Business
Goldgroup Commences Crushing at Cerro Prieto
VANCOUVER , Nov. 26, 2013 /CNW/ - Goldgroup Mining Inc. ("Goldgroup" or the "Company") (...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"\n\n\nVANCOUVER, Nov. 26, 2013 /CNW/ - Goldgroup Mining Inc. (\"Goldgroup\" or\n the \"Company\") (TSX:GGA) (OTC:GGAZF) (BMV SIX:GGAN.MX) is pleased to\n announce that it has completed the movement of its crushing system from\n the Company's 100%-owned Cerro Colorado mine and has now completed\n installation at its 100%-owned Cerro Prieto project which is located\n approximately 200 kilometers away in Sonora State, Mexico.\n\n\nThe Company is also pleased to announce that the first material was\n crushed on November 25, 2013.  The phase one leach pad and ponds are\n completed and stacking of crushed material will begin this week, with\n leaching commencing shortly thereafter.\n\n\nKeith Piggott Chairman, President and Chief Executive Officer of\n Goldgroup commented \"mining at Cerro Prieto allows Goldgroup to\n continue mining operations in Sonora, whilst Cerro Colorado will\n continue to provide additional revenue from leaching of its leach pads\n without any mining cost.    This strategy of generating  cash flow to\n finance operations, especially from low capital intensity projects such\n as Cerro Prieto, assists  us  with providing flexibility to pursue\n opportunities at our two other  principal properties.\"\n\n\nThe Company wishes to make clear that it is not basing its production\n decision on a preliminary economic assessment demonstrating the\n potential viability of mineral resources or a feasibility study of\n mineral reserves demonstrating economic and technical viability, and as\n a result there is increased uncertainty and multiple technical and\n economic risks of failure which are associated with this production\n decision.  These risks, among others, include areas that are analyzed\n in more detail in a Preliminary Economic Assessment (\"PEA\") or\n Feasibility Study, such as applying economic analysis to resources or\n reserves and more detailed metallurgy.\n\n\nAbout Goldgroup\n\n\nGoldgroup is a Canadian-based gold production, development, and\n exploration Company with significant upside in a portfolio of projects\n in Mexico, including its flagship 100%-owned advanced stage gold\n development project Caballo Blanco in the state of Veracruz, and a 50%\n interest in DynaResource de Mexico, S.A. de C.V., which owns 100% of\n the high-grade gold exploration project...