Goldgroup Completes Earn-In of Its Caballo Blanco Interest
VANCOUVER, Aug. 18, 2011 /CNW/ --
TSX:GGA
VANCOUVER, Aug. 18, 2011 /CNW/ - Goldgroup Mining Inc. ('Goldgroup' or
the 'Company') is pleased to announce that Almaden Minerals Ltd. has
confirmed that Goldgroup's expenditures in 2010 and 2011 at the Caballo
Blanco project satisfied its obligations to earn its 70% undivided
interest in the project within the time periods required under the
related option agreement.
About Caballo Blanco
Goldgroup owns a 70% interest in Caballo Blanco. The remaining 30%
interest is owned by Almaden Minerals Ltd. The Caballo Blanco project
consists of a series of oxide gold zones located in the Veracruz
province of eastern Mexico. The principal gold zone at Caballo Blanco
is the La Paila prospect located within a cluster of high-sulphidation
epithermal alteration zones referred to as the Northern Zone. The
current estimated mineral resource for La Paila consists of 139,000
ounces of gold (6.7 million tonnes grading 0.65 g/t Au) contained in
the category of indicated resources and 517,000 ounces of gold (27.6
million tonnes grading 0.58 g/t Au) contained in the category of
inferred resources. This estimate was compiled from 32 diamond drill
holes totaling approximately 7,000 metres completed by NGEx Resources
Inc. prior to Goldgroup's acquisition of its interest in the project
from NGEx in November, 2009. Other known gold zones at Caballo Blanco
occur approximately 7 km to the southeast at the Highway Zone. These
gold zones have yet to be drill tested.
About Goldgroup
Goldgroup is a well-funded 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.
The Company 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.
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on Goldgroup, please visit www.goldgroupmining.com or contact:
Keith Piggott, President & CEO
T: 604-682-1943
David Fry, Corporate Development
Toll Free: 1-877-655-ozAu (6928)