2010 News Releases

November 24, 2010

Goldgroup Announces Private Placement

Vancouver, British Columbia (November 24, 2010) - Goldgroup Mining Inc., TSX:GGA, ("Goldgroup" or the "Company") announces a private placement with Mr. Sam Magid. The placement consists of 3,000,000 units at $1.00 per unit for gross proceeds of $3,000,000. Each unit consists of one common share of the Company and one warrant to purchase an additional common share at $1.25 per share for a term of five years. The securities issued in connection with the private placement are subject to a four month hold period. A cash commission equal to 6 % of the gross proceeds will be paid in connection with this placement. This private placement is subject to the approval of the Toronto Stock Exchange.

About Goldgroup

Goldgroup is a Canadian-based gold production and exploration Company focused exclusively on Mexico, targeting growth in gold production, mineral resources, profitability and cash flow from a portfolio of production, development and exploration stage projects. Goldgroup is led by a team of highly successful and seasoned individuals with extensive expertise in exploration, corporate finance and mine development in Mexico.

The Company owns and operates the Cerro Colorado Gold Mine in Sonora, Mexico. The Company's property portfolio also includes its interests in the Caballo Blanco project in Veracruz and the San José de Gracia high-grade gold project in Sinaloa.

For further information on Goldgroup, please visit www.goldgroupmining.com or contact:

Keith Piggott, CEO
T: 604-682-1943

David Fry, Corporate Development
TF: 1-877-655-ozAu (6928)