2011 News Releases

March 10, 2011

Goldgroup Mining Inc. Announces Closing of Common Share Offering

Vancouver, British Columbia (March 10, 2011) -- Goldgroup Mining Inc. (TSX:GGA) ("Goldgroup" or the "Company") is pleased to announce that it has closed its previously announced offering of 28.75 million common shares (which includes the exercise in full of the over-allotment option of 3.75 million common shares) at a price of Cdn$1.40 per share (the "Offering") for aggregate gross proceeds of Cdn$40.25 million.

Dahlman Rose & Company, LLC and Canaccord Genuity Corp. acted as joint book-running managers for the Offering. Jennings Capital Inc. acted as co-manager for the Offering. Dahlman Rose & Company, LLC only conducted sales into the United States.

The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or under any state securities laws and may not be offered or sold in the United States, absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

About Goldgroup

Goldgroup is a Canadian-based gold producer and is focused on the acquisition, exploration and development of advanced stage gold-bearing mineral properties in the Americas. The Company's current gold production and exploration and development related activities are conducted exclusively in Mexico, one of the world's most advantageous mining jurisdictions. Goldgroup owns and operates the Cerro Colorado Mine in Sonora along with a property portfolio that includes its interests in the Caballo Blanco Project in Veracruz and the San José de Gracia Project in Sinaloa.

For further information on Goldgroup, please visit www.goldgroupmining.com or contact:

Keith Piggott, President & CEO

T: 604-682-1943

David Fry, Corporate Development

TF: 1-877-655-ozAu (6928)