Goldgroup Acquires Remaining 30% Interest in the Caballo Blanco Project

- September 26th, 2011

Goldgroup Mining (TSE:GGA) announced that it has entered into an agreement with Almaden Minerals (TSE:AMM) and its subsidiary to purchase Almaden’s 30% interest in the Caballo Blanco project, Veracruz, Mexico.

Goldgroup Mining (TSX:GGA) announced that it has entered into an agreement with Almaden Minerals (TSX:AMM) and its subsidiary to purchase Almaden’s 30% interest in the Caballo Blanco project,

Veracruz, Mexico

The press release is quoted as saying:

As previously announced, Goldgroup recently completed its earn-in of its 70% interest in the Caballo Blanco gold project. Upon completion of the Transaction, Goldgroup will own 100% of the Caballo Blanco project. In consideration for acquiring the remaining 30% interest in Caballo Blanco, at closing Goldgroup shall pay to Almaden a cash consideration of US$2,500,000 and issue to Almaden 7,000,000 of its common shares.

Click here to access the entire news release.

Click here to access Goldgroup’s company profile.(TSX:GGA)

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