Goldgroup Announces Changes to Officers and Executive Management

NEWS RELEASE.

November 14, 2012: Vancouver, BC – Goldgroup Mining Inc. (Stock Profile – TSX: GGA & OTC:GGAZF) announces that Chester F. Millar has been appointed Chairman of the Company, replacing Gregg J. Sedun as Executive Chairman. Further to the Company’s news release dated October 12, 2012 announcing Mr. Sedun as Interim Chief Executive Officer and President, the Board of Directors has now appointed the Company’s Lead Director, Dr. Hans von Michaelis, to fill the role of CEO and President. Dr. von Michaelis will continue to serve on the Board of Directors. Mr. Sedun is a major shareholder of the Company and will continue to serve on the Company’s Board of Directors.

Chester Millar stated, “My vision for Goldgroup is to provide strategic and visionary direction for the Company. I would like to thank Mr. Sedun for being an integral part in the development of Goldgroup and for all of his significant contributions over the past six years. We look forward to working with Mr. Sedun as he continues to assist the Company accomplish its strategic goals as a member of the Board of Directors.”

The Company also announces that Michael Clark has replaced John J. Sutherland as the Company’s Chief Financial Officer. Mr. Sutherland was a valuable member of Goldgroup’s team, and the Board of Directors
wishes him the best in his future endeavours.

The Executive Management changes are part of the Company’s continued focus on optimizing capital and other costs. The newly appointed Chairman and CEO will not receive remuneration. The Company is also committed to streamlining its permitting and operational processes in order to expand gold production on a timely basis.

Chester Millar is considered one of the mining industry’s most successful company builders. Mr. Millar was inducted into the Canadian Mining Hall of Fame in 2008, with a career that includes being a founder and former Chairman of such notable large and successful gold companies as Glamis Gold Ltd., Eldorado Gold Corporation and Alamos Gold Inc.

For more on Mr. Millar – CLICK HERE.

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