Business
Oroco Shareholders Approve Cerro Prieto Acquisition by Goldgroup
VANCOUVER , June 24, 2013 /CNW/ - Goldgroup Mining Inc. ("Goldgroup" or the "Company") (...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"\n\n\nVANCOUVER, June 24, 2013 /CNW/ - Goldgroup Mining Inc. (\"Goldgroup\" or\n the \"Company\") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) is pleased to\n announce that the requisite majority of Oroco Resource Corp. (\"Oroco\")\n (TSXV:OCO, Frankfurt: OR6) shareholders have voted in favor of the\n binding agreement pursuant to which Goldgroup will acquire the Cerro\n Prieto Project (the \"Cerro Prieto Project\") from Oroco.  Completion of\n the transaction is subject to regulatory approval as well as standard\n closing conditions.\n\n\n\"The Cerro Prieto Project adds to Goldgroup's opportunity to potentially\n realize future gold production growth,\" Dr. Hans von Michaelis,\n Goldgroup's President, CEO and Director said.  \"We remain committed to\n our flagship asset, the Caballo Blanco Project; however, we realize\n that the Cerro Prieto Project presents a potentially more immediate\n opportunity to add value for shareholders.\"\n\n\nThe Company wishes to make it clear that it has not made a production\n decision, and is not in a position to determine when mining may occur\n at the Cerro Prieto Project and gives no assurances in that regard. \n The Company is currently working to complete a mineral resource\n estimate compliant under National Instrument 43-101 - Standards of Disclosure for Mineral\n Projects which the Company anticipates will be completed on or before July 31,\n 2013.    \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, San José de Gracia located in\n the state of Sinaloa. The Company also operates its 100%-owned Cerro\n Colorado gold mine in the state of Sonora.\n\n\nGoldgroup is led by a team of highly successful and seasoned individuals\n with extensive expertise in mine development, corporate finance, and\n exploration in Mexico. Goldgroup's mission is to increase gold\n production, mineral resources, profitability and cash flow, building a\n leading gold producer in Mexico.\n\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKIN...