Goldgroup Announces New Drill Results at its 100% Owned Caballo Blanco Gold Project

Goldgroup Mining Inc.(TSX:GGA) reported positive drill results at the Caballo Blanco project. Additional drill holes yielded significant gold intercepts. Eight of the ten drill holes intercepted were used to expand the La Paila oxide gold zone.

As quoted in the press release:

The Company focused its 2011 drilling program primarily on the La Paila Zone, specifically with the objectives of designing the first open pit and updating the current NI 43-101 mineral resource estimate for Caballo Blanco, which is expected to be released in the first quarter of 2012.

Goldgroup, President and CEO, Keith Piggott, said:

All of these diamond drill results at the La Paila Zone yielded significant gold intercepts above the cut-off grade, which are contained in completely oxidized, vuggy and siliceous rock occurring within and peripheral to the zone. These results continue to give better definition to the design of the first open pit. As planned, the 2011 drilling program was completed on December 18, 2011. In 2012, the Company is planning a drill program of up to 30,000 metres to further delineate the Caballo Blanco mineral resource

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