Granite Creek Gold Ltd. Options Troitsa Property

VANCOUVER, BRITISH COLUMBIA -- (Marketwired - July 15, 2013) - Granite Creek Gold Ltd. ("Granite Creek") (TSX VENTURE:GCX) is pleased to announce that its entering into a option agreement to acquire a 100% interest in the 5611 hectare "Troitsa Property" a copper/molybdenum/gold project in the highly prospective Huckleberry Mine area of central British Columbia.

Several mineral deposits lie within 32 kilometres of the Troitsa Property. The Troitsa Property is approximately 18km southwest of the producing Huckleberry mine, which has been operating since 1997 and has produced 404.2 million kilograms of copper, 3.5 million kilograms of molybdenum, 4.9 million grams (143,855 ounces) of gold and 93.2 million grams (2.7 million ounces) of silver from 94.4 million tonnes of ore milled to the end of 2011. The Troitsa Property also lies 20km southwest of the Seel project where Gold Reach Resources has announced an inferred resource of 463.5 million tonnes contained in two deposits. This includes the Seel deposit with 410,880,000 tonnes at 0.16% Cu, 0.11ppm Au, 0.018% Mo, 1.95ppm Ag (0.31% CuEq) and the Ox deposit with 52,650,000 tonnes at 0.21% Cu, 0.03ppm Au, 0.022% Mo, 1.35ppm Ag (0.32% CuEq). Both deposits are at a 0.2% copper equivalent cutoff. Also, 31km north of the Troitsa Project, Thompson Creek Metals' advanced stage Berg Project contains measured and indicated resources of 506 million tons grading 0.30%Cu, 0.037% Mo and 3.8g/t Ag.

By entering into the option agreement, Granite Creek gains the right, but not the obligation, to earn a 100% interest in the Troitsa Property by paying $220,000 cash, issuing 1,690,000 shares of Granite Creek stock to the vendors and completing $750,000 worth of expenditures on the Troitsa Property over a 4 year period. The option agreement is subject to Granite Creek Gold completing a financing with gross proceeds of not less than $300,000 within 60 days of signing of the option agreement. The option agreement also provides for a 60 day extension to allow for the financing to be completed. The acquisition is also subject to regulatory approval.

Drilling by previous operators on the Troitsa Property in 2011 and 2012 identified an extensive mineralized area in a porphyry setting. Selected results are tabulated below:

Hole  From (m)  To (m)  Interval (m)  Cu (%)  Mo (%)  Ag gm/t)  Au (gm/t)
TR 11-01 	4.66 	230.08 	225.42 	0.124 			
	including 	18.66 	131.28 	112.62 	0.176 			
	including 	107.28 	117.28 	10.00 	0.205 	0.018 		
TR 11-02 	7.33 	362.46 	355.13 	0.117 			
	including 	118.38 	169.29 	50.91 	0.253 			
	including 	161.29 	169.29 	8.00 	0.202 	0.022 		
	including 	209.29 	215.29 	6.00 	0.175 	0.045 		
	including 	338.18 	351.55 	13.37 	0.101 	0.033 		
TR 11-03 	20.9 	200.39 	179.49 	0.132 			
	including 	75.25 	88.82 	13.57 	0.630 			
	including 	73.25 	79.93 	6.68 	0.524 	0.023 		
	and 	157.00 	180.33 	23.33 	0.051 	0.019 		
	and 	247.04 	251.04 	4.00 	0.113 	0.042 		
TR 11-04 	17.37 	262.16 	244.79 	0.135 			
	including 	30.04 	56.04 	26.00 	0.255 			
	and 	52.04 	70.24 	18.20 	0.184 	0.016 		
	and 	120.02 	132.02 	12.00 	0.491 			
	and 	232.26 	240.00 	7.74 	0.083 	0.041 		
TR 11-07 	8.92 	173.36 	164.44 	0.204 			
	including 	8.92 	95.63 	86.71 	0.317 			
	and 	162.44 	168.26 	5.82 	0.212 			
						
Hole  From (m)  To (m)  Interval (m)   Cu (%)  Mo (%)  Ag gm/t)  Au (gm/t)
TR 11-08 	6.60 	375.51 	368.91 	0.039 			
	including 	159.90 	165.87 	5.97 	0.337 			
	and 	219.92 	230.33 	10.41 	0.073 	0.021 		
	including 	219.92 	221.40 	1.48 	0.014 	0.104 		
	and 	364.31 	374.31 	10.00 	0.040 			
TR12-09 	15.85 	280.80 	264.95 	0.169 	0.004 		
	including 	15.85 	44.54 	28.69 	0.191 	0.004 		
	and 	55.58 	224.35 	168.77 	0.203 	0.004 		
	including 	110.47 	129.89 	19.42 	0.651 	0.004 	4.839 	
	and 	179.65 	183.65 	4.00 	0.093 			0.273
	and 	260.88 	263.37 	2.85 	0.583 	0.050 	2.80 	
	and 	271.73 	276.52 	4.79 	0.336 	0.019 	1.72 	
TR12-10 	3.02 	313.01 	309.99 	0.176 	0.003 		
	including 	3.02 	122.10 	119.08 	0.134 	0.004 		
	including 	117.79 	122.10 	4.40 	0.408 	0.021 	8.844 	
	and 	132.25 	302.12 	169.87 	0.224 	0.003 		
	including 	150.63 	175.81 	25.18 	0.807 	0.001 	4.575 	
	and 	193.81 	195.81 	2.00 	1.793 		8.159 	
	and 	223.81 	225.81 	2.00 	1.291 	0.039 	5.169 	
TR12-11 	10.97 	16.97 	6.00 	0.127 		1.152 	
	and 	60.90 	68.90 	8.00 	0.107 			
	and 	94.90 	96.90 	2.00 	0.271 		2.137 	
	and 	166.90 	167.95 	1.05 	0.145 		2.891 	
	and 	285.60 	287.60 	2.00 	0.175 		2.505 	

Source: 2011&2012 Drilling report K.Galambos P.Eng


In addition to the drilling, recent work included 22.5km of 3D Induced polarization and magnetic surveys that identified several yet to be drilled targets. Previous work also included soil sampling over a 1000 X 1750 m area covering less than 3% of the Troitsa Property. This identified a 750m X 250m Cu anomaly with values up to 1100ppm. An airborne Z-Tem and Mag survey, over the entire Troitsa Property was completed to allow a better understanding of geology. Much of this data has seen little interpretation and has not been complied with historic sampling and geological mapping on the Troitsa Property.

Granite Creek's immediate plans for the Troitsa Property include an expansion and infill sampling of the existing geochemical grid, geological mapping and data compilation and interpretation. All work will be geared towards designing a drill program for next year's field season.

This acquisition is well positioned in an established porphyry camp. Proximity to an operating mine as well as several advanced stage projects make this an exciting project for Granite Creek.

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


About Granite Creek

Granite Creek is a Vancouver based exploration company in the business of acquiring and carrying out exploration on mineral properties, especially with precious metals potential, with the goal of establishing a mineable mineral resource. Granite Creek's projects include its gold, copper and molybdenum Taseko Property, 225km north of Vancouver, on which it has an option to acquire a 70% interest, the 654 ha Railway Property, a copper project in the highly prospective Stikine arch area of northwestern British Columbia and its 35 sq km Koussikoto Ouest 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

Granite Creek Gold Ltd.
Timothy Johnson, President
604-569-2430
info@granitecreekgold.com
www.granitecreekgold.com