Granada Gold Mine announces Earlier Dates for Dividend Payments
Granada Gold Mine announces Earlier Dates for Dividend Payments
ROUYN-NORANDA, QC
,
Feb. 7, 2017
/CNW/ - Granada Gold Mine Inc. (TSX-V: GGM) (OTCPK: GBBFF) (Frankfurt: B6D) (the "Company" or "Granada")
announces that it is amending its dividend payments schedule such that future Castle Silver Resources Inc. ("Castle") unit dividends will be issued annually on
February 27, 2017
,
February 27, 2018
and
February 27, 2019
to
Granada's
shareholders, subject to TSX Venture 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
(formerly Takara Resources Inc.), subject to certain restrictions, to its shareholders in increments of 2,500,000 annually on
April 26, 2016
, 2017, 2018 and 2019.
On
April 26, 2016
, 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, 2017
.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. (formerly Gold Bullion Development Corp.) 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 with an average grade of 0.28 ounce per ton (9.6 grams per tonne)
before a fire destroyed the surface buildings. The highly prolific Cadillac Trend cuts through the north part of the property. The Cadillac Trend 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
.
The Company has obtained all necessary permits for the initial mining phase known as the "Rolling Start" for which stripping has already begun. In addition, the
Company has resumed exploration at
Granada
with the goal of significantly expanding the size of the deposit's resource. 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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2017/07/c2618.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
CO: Granada Gold Mine Inc.
CNW 12:31e 07-FEB-17