Environmental Permitting Status Update on Goldgroup’s Caballo Blanco Project

The first set of comments in from the Secretaría de Medio Ambiente y Recurso Naturales (“SEMARNAT”) in regards to the Goldgroup Mining Inc. (TSX:GGA) EIS application were received by the Company on March 13, 2012, requesting more information on risk mitigation, along with environmental protection and rehabilitation, of several aspects of the proposed mining operations.

As quoted in the press release:

Goldgroup expects to provide a detailed written response to SEMARNAT to sufficiently satisfy their queries within the required 60 day response time. Following the receipt of the written response from Goldgroup, SEMARNAT will review the application a second time to determine the status of permitting, including possible required further clarification. This form of federal regulatory response is standard procedure in the environmental permitting process in the majority of established mining jurisdictions, including Mexico.  The EIS is required for the commencement of plant construction and mining activities.

Goldgroup President & CEO, Keith Piggott, said:

“Goldgroup’s corporate mandate is to meet or exceed all environmental standards.  In the Company’s opinion, the commencement of gold production, while fully respecting the environment, is the optimal approach to maximize value for all stakeholders. Caballo Blanco is anticipated to be a highly sustainable gold project with significant upside exploration potential outside of the La Paila Zone, which will be a key focus of the 30,000 metre drill program in 2012. Further details of the mining operations at Caballo Blanco will be highlighted in the upcoming preliminary economic assessment. We are working diligently to achieve our goal of 100,000 ounces of annual gold production in 2013.”

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