Granada Gold Mine Enters into LOI With Temagami First Nation and Teme-Augama Anishnabai
Granada Gold Mine Enters into LOI With Temagami First Nation and Teme-Augama Anishnabai
ROUYN-NORANDA, QC
,
Feb. 7, 2017
/CNW/ - Granada Gold Mine Inc. (TSX-V: GGM) (OTCPINK: GBBFF) (
Frankfurt
B6D) (the "Company" or "Granada Gold
Mine") today announced that it has signed a Letter of Intent ("LOI") with the Temagami First Nation ("TFN") and Teme-Augama Anishnabai ("TAA") that would
provide Granada Gold Mine the opportunity to evaluate brownfield sites on TFN's/TAA's traditional territory for the potential of redevelopment.
The LOI will allow the company to assess the technical, operation and financial feasibility of installing a mill for processing precious metal bearing ores within an
existing brownfield site in close proximity to Temagami First Nation and Teme-Augama Anishnabai.
"Granada Gold Mine wishes to respect TFN's/TAA's goal of taking care of and protecting their homelands known as n'Daki Menan. We understand that any
contemplated milling project utilizing TFN's/TAA's traditional territory should be a positive development that minimizes the outstanding environmental condition of
an existing brownfield site in addition to minimizing environmental effects that are associated with a new metal processing mill locating within the brownfield site,"
said
Frank Basa
, President and Chief Executive Officer.
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 51,476 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/c3209.html
%SEDAR: 00004087E
For further information:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144
CO: Granada Gold Mine Inc.
CNW 06:00e 07-FEB-17