Aug 19 2013
Goldgroup Mining Inc. ("Goldgroup" or the "Company") announced today that they have extended the closing of the acquisition of the Cerro Prieto Project (the "Cerro Prieto Project") from Oroco Resource Corp. ("Oroco") to August 30, 2013.
Goldgroup has made a deposit of US$40,000 to Oroco, which will be applied against the US$4.5 million owed to Oroco on the closing of the acquisition of the Cerro Prieto Project. Further to Goldgroup's July 16, 2013 news release, the Company is diligently working towards closing the previously announced CDN$4 million senior secured loan facility. Goldgroup and Oroco remain committed to the Cerro Prieto transaction and the Company intends to close the senior secured loan facility and the acquisition of the Cerro Prieto Project simultaneously.
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 Colorado 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, building a leading gold producer in Mexico.