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Goldgroup Announces Changes to Officers and Executive Management
Published : November 14, 2012
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Goldgroup Announces Changes to Officers and Executive Management

VANCOUVER, Nov. 14, 2012 /CNW/ - Goldgroup Mining Inc. ("Goldgroup" or the "Company") (TSX: GGA) announced today that Chester F. Millar has been appointed Chairman of the Company, replacing Gregg J. Sedun as Executive Chairman.  Further to the Company's news release dated October 12, 2012 announcing Mr. Sedun as Interim Chief Executive Officer and President, the Board of Directors has now appointed the Company's Lead Director, Dr. Hans von Michaelis, to fill the role of CEO and President. Dr. von Michaelis will continue to serve on the Board of Directors. Mr. Sedun is a major shareholder of the Company and will continue to serve on the Company's Board of Directors.

Chester Millar stated, "My vision for Goldgroup is to provide strategic and visionary direction for the Company. I would like to thank Mr. Sedun for being an integral part in the development of Goldgroup and for all of his significant contributions over the past six years.  We look forward to working with Mr. Sedun as he continues to assist the Company accomplish its strategic goals as a member of the Board of Directors."

The Company also announces that Michael Clark has replaced John J. Sutherland as the Company's Chief Financial Officer.  Mr. Sutherland was a valuable member of Goldgroup's team, and the Board of Directors wishes him the best in his future endeavours.

The Executive Management changes are part of the Company's continued focus on optimizing capital and other costs.  The newly appointed Chairman and CEO will not receive remuneration.  The Company is also committed to streamlining its permitting and operational processes in order to expand gold production on a timely basis.

Chester Millar is considered one of the mining industry's most successful company builders. Mr. Millar was inducted into the Canadian Mining Hall of Fame in 2008, with a career that includes being a founder and former Chairman of such notable large and successful gold companies as Glamis Gold Ltd., Eldorado Gold Corporation and Alamos Gold Inc. Under his strategic direction, these companies were able to grow from junior exploration and early production companies to world class gold producers. Mr. Millar's illustrious career in the mining industry commenced in the 1960's when he discovered and developed the highly successful Afton Mines Ltd. open-pit, copper-gold mine near Kamloops, Canada. Afton Mines Ltd. was ultimately acquired by Teck Cominco Ltd. (now Teck Resources Limited). Mr. Millar was also Chairman of Castle Gold Corporation (acquired by Argonaut Gold Inc.) from August 2004 to September 2008, and Chairman of Pediment Gold Corp. (acquired by Argonaut Gold Inc.) from April 2008 to January 2011. Mr. Millar is a graduate from the University of British Columbia with a degree in geological engineering.

Dr. von Michaelis was appointed as Goldgroup's Lead Director on March 26, 2012. He spent two decades on innovations in extractive metallurgy of gold and silver. Dr. von Michaelis is a former director of Glamis Gold Ltd, where he was a part of the team that initiated the Glamis Gold growth program. Among other business development achievements was his introduction of the Mulatos gold project to Alamos Gold Inc. (formerly Alamos Minerals Ltd). He is currently President of Randol International Ltd., a company he founded in 1977, which provides business development services to the mining industry. Dr. von Michaelis holds a Ph.D in Geochemistry from the University of Cape Town.

Michael Clark has been with Goldgroup since May 1, 2010 as Controller and Treasurer for the Company. He was formerly the interim CFO and Controller for Grosso Group Management, which managed five publicly-listed mining companies primarily focused on exploration in North and South America.

About Goldgroup

Goldgroup is a well-funded 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 José 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.


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 Caballo Blanco 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; 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; 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 ay be required by, and in accordance with, applicable securities laws.

SOURCE: Goldgroup Mining Inc.

For further information:

For further information on Goldgroup, please visit

On behalf of the Board of Directors,

Dr. Hans von Michaelis CEO & President
Tel: 1-303-549-4480

Stephanie Batory, Director of Investor Relations 
Toll Free: 1-877-655-ozAu (6928)

Data and Statistics for these countries : Canada | Mexico | All
Gold and Silver Prices for these countries : Canada | Mexico | All

Goldgroup Mining

ISIN : CA38141A1075
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Goldgroup is a producing gold company based in Canada.

Goldgroup holds various exploration projects in Mexico.

Its main asset in production is CERRO COLORADO in Mexico and its main exploration properties are SAN JOSE DE GARCIA, EL PORVENIR, EL CANDELERO and CABALLO BLANCO in Mexico.

Goldgroup is listed in Canada. Its market capitalisation is CA$ 13.0 millions as of today (US$ 10.0 millions, € 8.6 millions).

