Goldgroup Files Updated NI 43-101 Technical Report on the Cerro Colorado Gold Mine

NEWS RELEASE.

May 16, 2012: Vancouver, BC – Goldgroup Mining Inc. (Stock Profile – TSX: GGA & OTC:GGAZF) announced that the technical report on the updated mineral resource estimate on the Cerro Colorado gold mine titled “NI 43-101 Technical Report, Cerro Colorado Gold Mine, Sonora, Mexico” (the “Technical Report”), effective February 29, 2012 and dated May 14, 2012, has been filed on the Company’s website and on SEDAR in compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects(“NI 43-101”) requirements.

The Technical Report outlines the Company’s mineral resource estimate at the Cerro Colorado gold mine, establishing measured resources of 14,000 ounces of gold, indicated resources of 30,000 ounces of gold and inferred resources of 56,000 ounces of gold using a cutoff grade of 0.20 g/t Au.

For the Measured and Indicated resources tables – CLICK HERE.

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