Vancouver, British Columbia (August 4, 2010)
-- Goldgroup Mining Inc., TSX:GGA, ("Goldgroup" or the "Company") is
pleased to announce that its 100% owned Cerro Colorado gold mine in
Sonora, Mexico has achieved a production milestone of 100,000 ounces of
gold since the commencement of the mine. All gold production is
un-hedged and the Company expects to produce approximately 25,000 to
30,000 ounces of gold in 2010.
Piggott, Goldgroup's CEO stated, "We are extremely pleased with this
result. With the additional production upgrades near completion at the
mine, the Company expects Cerro Colorado to continue delivering strong
operating results. Goldgroup is well positioned as a junior gold
producer possessing one of the best project portfolios in Mexico
relative to our peers."
is a Canadian-based gold production and exploration company focused
exclusively in Mexico, targeting growth in gold production, mineral
resources, profitability and cash flow from a portfolio of production,
development and exploration stage projects. The Company's property
portfolio includes its flagship project, Caballo Blanco in Veracruz.
Goldgroup is led by a team of highly successful and seasoned individuals
with extensive expertise in exploration, corporate finance and mine
development in Mexico.
For further information on Goldgroup, please visit www.goldgroupmining.com or contact:
Keith Piggott, CEO
David Fry, Corporate Development
TF: 1-877-655-ozAu (6928)