Vancouver, British Columbia (March 16, 2011) -- Goldgroup Mining Inc. ("Goldgroup" or the "Company") is pleased to announce that Goldgroup has completed its US$18.0 million Earn-In with DynaResource de Mexico S.A. de C.V. ("DynaMexico") making Goldgroup a 50% owner of the San José de Gracia gold project in Sinaloa, Mexico ("San José de Gracia").
The San José de Gracia District is 100%-owned by DynaMexico. Goldgroup now owns 50% of DynaMexico. Recent drilling expenditures were incurred in connection with Goldgroup's Earn-In. The remaining interest in DynaMexico is owned by DynaResource, Inc. ("DynaUSA"--"DYNR-OTCBB"). San José de Gracia is a high-grade advanced stage gold exploration project hosting a NI 43-101 compliant mineral resource estimate contained in four separate veins: Tres Amigos, San Pablo, La Union area and the La Purisima trend. Please refer to the NI 43-101 technical report on San José de Gracia dated February 28, 2011 available on SEDAR.
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 owns and operates the Cerro Colorado Gold Mine in Sonora, Mexico. Goldgroup's property portfolio includes its interests in its flagship project, Caballo Blanco in Veracruz and the San José de Gracia project in Sinaloa.
Goldgroup is lead 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, President & CEO
David Fry, Corporate Development
TF: 1-877-655-ozAu (6928)