Goldgroup Signs Agreement To Acquire The Cerro Prieto Gold Project


January 28, 2013: Vancouver, BC – Goldgroup Mining Inc. (Stock Profile – TSX:GGA & OTC:GGAZFannounced that it has entered into a binding agreement with Oroco Resource Corp. (Stock Profile – TSX-V:OCO) whereby Goldgroup will acquire 100% interest in Oroco’s Cerro Prieto Project (the “Properties”) in Sonora State, Mexico for an initial cash payment of US$4.5 million, US$1 million private placement of units in Oroco and up to an additional US$13.5 million in payments made from future gold produced at the Properties, subject to receipt of regulatory and Oroco shareholder approvals.

Cerro Prieto is a principally permitted, gold and silver project located in northern Sonora State, Mexico, with mineral concessions totaling an area of approximately 7,000 hectares, containing approximately 17.5 kilometers of strike length of the mineralized structure hosting the current resource. In early 2012 Oroco announced the receipt of the Environment Impact Statement (Manifestacion de Impacto Ambiental) and the Authorization of Change of Land Use (Estudio Tecnico Justificativo para Cambio de Uso de Suelo) for the Cerro Prieto project.

For the Transaction Highlights – CLICK HERE.


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