VANCOUVER, Aug. 16, 2013 /PRNewswire/ – Goldgroup Mining Inc. (“Goldgroup” or
the “Company”) (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) announced today
that they have extended the closing of the acquisition of the Cerro
Prieto Project (the “Cerro Prieto Project”) from Oroco Resource Corp.
(“Oroco”) to August 30, 2013.

Goldgroup has made a deposit of US$40,000 to Oroco, which will be
applied against the US$4.5 million owed to Oroco on the closing of the
acquisition of the Cerro Prieto Project. Further to Goldgroup’s July
16, 2013 news release, the Company is diligently working towards
closing the previously announced CDN$4 million senior secured loan
facility. Goldgroup and Oroco remain committed to the Cerro Prieto
transaction and the Company intends to close the senior secured loan
facility and the acquisition of the Cerro Prieto Project
simultaneously.

About Goldgroup

Goldgroup is a Canadian-based gold production, development, and
exploration Company with significant upside in a portfolio of projects
in Mexico, including its flagship 100%-owned advanced stage gold
development project Caballo Blanco in the state of Veracruz, and a 50%
interest in DynaResource de Mexico, S.A. de C.V., which owns 100% of
the high-grade gold exploration project, San Jos de Gracia located in
the state of Sinaloa. The Company also operates its 100%-owned Cerro
Colorado gold mine in the state of Sonora.

Goldgroup is led by a team of highly successful and seasoned individuals
with extensive expertise in mine development, corporate finance, and
exploration in Mexico. Goldgroup’s mission is to increase gold
production, mineral resources, profitability and cash flow, building a
leading gold producer in Mexico.

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 “may”, “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 the Company’s plans at the Cerro
Prieto project. 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: 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 legal 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. 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 against 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.

SOURCE Goldgroup Mining Inc.