Goldgroup Completes Its 50% Earn-In of the San José de Gracia Gold Project

VANCOUVER, March 16 /CNW/ --
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TSX: GGA

VANCOUVER, March 16 /CNW/ - 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.

About Goldgroup

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.

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 deemed 'forward-looking'. All statements in this news release, other
than statements of historical fact, that address events or developments
that Goldgroup expects to occur, are 'forward-looking information'.
These statements relate to future events or future performance and
reflect Goldgroup's expectations regarding the future growth, results
of operations, business prospects and opportunities of Goldgroup. 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 have been made regarding the Company's plans in respect of
its mineral resource properties. 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. Such factors
include, without limitation: risks related to the operation of the
Cerro Colorado mine; capital requirements, fluctuations in the
international currency markets and in the rates of exchange of the
currencies of Canada, the United States and Mexico; price volatility in
the spot and forward markets for commodities; discrepancies between
actual and estimated production, between actual and estimated reserves
and resources and between actual and estimated metallurgical
recoveries; changes in national and local governments in any country
Goldgroup currently or may in the future carry on business; taxation;
controls; regulations and political or economic developments in the
countries in which Goldgroup currently or may in the future carry on
business; the speculative nature of mineral exploration and
development, including the risks of obtaining necessary licenses and
permits, diminishing quantities or grades of reserves; competition;
loss of key employees; additional funding requirements; actual results
of current exploration or reclamation activities; changes in project
parameters as plans continue to be refined; accidents; labour disputes;
defective title to mineral claims or property or contests over claims
to mineral properties. In addition, there are risks and hazards
associated with the business of mineral exploration, development and
mining, including environmental hazards, industrial accidents, unusual
or unexpected formations, pressures, cave-ins, flooding and gold
bullion losses (and the risk of inadequate insurance or inability to
obtain insurance, to cover these risks) as well as 'Risks and
Uncertainties' included in the final short form prospectus dated March
2, 2010, Annual Information Form and MD&A for Goldgroup available at www.sedar.com. Forward-looking information is not a guarantee of future performance
and actual results and future events could differ materially from those
discussed in the forward-looking information. 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 are 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 in accordance
with applicable securities laws.

This news release and the information contained herein does not
constitute an offer of securities for sale in the United States and
securities may not be offered or sold in the United States absent
registration or exemption from registration.

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

Keith Piggott, CEO
T: 604-682-1943

David Fry, Corporate Development
TF: 1-877-655-ozAu (6928)