Vancouver, British Columbia - (January 10, 2011) -- Goldgroup Mining Inc., TSX:GGA, ("Goldgroup" or the "Company") is pleased to announce the appointment of Dr. Paul Zweng to the Board of Directors.
Dr. Zweng has successfully blended a technical and financial background in exploration and mining over the past 25 years. Currently Dr. Zweng is a founder and managing member of Resource Venture Advisors, LLC, the general partner to Resource Venture Partners, LP, a private investment partnership designed to invest in early-stage exploration companies of which Goldgroup Mining is a significant holding of the fund. Dr. Zweng is currently interim CEO and a Director of Bellhaven Copper and Gold Inc.
From February 2003 until September 2008, he was the COO and then President/CEO of TSX listed QGX Ltd, a company with mineral projects in Mongolia. Under Dr. Zweng's leadership, QGX developed the Baruun Naran coking/thermal coal project into a 253 Mt resource. In September 2008, QGX was acquired by The Kerry Group (Hong Kong) for C$270 million.
In 2004, Dr. Zweng, along with two others, founded Antares Minerals Inc. (TSX-V:ANM ), a Canadian junior exploration company with projects in Peru and Argentina. Antares' flagship project, Haquira, was developed into an asset supporting a production profile of 8.3 B lbs Cu, 97 M lbs Mo, 522 K oz Au, and 24.3 M oz Ag over 20 years. The company was later acquired by First Quantum Minerals Ltd. in 2010. At the time of the close, December 16, 2010, the deal was valued at C$610 million.
Dr. Zweng received two B.Sc. degrees with distinction in Geology and Applied Earth Sciences (Mineral Economics) from Stanford University (California), a M.Sc. degree in Geology from Queen's University (Ontario) and a Ph.D. in Applied Earth Sciences (Ore Deposits) from Stanford University (California).
Gregg Sedun, Executive Chairman stated: "We are very pleased to have Dr. Zweng on the board of Goldgroup. He has established himself in the mining industry with an impressive record and to have someone with his background and experience will contribute significantly to our Company."
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
David Fry, Corporate Development
TF: 1-877-655-ozAu (6928)