Granada Reports AGM Results
Granada Reports AGM Results
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.
View original content: http://www.newswire.ca/en/releases/archive/April2018/27/c1552.html
%SEDAR: 00004087E
For further information:
please contact: 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 16:35e 27-APR-18