2010 News Releases

November 29, 2010

Goldgroup Closes $3 Million Private Placement

Vancouver, British Columbia (November 29, 2010) - Goldgroup Mining Inc., TSX:GGA, ("Goldgroup" or the "Company") is pleased to announce that, further to the news release of November 24, 2010, it has closed 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 one additional common share at $1.25 per share until November 26, 2015. The securities issued in connection with the private placement are subject to a four month hold period expiring March 27, 2011. A cash commission equal to 6 % of the gross proceeds has been paid in connection with this placement.

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 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)