Its stock quote reached its highest recent level on September 16, 2011 at CA$ 1.75, and its lowest recent point on November 29, 2013 at CA$ 0.04.

Goldgroup has 185 140 000 shares outstanding.

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Financings of Goldgroup Mining
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6/27/2013Announces Appointment of Keith Piggott as President & CEO
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6/25/2012(Caballo Blanco)Announces Tunnel Assays Confirming Drill Results at Caballo ...
4/12/2012(Caballo Blanco)Announces Completion of PEA on Caballo Blanco Indicating Rob...
2/10/2012(Caballo Blanco)Drills Additional Gold Intercepts at the La Paila Zone at C...
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1/19/2012Please Visit Goldgroup Mining Inc. at Booth #803 at the Vanc...
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3/29/2011(San Jose De Garcia)- 883.91 g/t Gold Intercepted Over 0.4 Metres at San José de...
1/13/2011(San Jose De Garcia)89.95 g/t Gold Intercepted Over 1.42 Metres at San Jos=E9de ...
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12/1/2010(Caballo Blanco)Announces Initial Caballo Blanco Drilling Results
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6/21/2016Goldgroup Announces Commercial Production at Cerro Prieto
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10/22/2015Goldgroup Response to Dyna Legal Claims
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6/19/2015Provides Corporate Update
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12/24/2014Goldgroup Completes the Sale of Caballo Blanco
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12/24/2014(Caballo Blanco)Completes the Sale of Caballo Blanco
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12/18/2014Timmins Gold to Purchase Caballo Blanco Gold Project
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11/14/2014Goldgroup Provides Corporate Update
11/13/2014Provides Corporate Update
11/13/2014Goldgroup Provides Corporate Update
10/17/2014Goldgroup Announces Resignation of Director
10/17/2014Goldgroup Announces Resignation of Director
10/1/2014Goldgroup Completes Second Drawdown on Loan Facility
9/22/2014Announces $10 Million Loan Facility
9/22/2014Goldgroup Announces $10 Million Loan Facility
8/22/2014Goldgroup Closes Second and Final Tranche of Unit Financing
8/13/2014Goldgroup Closes First Tranche of Unit Financing
7/29/2014Goldgroup Announces Private Placement and Provides Corporate...
6/12/2014Announces the Results of its 2014 Annual and Special Meeting...
3/31/2014Refutes Groundless Claim by Sonoran Resources
3/11/2014DynaResource Retracts Lawsuit Filed Against Goldgroup
2/27/2014Receives Explosives Permit at Cerro Prieto
1/14/2014Obtains Injunction Against DynaResource, Inc.
1/9/2014Announces First Gold Production from the Cerro Prieto Mine
11/26/2013Commences Crushing at Cerro Prieto
10/28/2013Announces the Filing of Legal Action
9/3/2013Announces Closing of Acquisition of Cerro Prieto Project and...
8/16/2013and Oroco Extend the Closing Date for the Cerro Prieto Trans...
8/8/2013Reports Updated NI 43-101 Resource Estimate at the Cerro Pri...
7/12/2013Provides Corporate Update
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6/24/2013Responds to News Release
4/29/2013Clarifies Disclosure
4/11/2013Adopts Advance Notice Article
4/10/2013and Oroco Sign Formal Purchase Agreement for Cerro Prieto
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1/23/2013Statement Regarding Lawsuit Filing
11/2/2012Announces Senior Management Changes
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4/17/2012Attending 2012 Denver Gold Group European Gold Forum in Zuri...
3/29/2012(Caballo Blanco)Announces Tunnel Assays Confirming Drilling Results at Caba...
3/26/2012Attending Vancouver World MoneyShow March 27-29, 2012 - Boo...
2/28/2012Responds to Mexican Newspaper Articles
2/27/2012(Caballo Blanco)Tunnel Assays Confirm Drilling Results from the La Paila Zon...
2/24/2012Attending BMO Capital Markets 2012 Global Metals & Mining Co...
1/10/2012Attending the Dahlman Rose & Co. Emerging Miners CEO Confer...
1/9/2012Files NI 43-101 Technical Report on the San Jos=E9 de Gracia...
1/7/2012Featured in Third Party Reports and Completes Corporate Init...
9/22/2011(Caballo Blanco)Begins Tunneling at Caballo Blanco
9/22/2011(Caballo Blanco)Begins Tunneling at Caballo Blanco
9/13/2011Added to the S&P/TSX SmallCap Index
7/28/2011Transfers Its Incorporation to British Columbia
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6/14/2011- 13.93 g/t Gold Intercepted Over 4.75 Metres at San Jos...
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4/20/2011(Caballo Blanco)Cuts Several 90-Plus Metre Intercepts of Oxide Gold at Cabal...
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