2010 News Releases
April 30, 2010
Sierra Minerals and Goldgroup Resources Close Business Combination to Form Goldgroup Mining Inc.
Vancouver, British Columbia (April 30, 2010) - Goldgroup Mining Inc. (TSX: SIM) ("Goldgroup") is pleased to announce that the previously announced business combination between Sierra Minerals Inc. and Goldgroup Resources Inc. closed today and its shares are expected to begin trading on a consolidated basis under the symbol " GGA", along with a corresponding adjustment in share price, on or about May 6, 2010, subject to the final approval of the Toronto Stock Exchange (" TSX"). Pending delivery of final documentation to the TSX, the outstanding common shares will continue to be traded on the TSX under the symbol "SIM" on a non-consolidated basis. Goldgroup will issue a more comprehensive news release when TSX final approval is received and trading under the new symbol commences.
Effective as of Friday, April 30, 2010, Goldgroup has changed its name from "Sierra Minerals Inc." to "Exploitation Minière Goldgroup Inc." and its English version "Goldgroup Mining Inc." and has undertaken a share consolidation on a 2.85 (old) for 1 (new) basis. A total of 51,942,637 post-consolidation common shares of Goldgroup were issued as part of the business combination such that there are now approximately 84,952,432 post-consolidation common shares of Goldgroup outstanding.
About Goldgroup Mining Inc.
Goldgroup is a Canadian based debt-free gold production and exploration company focused on Mexico. Goldgroup owns and operates the Cerro Colorado Gold Mine in Sonora, Mexico. All gold production is un-hedged and Goldgroup expects to produce approximately 25,000 to 30,000 ounces of gold in 2010. Goldgroup's portfolio of Mexican focused exploration and development properties includes its 70% owned flagship project, Caballo Blanco in Veracruz, along with its 50% earnable interest in the San José de Gracia high-grade underground project in Sinaloa and the 100% owned El Porvenir project in Aguascalientes. Further information about Goldgroup and its assets can be found at www.goldgroupmining.com.