GoldGroup 43-101 Significantly Increases Gold Resource Estimate

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GoldGroup 43-101 Significantly Increases Gold Resource Estimate

posted on Jan 09, 2012 08:56AM

This is an excerpt of today's press release. Good news at current prices.

Goldgroup files NI 43-101 Technical Report on the San José de Gracia Project

VANCOUVER, Jan. 9, 2012 /PRNewswire/ - Goldgroup Mining Inc., ("Goldgroup" or the "Company") (TSX: GGA) announces that the technical report on the updated mineral resource estimate on the San José de Gracia project titled "NI 43-101 Technical Report on the San José de Gracia Project - Updated Resources Estimates on the Tres Amigos, San Pablo, La Union, La Purisina Zones - Northeast Sinaloa, Mexico" (the "Technical Report"), effective September 5, 2011 and dated January 3, 2012, has been filed on SEDAR in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") requirements. This filing is further to the Company's previously announced updated mineral resource estimate on November 23, 2011.

This Technical Report significantly increased the Company's mineral resource estimate at San José de Gracia, establishing indicated resources at the Tres Amigos vein of 147,000 ounces of gold, and growing inferred resources at all four veins from 618,000 to 963,000 ounces of gold, representing an increase of 56%. The prior NI 43-101 Technical Report dated February 28, 2011, estimated solely inferred mineral resources.

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