VANCOUVER, Sept. 1, 2016 /CNW/ - Goldgroup Mining Inc.
("Goldgroup" or the "Company") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) announces the appointment of Anthony
Balic as the Company's Chief Financial Officer ("CFO") and Corporate Secretary effectively immediately. Sam Wong, the previous CFO and Corporate Secretary, will take on the position of Director of Finance during a
transition period.
Keith Piggott, Chairman and President of Goldgroup commented: "We would like to thank Sam for all
of his contributions in strengthening our finance department and spearheading the cost cutting and debt repayment initiatives. Even
in the current challenging economic environment, our balance sheet and internal operations have vastly improved due to his
leadership and persistence. With an improved financial position, Anthony will now lead Goldgroup to further growth."
Mr. Balic was previously the Director of Finance of Goldgroup, where he managed the entire finance and accounting function of
the Company. Prior to this position, he was a Senior Manager at Deloitte LLP in Vancouver, where
he specialized in assurance and advisory for mining companies.
About Goldgroup
Goldgroup is a Canadian-based gold production, development, and exploration Company with a significant upside in a portfolio of
projects in Mexico, including 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 heap-leach gold mine, 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, with a view to building a leading gold producer in Mexico.
For further information on Goldgroup, please visit www.goldgroupmining.com
On behalf of the Board of Directors,
Mr. Keith Piggott, Chairman and President
Tel: 1-520-247-5753
Investor Relations
Toll Free: 1-877-655-ozAu (6928)
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain information contained in this news release, including any information relating to future financial or operating
performance, may be considered "forward-looking information" (within the meaning of applicable Canadian securities law) and
"forward-looking statements" (within the meaning of the United States Private Securities Litigation Reform Act of 1995). These
statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Actual results could differ materially from the conclusions, forecasts and projections
contained in such forward-looking information. These forward-looking statements reflect Goldgroup's current internal projections,
expectations or beliefs and are based on information currently available to Goldgroup. In some cases forward-looking information
can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate",
"projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Certain
assumptions may have been made regarding the Company's plans at the Cerro Prieto project. Many of
these assumptions are based on factors and events that are not within the control of Goldgroup and there is no assurance they will
prove to be correct. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other
factors that could cause actual events or results to materially differ from those reflected in the forward-looking information, and
are developed based on assumptions about such risks, uncertainties and other factors including, without limitation: uncertainties
related to actual capital costs, operating costs and expenditures, production schedules and economic returns from Goldgroup's
projects; uncertainties associated with development activities; uncertainties inherent in the estimation of mineral resources and
precious metal recoveries; uncertainties related to current global economic conditions; fluctuations in precious and base metal
prices; uncertainties related to the availability of future financing; potential difficulties with joint venture partners; risks
that Goldgroup's title to its property could be challenged; political and country risk; risks associated with Goldgroup being
subject to government regulation; risks associated with surface rights; environmental risks; Goldgroup's need to attract and retain
qualified personnel; risks associated with potential conflicts of interest; Goldgroup's lack of experience in overseeing the
construction of a mining project; risks related to the integration of businesses and assets acquired by Goldgroup; uncertainties
related to the competitiveness of the mining industry; risk associated with theft; risk of water shortages and risks associated
with competition for water; uninsured risks and inadequate insurance coverage; risks associated with potential legal proceedings;
risks associated with community relations; outside contractor risks; risks related to archaeological sites; foreign currency risks;
risks associated with security and human rights; and risks related to the need for reclamation activities on Goldgroup's
properties, as well as the risk factors disclosed in Goldgroup's Annual Information Form and MD&A. Any and all of the
forward-looking information contained in this news release is qualified by these cautionary statements. Although Goldgroup believes
that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured
that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on
forward-looking information. Goldgroup expressly disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, events or otherwise, except as may be required by, and in accordance with,
applicable securities laws.
SOURCE Goldgroup Mining Inc.