Business
Goldgroup Announces Financial Results for the Year Ended December 31, 2011
VANCOUVER, March 30, 2012 /CNW/ - Goldgroup Mining Inc. ("Goldgroup" or the "Company") (TSX...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, March 30, 2012 /CNW/ - Goldgroup Mining Inc. (\"Goldgroup\" or\n the \"Company\") (TSX:GGA) has filed its audited financial results for\n the year ended December 31, 2011. The consolidated financial statements\n along with management's discussion and analysis are available on SEDAR\n at www.sedar.com and on the Company's website at www.goldgroupmining.com. All currency references are in United States dollars, unless otherwise\n noted.\n\n\n2011 Highlights\n\n\nDuring the first quarter of 2011, the Company met the required aggregate\n property related expenditures of $12,000,000 to complete its 70%\n earn-in interest on the Caballo Blanco project.\n\nOn March 10, 2011, the Company completed a short-form prospectus\n financing of 28.75 million common shares at a price of C$1.40 per\n share, for aggregate gross proceeds C$40,250,000.\n\nOn March 14, 2011, the Company completed its earn-in/option agreement\n with DynaResource de Mexico S.A. de C.V. (\"DynaMexico\") for its 50%\n equity interest on the San José de Gracia project by reaching the\n expenditure funding requirement of $18,000,000.\n\nOn November 23, 2011, the Company announced an updated Technical Report\n for the San José de Gracia project, dated effective September 5, 2011,\n which significantly increased the Company's mineral resource estimate\n at San José de Gracia. The estimate includes an indicated resource at\n Tres Amigos of 913,000 tonnes grading 5.00 grams per tonne gold, or\n 147,000 ounces of gold, and an aggregate inferred resource at all four\n veins of 5,813,000 tonnes grading 5.16 grams per tonne gold, or 963,000\n ounces of gold, representing an increase of 56% from the last mineral\n resource estimate.\n\nOn October 14, 2011, the Company acquired the remaining 30% interest in\n the Caballo Blanco project held previously by Almaden Minerals Ltd.\n Goldgroup now owns 100% of the Caballo Blanco project.\n\nThe Company incurred mineral expenditures of $32,121,245 at Caballo\n Blanco, which includes acquisition costs of $19,049,197, drilling costs\n of $6,467,394, and other exploration and project development costs of\n $6,604,654.\n\nThe Company completed 32,345 metres of diamond drilling on the La Paila\n Zone at Caballo Blanco.\n\nThe Company recorded an impairment charge of $8,600,000 on the Cerro\n Colorado mine. I...