayoff, Investor
Relations, at 416-710-2410 or [email protected]
CO: Granada Gold Mine Inc.
CNW 18:29e 09-FEB-18