Business
Goldgroup Announces Private Placement and Provides Corporate Update
VANCOUVER , July 29, 2014 /CNW/ - Goldgroup Mining Inc. ("Goldgroup" or the "Company...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"\n\nVANCOUVER, July 29, 2014 /CNW/ - Goldgroup Mining Inc. (\"Goldgroup\" or the \"Company\") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) is pleased to announce a non-brokered private placement financing  and provides a corporate update with regards to the assets of the Company.\n\nFinancing:\n\nGoldgroup intends to complete a non-brokered private placement financing to raise at least CAD$1 million at a price of CAD$0.20 per unit. Each unit will consist of one common share and one half of one non-transferable share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the Company at a price of CAD$0.25 for a period of twenty-four months. The private placement is expected to close on or before August 1, 2014, and the Company expects that up to 25% of the units will be purchased by Company insiders. The proceeds from the private placement will be used for working capital. The common shares from this private placement will be subject to a four-month hold period. The private placement is subject to TSX Exchange and other required regulatory approval.\n\nSan Jose de Gracia:\n\nThe Government of the State of Sinaloa (the \"Sinaloa Government\") has recently taken steps to attempt to bring a resolution to the dispute over the high-grade San Jose de Gracia Gold Project (\"San Jose de Gracia\").  Recently, the Sinaloa Government have requested that Goldgroup and their Earn-In partner on San Jose de Gracia, DynaResource, Inc. (\"DynaUSA\"), resolve their differences through mediation with the Sinaloa Government acting as facilitator to that mediation.  This process has commenced with meetings between Goldgroup, DynaUSA and the Sinaloa Government having taken place.  Goldgroup hopes to find a resolution to this issue in the near-term.\n\nCaballo Blanco:\n\nGoldgroup's 100% owned Caballo Blanco Gold Project (\"Caballo Blanco\") hosts Indicated Mineral Resources of 28.9 million tonnes grading 0.62 grams per tonne gold containing approximately 575,000 ounces of gold and Inferred Mineral Resources of 24 million tonnes grading 0.54 grams per tonne gold containing approximately 419,000 ounces of gold (based on a 0.2 grams per tonne cut-off grade; see the Company's technical report entitled \"Preliminary Economic Assessment, Caballo Blanco Heap Leach, Veracruz, Mexico\" date...