Business
Goldgroup and Oroco Sign Formal Purchase Agreement for Cerro Prieto
VANCOUVER, April 10, 2013 /CNW/ - Goldgroup Mining Inc. ("Goldgroup") (TSX:GGA) (OTC:GGAZF...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, April 10, 2013 /CNW/ - Goldgroup Mining Inc. (\"Goldgroup\") (TSX:GGA) (OTC:GGAZF) (BMV\n SIC:GGAN.MX) and Oroco Resource Corp. (\"Oroco\") (TSXV:OCO (Frankfurt: OR6) (the\n \"Companies\") are pleased to announce that, further to the binding letter agreement\n between them (see News Release dated January 28, 2013), the Companies have now signed a formal purchase agreement for\n Goldgroup to purchase from Oroco a 100% interest in the Cerro Prieto\n Project.  The closing of the transaction is subject to approval by the\n shareholders of Oroco and the TSX Venture Exchange as well as standard\n closing conditions.\n\n\nOroco will seek the approval of its shareholders at a general meeting of\n its shareholders expected to be held in June, 2013.  Oroco also\n announces that it has obtained binding lock-up agreements in support of\n the transaction from shareholders representing not less than 22% of the\n outstanding shares of the Company.\n\n\nAbout Goldgroup\n\n\nGoldgroup is a well-funded Canadian-based gold production, development,\n and exploration company with significant upside in a portfolio of\n projects in Mexico, including its flagship 100%-owned advanced stage\n gold development project Caballo Blanco in the state of Veracruz, and a\n 50% interest in DynaResource de Mexico, S.A. de C.V., which owns 100%\n of the high-grade gold exploration project, San José de Gracia located\n in the state of Sinaloa. The Company also operates its 100%-owned Cerro\n Colorado gold mine in the state of Sonora.\n\n\nGoldgroup remains in a flexible financial position with a strong cash\n balance, no debt and no gold hedging. The Company is led by a team of\n highly successful and seasoned individuals with extensive expertise in\n mine development, corporate finance, and exploration in Mexico.\n Goldgroup's mission is to increase gold production, mineral resources,\n profitability and cash flow, building a leading gold producer in\n Mexico.\n\n\n\n\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION\n\n\nCertain information contained in this news release, including any\n information relating to future financial or operating performance, may\n be considered \"forward-looking information\" (within the meaning of\n applicable Canadian securities law) and \"forward-looking statements\"\n (within the meaning...