Granite Creek Enters Into Option Agreement on Guinea Gold Concession and Proposes Financing

June 6, 2016

Responsive image

VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 6, 2016) – Granite Creek Gold Ltd. (TSX VENTURE:GCX) (the “Company”) wishes to announce that it has acquired an option to earn a 100% interest in the 34 sq km BANKOLE GOLD CONCESSION by the issuance of 250,000 shares of the capital stock of the Company over the next 2 years. The first 50,000 shares are due upon approval of the transaction by the TSX Venture exchange. An addition installment of 100,000 shares is due on the 1st Anniversary of the signing of the option agreement and the final installment of 100,000 is due on the second anniversary.

Located 70 km SW of the Siguiri Mine operated by Anglo Gold Ashanti and 85 km SE of the Lero Mine operated by Norgold the 34 sq. km. Bankole Concession is well situated in a prolific gold belt.

The Company also intends to raise of up to $150,000 by issuing up to 3,000,000 units at price of $0.05 per unit by the way of a non-brokered private placement. Each unit will consist of one common share and one-half of a transferable common share purchase warrant. Each full common share purchase warrant will be exercisable for one common share of the Company’s capital stock for a period of 18 months at an exercise price of $0.08.

Funds from the financing will be used for an initial geological review of the Bankole Concession, for the review of additional gold concessions in Guinea and for general corporate purposes.

All issuances of stock, whether due to the option agreement or to the private placement are subject to a 4 month hold period and to approval by the TSX venture exchange.

About Granite Creek Gold

Granite Creek is a Vancouver based exploration company in the business of acquiring and carrying out exploration on mineral properties, especially those with precious metals potential, with the goal of establishing a mineable mineral resource. Granite Creek is currently seeking new opportunities.

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to regulatory approvals, exploration programs, and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include the Company’s ability to obtain regulatory approval and to complete its exploration programs on schedule and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Category: General