VANCOUVER, April 29, 2013 /PRNewswire/ – Goldgroup Mining Inc. (“Goldgroup” or the “Company“) (TSX:GGA, OTC:GGAZF, BMV SIC:GGAN.MX) reports that as a result of a
review by the British Columbia Securities Commission (the “BCSC“), the Company is issuing the following news release to clarify its
disclosure.

Cerro Prieto Gold Project

The Company has, pursuant to its news release dated January 28, 2013
(the “January 2013 News Release“), announced that it entered into an agreement with Oroco Resource
Corp. (“Oroco“) to acquire Oroco’s Cerro Prieto Project. The Company wishes to
clarify that this transaction has not yet completed and its completion
is subject to approval of the shareholders of Oroco and the TSX Venture
Exchange as well as standard closing conditions. The January 2013 News
Release and the Company’s Corporate Presentation “An Emerging Gold
Producer in Mexico, Corporate Update – February 2013” made reference to
a “current resource” at the Cerro Prieto Project. The Company wishes
to clarify that the resource estimate is historical in nature, as it
was not prepared by or on behalf of the Company, and is based on a
technical report titled “Preliminary Economic Assessment Technical
Report on the Cerro Prieto Project Magdelena de Kino Area, Sonora State
Mexico” dated January 28, 2011 on the Cerro Prieto Project prepared by
Moose Mountain Technical Services for Oroco and filed on SEDAR by Oroco
(the “Oroco Technical Report“). Accordingly, the Company is not treating this historical estimate
as current mineral resources, as a qualified person has not done
sufficient work on behalf of the Company to classify the historical
estimate as current mineral resources. After the Oroco Technical
Report was completed and filed, Oroco subsequently carried out a
surface sampling and exploration and infill drilling program from
December 2011 to April 2012, with a focus on the area south of the
resource area which was the subject of the Oroco Technical Report. The
Company expects to have a National Instrument 43-101 (“NI 43-101“) compliant technical report completed on the Cerro Prieto Project by
approximately August 31, 2013. The Company’s technical report on the
Cerro Prieto Project will incorporate the results of Oroco’s 2011 and
2012 exploration and infill drilling program, as well as a new
geological interpretation, in order to update and verify the Oroco
resource estimate as current mineral resources.

In the Company’s annual information form for the year ended December 31,
2012 (the “AIF“) and in the Company’s management’s discussion and analysis for the
year ended December 31, 2012 (the “MD&A“), the Company stated (i) that it intends to successfully transition
its mining fleet and personnel from Cerro Colorado to the Cerro Prieto
Project which is located approximately 120 km away and (ii) that
utilizing the Company’s existing Cerro Colorado mining fleet and gold
adsorption plant will significantly reduce the capital required to
start mining at the Cerro Prieto Project. The Company wishes to
clarify that it was only noting that the proximity of the Cerro Prieto
Project to Cerro Colorado may help to reduce capital costs that may be
incurred at the Cerro Prieto Project. Further, the Company retracts
the statements it made in the MD&A that by re-deploying the Company’s
Cerro Colorado mining fleet, plant, operating and maintenance team, the
Company will “fast track” the Cerro Prieto Project to production and
that a planned wind-down of Cerro Colorado and transitioning of the
fleet, equipment and operating team would commence in mid-2013. The
Company wishes to clarify that it has not made a production decision,
is not in a position to determine when mining may occur at Cerro Prieto
and gives no assurances in that regard. The Company will file a
revised AIF and MD&A on SEDAR.

Caballo Blanco Project

In a number of the Company’s investor materials, website disclosures and
news releases, the Company has referred to the results of a preliminary
economic assessment (the “PEA“) with respect to the Caballo Blanco Project which did not include the
cautionary language and details required under NI 43-101. In
particular, the Corporate Presentation dated January 2013 and a Fact
Sheet that were distributed at the recent Cambridge House Conference in
Vancouver disclosing results for the PEA for the Caballo Blanco Project
did not include the following cautionary language required by sections
2.3(3)(a) and 3.4(e) of NI 43-101: “The preliminary economic assessment is preliminary in nature and
includes inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied to them that
would enable them to be categorized as mineral reserves, and there is
no certainty that the preliminary economic assessment will be
realized. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.”

The projects section of the Company’s website and the Company’s
Corporate Presentation and Fact Sheet found on the Company’s website
have been amended to include the requisite prominent cautionary
language.

In addition, the Caballo Blanco Project section of the Company’s website
previously disclosed that initial production at Caballo Blanco is
expected to commence in 2013 at an average annual rate of 100,000
ounces of gold. The Company wishes to retract this statement and
re-state it as follows: “According to the results of the preliminary economic assessment
performed on the Caballo Blanco Project, as set out in the technical
report titled “Preliminary Economic Assessment Caballo Blanco Gold Heap
Leach, Veracruz, Mexico” dated May 7, 2012, with a base case of
US$1,500 per ounce of gold and US$30 per ounce of silver, the Caballo
Blanco Project is expected to generate a 66.4% pre-tax internal rate of
return, a US$283.8 million pre-tax net present value at a 5% discount
rate, 20,000 tonnes per day at full production and annual production of
95,000 ounces of gold for years two to seven, for total production of
687,000 ounces of gold and 1.3 million ounces of silver for the
expected life-of-mine of 7.5 years. The preliminary economic
assessment is preliminary in nature, includes inferred mineral
resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the
preliminary economic assessment will be realized. Mineral resources
that are not mineral reserves do not have demonstrated economic
viability. The Company has not made a production decision and no
assurances can be given as to when production may commence.”

The Company’s website, the Company’s April 12, 2012 news release
announcing the PEA for the Caballo Blanco Project (the “April 2012 News Release“) and the AIF should have included the following cautionary language
prominently with the disclosure of the PEA since a current positive
pre-feasibility study or feasibility study has not been completed on
the Caballo Blanco Project and only such studies can qualify mineral
reserves: “Mineral resources that are not mineral reserves do not have
demonstrated economic viability.”

The April 2012 News Release also designated the deposit as an “orebody”,
a term that is inappropriate at the PEA stage because it confers
economic viability and thereby treats resources as a mineral reserve.
The Company retracts the use of such term in the April 2012 News
Release.

Qualified Persons

The BCSC identified that in the Company’s investor materials, website
disclosures and news releases, the Company has from time to time failed
to identify and disclose the relationship to the Company of the
qualified person who prepared or supervised the preparation of the
technical information it is disclosing. As a result, this information
has now been included in the Company’s Corporate Presentation and Fact
Sheet that can be found on the Company’s website.

Marc Simpson, P.Geo., a contractor of the Company and a qualified person
under NI 43-101, has reviewed and approved the technical information
contained in this news release.

Reliance

In the instances where the Company has retracted, revised, clarified or
updated previous disclosure, the Company advises readers not to rely on
such statements as they may continue to be found in the public domain.

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 remains in a flexible financial position with a strong cash
balance, no debt and no gold hedging. The Company 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 relating to
the Cerro Prieto and Caballo Blanco projects and the Cerro Colorado
mine. 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; risks related to
the continued operation of the Cerro Colorado mine without a current
economic analysis; risks related to the planned expansion of the Cerro
Colorado mine; 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 operating hazards at the Cerro
Colorado mine; 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 (including the risk of non-completion of
the Oroco acquisition due to failure to receive shareholder or
regulatory approval); 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.