(TSXV: GGM) owns the former Granada Gold Mine in the Abitibi Greenstone belt where numerous gold mines have already produced more than 160 million ounces of gold. The highly prolific Cadillac Trend runs though the northern part of the Granada property, which is located just south of city of Rouyn-Noranda, Quebec, about 600 miles northwest of Montreal. Since Granada acquired Granada in 2006, it has
conducted extensive exploration, metallurgical, engineering and permitting work, and has established a sizeable gold resource for the property (1. 6 million ounces measured and indicated and 1.0 million ounces inferred). Current work is focused on two immediate objectives:
· Exploration aimed at doubling the size of the deposit within two years.
· Site preparation for the initial “Rolling Start” production phase, which would involve open-pit mining of high-grade areas and shipping ore to a local mill for processing (for which permits were obtained in May 2016). While the initial “Rolling Start” will produce 25,000 ounces of gold per year, the company intends within three years to complete engineering, financing and construction of a new mill designed to produce 100,000 ounces per year. has already begun paying dividends to shareholders in the form of shares issued by Castle Silver Resources Inc. (2.5 million shares distributed in April and 7.5 million shares to be distributed over the next three years). In addition, when gold production begins, shareholders will receive a quarterly dividend amounting to the cash equivalent of 3 per cent of all gold production (known in the industry as a 3% Net Smelter Royalty). Details are available in Granada’s presentation and in technical reports on its website.
