Granite Creek Gold Ltd.

Granite Creek Gold Ltd.

May 27, 2016 13:22 ET

Granite Creek Announces Changes to the Board of Directors, Proposes Shares for Debt Settlement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 27, 2016) - Granite Creek Gold Ltd. (the "Company") (TSX VENTURE:GCX) wishes to announce the appointment of J. François LALONDE, P.Eng to the board of directors of the company. Mr. Lalonde is an International Business Relations consultant and has been a member of 'Ordre des Ingénieurs du Québec' since 1985. He gained international experience by working on behalf of major engineering and construction firms based in Canada and in France. He participated to the development of these firm's international markets and was involved at various levels on several construction projects in Africa such as high voltage power lines, motorway concession etc... For the past several years, he has been involved primarily with development of large civil work infrastructure projects throughout North America while sitting on the Board of junior mining exploration companies such as 'Stellar AfricaGold' (TSX VENTURE:SPX) since January 2011 and 'Atlantic Industrial Minerals Inc.' (TSX VENTURE:ANL.H) since December 2011.

Keon Kwan and Kyler Hardy have also tendered their resignations from the board of directors. The company would like to thank Messrs. Kwan and Hardy for their commitment to the company and wish them well in their endeavors.

Project Review

The company has also received several property submissions from a vendor of early stage gold projects in Guinea West Africa. After review the company is pleased to announce that it has entered into negotiations on one of the projects and is confident that it will be able to make an announcement on a project soon. The addition of Messer Lalonde to the board will greatly assist the companies' ability to source out and acquire quality projects in West Africa.

Proposed debt settlement.

The company would also like to announce that it is proposing to settle up to $320,000 of debt, owed to various creditors, by the issuance of up to 6,400,000 shares at a deemed value of $0.05 per share. All share issuances will be subject to a 4 month hold and to TSX Venture approval.

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.

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