Goldgroup Updates Exploration Efforst at Cerro Prieto GOLD MINE

Page 1 of 10

GOLDGROUP UPDATES EXPLORATION EFFORST AT CERRO PRIETO GOLD MINE

Vancouver, British Columbia April 1 7, 2024 Goldgroup Mining Inc. (“ Goldgroup” or the “ Company”) (TSX V:GGA,

OTC:GGAZF) is pleased to provide an update to recently completed surface exploration at its 100%-owned Cerro Prieto open -

pit, heap leach gold mine located in Sonora, Mexico.

CERRO PRIETO MINE

The Cerro Prieto Mine is an open pit heap leach gold mine located in Sonora, Mexico. From the start of mining operations in

2013 to date, Cerro Prieto has produced 117,033 ounces of gold. Ongoing mining operations continue to produce approximately

1,000 – 1,200 ounces of gold monthly.

Mined zones and more recently discovered mineralization, shown in Fig. 1 below, are located within or near the Cerro Prieto

Shear, a major north trending, near vertical shear zone up to 65 metres in width. The shear zone contains a series of major veins

near its margins, along with secondary veins and zones of stringers, breccias and silicification which, with the veins, forms a

mineralized system from 15 to 65 meters thick. Recent exploration has resulted in the discovery of significant mineralization

in several new zones along the trend of the Cerro Prieto Shear, both north and south of the existing mine.

FIGURE 1. Areas of past and current production along with areas of recent exploration.

Page 2 of 10

CERRO PRIETO EXPLORATION

Nueva Esperanza Zone Drilling

The Company has drill tested the Nueva Esperanza zone (see Image 1 below) immediately north and contiguous to the Esperanza

zone currently being mined , (see Image 1& 2 below). Seventeen preliminary drill holes tested this zone at a 25-metre line

spacing. Significant mineralization was encountered across appreciable widths in nine of the drill holes with assay result as

shown in Table 1 below. Drill hole location and orientation are presented in Figure 2.

IMAGE 1. Reyna zone, looking North.

Page 3 of 10

FIGURE 2. Drill hole locations for the Nueva Esperanz area

IMAGE 2. Looking north to Esperanza zone currently being mined – Nueva Esperanza & Reyna zones behind hill on left side.

Page 4 of 10

TABLE 1. Nueva Esperanza drilling results.

TABLE 2. Nueva Esperanza drill hole data.

Page 5 of 10

Reyna Zone – Surface Trench Sampling

The Reyna Zone is contiguous to and immediately north of the Nueva Esperanza zone referred to above , (see Figure 1 for

location). Surface trenching has exposed this zone over 90 meters as seen in Image 3 below , and chip sampling assay results

returned significant gold values as shown in Figure 3 below. This zone along with Nueva Esperanza require s additional

exploration drilling to determine if contained mineralization will be able to meet minimum tonnage and cut -off grades to allow

future mining; however, based upon geology, initial drilling and trenching results achieved to date, along with their location

immediately along strike to the north of the Esperanza Zone, management is confident these two zones will provide future mine

feed.

IMAGE 3. Trenching at the Reyna zone, looking North.

Page 6 of 10

FIGURE 3. Trench sample results for the Reyna zone

Recent Surface Exploration Identifies New Mineralized Zones

Cata, Coati & Cascabel Zones

Recent surface exploration up to 1.7 km south of the mine’s heap leach pads has identified the potential extension of the Cerro

Prieto Shear at the Cata and Coati Zones, along with the Cascabel Zone, a parallel mineralized structure. Chip and grab sample

analytical results for these surface samples assayed at the Cerro Prieto mine lab are presented in Fig. 4 and Table 3 below. Note

that exploration surface samples from these three zones as well as the Reyna zone referred to a bove, have not been

verified by an independent laboratory and the reader is cautioned that Company’s mine lab has not been certified and

therefore results could be different for assays obtained at an independent certified lab. The Company however, notes

that drill hole assay results obtained and reported on its most recent press release were assayed at both the mine lab and

independent ALS Chemex , located in Hermosillo, Mexico and results obtained were similar, within expected tolerance. The

Company intends to send future sample s taken during planned trenching and drilling for independent lab analysis and at th at

time will implement an industry standard quality assurance quality control program for these targeted exploration zones.

Page 7 of 10

FIGURE 4. Recent surface exploration at the Cata, Coati and Cascabel zones.

Page 8 of 10

Table 3. Highlights of recent surface chip sampling at the Cata. Coati, and Cascabel areas.

Quality Assurance / Quality Control (QA/QC)

An industry standard Quality Assurance/ Quality Control (QA/QC) program was followed by the Company for all seventeen

Nueva Esperanza drill hole samples with sample duplicates, standards and blanks inserted into the sample stream of all drill

hole samples, all of which were analyzed by ALS Chemex , located in Hermosillo, Mexico, a certified independent laboratory.

Control samples were also included for samples analyzed at the Cerro Prieto analytical laboratory, but the facility is not

certified, and results are used as a guide for exploration and should not be relied upon. Samples will be sent to an independ ent

certified laboratory to confirm the results.

Craig Gibson, Ph.D., CPG 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 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

Investor Relations

Toll Free: 1-877-655-ozAu (6928)

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.