NEWS RELEASE.

October 12, 2012: Vancouver, BC – Goldgroup Mining Inc. (Stock Profile – TSX: GGA & OTC:GGAZF) announced the appointment of executive chairman Gregg Sedun as president and interim chief executive officer, replacing Keith Piggott. Mr. Piggott is a major shareholder of the company and continues to serve on the company’s board of directors. This leadership appointment is effective immediately.

Mr. Sedun stated: “On behalf of our board, I would like to thank Mr. Piggott for his significant contribution to Goldgroup’s development over the last six years. The board has determined that the company’s focus going forward remains in optimizing capital and other costs, in addition to streamlining permitting and operational processes in order to ensure production at our flagship project, Caballo Blanco, is completed on a timely basis.”

The board is taking steps to fill the chief executive officer position in an expeditious manner. As interim chief executive officer, Mr. Sedun will provide strong continuity in the transition period and will supervise day-to-day operations of the company.

Gregg Sedun, LLB, has been executive chairman of Goldgroup from its inception six ago years and has extensive knowledge of the company’s operations, in addition to 29 years of expertise in legal, corporate finance and executive management positions for publicly traded resource companies. Mr. Sedun has been involved as a director and/or founding shareholder in a number of successful companies, including as founding director of Diamond Fields Resources Inc., which was acquired by Inco for $4.3-billion. He was also a founding director of Adastra Minerals Inc., which was acquired by First Quantum Minerals Ltd. for $275-million, and was part of the founding shareholder group of Peru Copper Inc., which was acquired by Chinalco in an all-cash $840-million takeover.

To learn more about the appointment – CLICK HERE.

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