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Goldgroup Mining Inc V.GGA

Alternate Symbol(s):  GGAZF

Goldgroup Mining Inc. is a Canada-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 primary gold production and exploration and development related activities are conducted in Mexico. It owns a 100% interest in the operating Cerro Prieto project in Sonora. The Cerro Prieto project, located in the Cucurpe Mining District, Sonora, Mexico, is composed of the San Felix (205 hectares (ha)), San Francisco (10 ha), Elba (5.82 ha), Huerta de Oro (20 ha), Reyna de Plata (9.79 ha), Cerro Prieto North (2,508 ha) and Argonauta 6 (4,120 ha) mineral concessions.


TSXV:GGA - Post by User

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Post by exgoldmineron Mar 03, 2014 4:01pm
288 Views
Post# 22274436

positive step

positive stepVANCOUVER, Feb. 27, 2014 /CNW/ – Goldgroup Mining Inc. (“Goldgroup” or the “Company”) (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) is pleased to announce that its 100% owned subsidiary, Granmin S.A. de C.V. (“Granmin”), has received the permit for use of explosives from the Mexican military called SEDENA (“Secretary of National Defense”). This represents the final permit necessary for full-scale operations at the Company’s 100%-owned Cerro Prieto open-pit, heap leach gold mine located in Sonora, Mexico. The explosives permit allows Goldgroup to order and use explosives for mining purposes under the supervision of the military. The Environmental Impact Statement (Manifestacion de Impacto Ambiental) and the Authorization of Change of Land Use (Estudio Tecnico Justificativo para Cambio de Uso de Suelo) for the Cerro Prieto project have previously been granted. Goldgroup’s Chairman and CEO, Keith Piggott, commented: “In commencing trial mining over the last three months we were restricted to bulldozer ripping. With the granting of the explosives permit, Goldgroup can now ramp up to full-scale mining at our Cerro Prieto heap leach mine. Additionally, the tertiary crusher has been commissioned which, because of a finer crush size, is expected to reduce the leach time for precious metals. We would like to thank our team and the officials in Sonora for their hard work in assisting us achieve these milestones. We now expect gold production to increase to a steady state as the heap leach pad builds.” The Company wishes to make clear that it is not basing its production decision on a preliminary economic assessment (a “PEA”) demonstrating the potential viability of mineral resources or a feasibility study of mineral reserves demonstrating economic and technical viability, and as a result there is increased uncertainty and multiple technical and economic risks of failure which are associated with this production decision. These risks, among others, include areas that are analyzed in more detail in a PEA or feasibility study, such as applying economic analysis to resources or reserves and more detailed metallurgy. About Goldgroup Goldgroup is a Canadian-based gold production, development, and exploration Company with significant upside in a portfolio of projects in Mexico, including its flagship 100%-owned advanced stage gold development project Caballo Blanco in the state of Veracruz, and a 50% interest in DynaResource de Mexico, S.A. de C.V., which owns 100% of the high-grade gold exploration project, San José de Gracia located in the state of Sinaloa. The Company also operates its 100%-owned Cerro Prieto and Cerro Colorado heap-leach gold mines, both in the state of Sonora. Goldgroup is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico. Goldgroup’s mission is to increase gold production, mineral resources, profitability and cash flow, building a leading gold producer in Mexico.
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