Goldgroup Proposes to Acquire Mining Project
AC/13185763.1
GOLDGROUP PROPOSES TO ACQUIRE MINING PROJECT
Vancouver, British Columbia ( August 14, 202 4) Goldgroup Mining Inc. (“ Goldgroup” or the
“Company”) (TSX -V:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) has entered into an agreement on
August 13, 2024 (the “ Agreement”) to acquire all of the interests owned by a group of creditors (the
"Creditor Group") who own a loan facility pursuant to which various advances were made to Minera
Apolo, S.A. de C.V. (“Apolo”) (the “Loan Facility”). The outstanding amount under the Loan Facility is
currently approximately USD $2.7 million and the facility is secured against the assets and shares of Apollo
located in San Luis Potosi, Mexico. Upon completion of the acquisition of the Loan Facility, the Company
plans to commence enforcement actions and settlement discussions in respect of the outstanding amounts
under the Loan Facility, with the ultimate goal being the transfer of the shares of Apolo as full or partial
settlement of the Loan Facility. As a result, Goldgroup would acquire full ownership of Apolo which is the
100% owner of the fully permitted gold project located 140 kilometers east of the capital Zacatecas in the
state of Zacatecas, Mexico (the “Pinos Project”).
In consideration for the acquisition of the Loan Facility from the Creditor Group, the Company proposes
to issue 50 million common shares pro rata to the members of the Creditor Group, pay cash consideration
of USD $0.5M within 18 months of the closing date of the Agreement, and pay USD$1.5M in contingent
consideration which is only due upon the completion of certain criteria, including a positive pre-feasibility
study at the Pinos Project , the advancement of the project into commercial production , publishing an
updated 43-101 with greater than 200,000 ounces of contained gold equivalent ounces for the Pinos Project,
or the Company’s owned interest in the Pinos Project falling to less than 51%. However, there shall be no
payments made under the Agreement (other than a small cash advance, most of which is refundable) until
full legal and equitable title and interest in and to the Pinos Project shall have been obtained by the Company
upon enforcement of the security underlying the Loan Facility by the Company.
The completion of the transactions contemplated in this news release are subject to receipt of all necessary
approvals, including approval of the TSX Venture Exchange.
About Goldgroup
Goldgroup is a Canadian-based mining Company that owns and operates the Cerro Prieto heap-leach gold
mine located in the State of Sonora, Mexico and is led by a team of highly successful and seasoned
individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico.
For further information on Goldgroup, please visit www.goldgroupmining.com
On behalf of the Board of Directors
Ralph Shearing
CEO
+1 (604) 764-0965
THIS PRESS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS,
IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES.
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Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the
adequacy or accuracy of this release.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such jurisdiction. Such securities have
not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S.
Securities Act”), or any state securities laws, and, accordingly, may not be offered or sold within the United
States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is
defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S.
Securities Act and applicable state securities laws or pursuant to an exemption from such reg istration
requirements.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain information contained in this news release, including any information relating to future financial or
operating performance, may be considered “forward-looking information” (within the meaning of applicable
Canadian securities law) and “forward-looking statements” (within the meaning of the United States Private
Securities Litigation Reform Act of 1995). These statements relate to analyses and other information that
are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of
management. Actual results could differ materially from the conclusions, forecasts and projections
contained in such forward-looking information.
These forward-looking statements reflect Goldgroup’s current internal projections, expectations or beliefs
and are based on information currently available to Goldgroup. In some cases forward -looking information
can be identified by terminology such as “ma y”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”,
“believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”, “budget” or the negative of those terms
or other comparable terminology. Certain assumptions have been made regarding TSXV acceptance of the
Company’s listing application and timing of this acceptance. Many of these assumptions are based on
factors and events that are not within the control of Goldgroup and there is no assurance they will prove to
be correct.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other
factors that could cause actual events or results to materially differ from those reflected in the forward -
looking information, and are developed based on assumptions about such risks, uncertainties and other
factors including, without limitation: non-completion of any proposed transactions; receipt of all required
stock exchange and regulatory approvals ,; the continued listing and trading of the Company’s common
shares; the continuing impact of COVID-19; the continuing impact of regulatory responses to COVID 19 on
the employees, business and operations of the Company ; uncertainties related to actual capital costs
operating costs and expenditures; production schedules and economic returns from Goldgroup’s projects;
uncertainties associated with development activities; uncertainties inherent in the estimation of mineral
resources and precious metal recoveries; uncertainties related to current global economic conditions;
fluctuations in precious and base metal prices; uncertainties related to the availability of future financing;
potential difficulties with joint venture partners; risks that Goldgroup’s title to its property could be
challenged; political and country risk; risks associated with Goldgroup being subject to government
regulation; risks associated with surface rights; environmental risks; Goldgroup’s need to attract and retain
qualified personnel; risks associated with potential conflicts of interest; Goldgroup’s lack of experience in
overseeing the construction of a mining project; risks related to the integration of businesses and assets
acquired by Goldgroup; uncertainties related to the competitiveness of the mining industry; risk associated
with theft; risk of water shortages and risks associated with competition for water; uninsured risks and
inadequate insurance coverage; risks associated with potential l egal proceedings; risks associated with
community relations; outside contractor risks; risks related to archaeological sites; foreign currency risks;
risks associated with security and human rights; and risks related to the need for reclamation activities on
Goldgroup’s properties, as well as the risk factors disclosed in Goldgroup’s Annual Information Form and
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MD&A and other public disclosure by Goldgroup . Any and all of the forward -looking information contained
in this news release is qualified by these cautionary statements.
Although Goldgroup believes that the forward -looking information contained in this news release is based
on reasonable assumptions, readers cannot be assured that actual results will be consistent with such
statements. Accordingly, readers are cautioned ag ainst placing undue reliance on forward -looking
information. Goldgroup expressly disclaims any intention or obligation to update or revise any forward -
looking information, whether as a result of new information, events or otherwise, except as may be required
by, and in accordance with, applicable securities laws.