Goldgroup Provides Cerro Prieto MINE Progress Update Towards Doubling Production Capacity Targeting 25,000+ GOLD Ounces Annually
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GOLDGROUP PROVIDES CERRO PRIETO MINE PROGRESS
UPDATE TOWARDS DOUBLING PRODUCTION CAPACITY
TARGETING 25,000+ GOLD OUNCES ANNUALLY
Vancouver, British Columbia (October 24, 2024) Goldgroup Mining Inc. (“Goldgroup” or the
“Company”) (TSX.V: GGA, OTC: GGAZF,) is pleased to update shareholders on its effort of
expanding crushing and leaching capacity at the Company’s 100% owned Cerro Prieto Mine
located near Magdelana, Sonora State, Mexico.
HIGHLIGHTS
• Primary crusher installed and operational at design capacity of 2,200 tonnes pre day
at P80 of 6” for new Crushing Circuit # 2 (“C2”).
• C2’s Secondary crusher in machine shop for major overhaul. Capacity of 1,250
Tonnes per day at P80 of 1,225 tonnes per day.
• Expanded pumping and irrigation capacity installed and operational to accommodate
the increased tonnage of mineralized material deposited to the leach pads.
• ADR plant (gold recovery plant) expansion and improvements completed to allow
processing of expanded volume of pregnant solution that will be available from
doubling of crushed tonnage increases deposited to the leach pads.
Goldgroup CEO, Ralph Shearing, commented, “Goldgroup has made significant progress
toward doubling Cerro Prieto’s production. Should we achieve the increased recoveries
obtained in our most recent metallurgical testing during expanded production upon completing
crushing improvements, the project will no doubt see a significant increase in gold production
and therefore, expected cash flows.”
With gold recovery expansion capacity achieved in the ADR plant and, C2 primary crusher now
operational, the mine can begin depositing C2’s primary crushed material to the leach pads at a
planned rate of 2,200 tpd which will supplement C1’s current fully crushed to 5/8” output. Although
C2’s primary crushed output is not ideal at P80 of 6”, it is an improvement over depositing Run of
Mine (‘ROM” uncrushed material) and should allow increased recovery compared to ROM. Once
the major overhaul/repair of the secondary crusher has been completed and this unit is installed
in C2, further recovery increases are expected.
Cerro Prieto mine site team are sourcing a tertiary crusher of larger capacity to process both C1
and C2’s final tertiary output to achieve the P 80 of 3/8. This is a smaller crush size than the
projects historic C1 tertiary crusher output at P80 of 5/8.
Very recent metallurgical testing, as disclose in the Company’s new release of October 22, 2024,
(Click here to view - Independent Metallurgical Testing Co | Goldgroup Mining Inc. ) demonstrated in
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testing a reduced crush size to P80 of 3/8, with an increase in the leach solution concentration of
sodium cyanide to 600 PPM could potentially increase recoveries to as high as 72%, as opposed
to current achieved recoveries of approximately 45%.
Ralph Shearing, P.Geol. (Alberta), is the qualified person under NI 43-101 who has reviewed and
approved the technical disclosure contained in this news release.
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
1.778.330.2759
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for
the adequacy or accuracy of this release.
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.
The Company cautions that it chose to advance the Cerro Prieto Mine zones into production
without the benefit of completing a feasibility study demonstrating economic and technical viability
or, an independent technical report confirming resources or reser ves. Accordingly, readers
should be cautioned that Goldgroup’s production decisions has been and are being made without
a comprehensive feasibility study of established reserves or resources such that there is greater
risk and increased uncertainty as to future economic results from the Cerro Prieto Mine and a
higher technical risk of failure than would be the case if a feasibility study were completed and
relied upon to make a production decision.
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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 “may”, “will”, “should”, “expect”,
“intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”,
“budget” or the negative of those terms or other comparable terminology.
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 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.