Granada Signs MOU with CSR for Granada Processing
Granada Signs MOU with CSR for Granada Processing
ROUYN-NORANDA, QC
,
Sept. 8, 2017
/CNW/ - Granada Gold Mine (TSX.V: GGM) ("Granada Gold" or the "Company") is pleased to announce that it has signed
a Memorandum of Understanding ("MOU") with Castle Silver Resources ("CSR") for the consideration of the processing of 579,000 tonnes of ore at 4.24 g/t Au
(see Company Prefeasibility news release of
May 6, 2014
) in northern
Ontario
with an option for an additional 2 million tonnes of mineralized material from the
Granada
mine over the next three years.
As part of the MOU, CSR is undertaking a study to install a 600 tonne per day gravity flotation plant at one of its northern
Ontario
properties. The study is to be
completed during the fourth quarter of this year.
The
Granada
mine, fully permitted and shovel ready, is one of the largest undeveloped gold projects in northwest
Quebec
(please refer to Company's
May 6, 2014
,
news release as well as its
July 5, 2017
, Mineral Resource update).
Qualified Person
Claude Duplessis
, P. Eng., of Goldminds Geoservices Inc., a geological, environmental and mining consultant, is an independent qualified person in accordance
with National Instrument 43-101, and has reviewed and approved the contents of this news release.
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 1930's 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, 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/September2017/08/c1015.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 18:36e 08-SEP-17