Granite Creek Gold Ltd.
TSX VENTURE : GCX

Granite Creek Gold Ltd.

November 19, 2013 14:11 ET

Granite Creek Announces Significant Sample Results from 4 Showings on the Troitsa Property in Addition to the Main Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 19, 2013) - Granite Creek Gold Ltd. (the "Company") (TSX VENTURE:GCX) is pleased to report on the compilation of historic work and a 2013 on-site visit on the Company's 5611 hectare, copper/molybdenum/gold Troitsa Property in the highly prospective Huckleberry Mine area of central British Columbia. The purpose of the Property visit by the Company's consulting geologist and qualified person, Mathias Westphal P. Geo, was to confirm geological mapping work completed by previous operators as well as tenure of mineralization and location of sample sites. During the visit, 13 samples were taken.

Several showings have been previously discovered on the Property with the "Main Zone" receiving the most work, including approximately 3750 meters of drilling in 11 holes. The Main Zone is centered on a copper in soils anomaly that has a strike length of approximately 4km and varies in width from 100 to 400 meters. Of the 11 holes drilled during 2011 and 2012, 8 returned significant intercepts of anomalous copper (see Granite Creek Gold press release dated July 15, 2013 for more information). Mineralization at the Main Zone appears to be related to a series of feldspar porphyry and quartz-feldspar porphyry dykes that can be traced on surface for several hundreds of meters. The dykes range in width from 1 to 20+ meters.

As a result of the due diligence visit by the Company, and upon receipt of assays for samples taken during the visit, the Company is confident in releasing results on selected grab samples from several areas of the Property, completed by previous operators in 2010 and 2012 in conjunction with drilling and geophysical programs. The Company has reviewed the previous sampling procedures and has confirmed that the work was completed according to standard industry procedures. The work by previous operators was completed under the supervision of a qualified person as defined by NI 43-101. The following table highlights selected historical results in addition to results on samples taken by the Company's geologist:

Sample # Showing Width Cu % Mo % Au g/t Ag g/t Notes
42178 JM Grab 0.320 0.008 0.70 21.12 Historical
42179 JM Grab 7.530 0.044 0.41 152.00 Historical
42189 JM Grab 0.754 0.002 0.07 230.00 Historical
42190 JM Grab 2.224 NS 0.09 23.59 Historical
42191 JM Grab 5.240 0.063 0.424 67.80 Historical
147020 West Grab 0.815 NS 0.405 27.50 Historical
103481 3253 Grab 0.389 NS 0.05 5.46 Historical
103482 3253 Grab 0.364 0.176 0.03 1.60 Historical
103483 3253 Grab 0.455 0.019 0.452 2.35 Historical
104545 SE Grab 0.526 NS NS 13.18 Historical
104546 SE Grab 1.216 NS 0.086 6.32 Historical
194218 SE Grab 1.804 NS 0.12 16.70 2013
194219 SE Grab NS 0.191 NS 2.10 2013
194221 SE Grab NS 0.284 0.06 2.40 2013

The "JM" showing is located approximately 1000m east of the Main Zone near a contact between granodiorite and Hazelton group volcanics. The showing appears to strike parallel to sub parallel to the main showing. Width of the JM showing is unknown at this time.

The 3253 showing, located approximately 1500m southeast of the Main Zone, is centered on a soil and talus-fines geochemical anomaly, covering an area of approximately 600m x 760m area.

The SE showing lies approximately 1000m southeast and along strike of the Main Zone. The showing is characterized by a 10m +/- dyke that is variably mineralized. A map showing these geological features can be seen on the Company's website (www.granitecreekgold.com) later this week.

The review of historical data has been very constructive. Fieldwork confirmed that drilling on the Main Zone has only sampled a small portion of the strike extent of the zone. The spatial relationship and abundance of significant showings also indicates the potential for a robust system. The Company is preparing for a sampling and drilling program for the 2014 field season.

This well positioned project with a favourable geological setting in an established porphyry camp, which includes the Huckleberry mine as well as the advanced stage Seel deposit and Berg project, make this an exciting prospect for Granite Creek.

Dr. Mathias Westphal P. Geo, a Qualified Person as defined in NI 43-101, has reviewed, verified and approved the technical information in this news release.

The Company also reports that due to market conditions, the Optionors of the Property and Granite Creek have agreed to remove the clause requiring the Company to raise $300,000 within sixty days of signing the option agreement. As a result, this funding requirement is no longer applicable.

Corporate Matters

In corporate matters, the Company announces the approval and adoption by its Board of Directors of an advance notice policy (the "Policy"). The purpose of the Policy is to provide shareholders, directors and management of the Company with a clear framework for nominating directors of the Company. The Company is committed to: (i) facilitating an orderly and efficient annual general or, where the need arises, special meeting process; (ii) ensuring that all shareholders receive adequate notice of the director nominations and sufficient information regarding all director nominees; and (iii) allowing shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation. The Policy is intended to further these objectives.

The Policy, among other things, includes a provision that requires advance notice to the Company in certain circumstances where nominations of persons for election to the Board of Directors are made by shareholders of the Company. The Policy fixes a deadline by which director nominations must be submitted to the Company prior to any annual or special meeting of shareholders and sets forth the information that must be included in the notice to the Company. No person will be eligible for election as a director of the Company unless nominated in accordance with the Policy.

In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 days and not more than 65 days prior to the date of the annual meeting; provided, however, that, in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.

In the case of a special meeting of shareholders called for the purpose of electing directors (whether or not called for other purposes), notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

The full text of the Policy is available on the Company's website or upon request by contacting the Company's Corporate Secretary, Jennifer Nestoruk, at (604)-569-2430.

The Policy is in effect as at the date of this news release. Pursuant to the terms of the Policy, the Company will seek shareholder ratification of the Policy at its next annual general meeting of shareholders (the "Meeting"), scheduled to be held on January 16, 2014. If the Policy is not confirmed at the Meeting, the Policy will terminate and be of no further force and effect following the termination of the Meeting.

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's Canadian projects consist of the gold/copper/molybdenum Taseko Property, 225 km north of Vancouver, BC, on which it has an option to acquire a 70% interest; the 100% owned 654 ha Railway Property, a copper project in the highly prospective Stikine arch area of northwestern BC; and the 5611 ha Troitsa Property, a copper/molybdenum/gold property located in central BC, on which it has an option to acquire a 100% interest. The Company also has an option to acquire a 100% interest in the 75 sq km Darsalam gold concession in Mali, West Africa.

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.

Contact Information