Goldgroup Mining Acquires Option on El Mozo Gold Project

Goldgroup Mining Inc. (TSX:GGA) announced that it’s acquired the option to earn an 80-percent interest in the Ecuador-based El Mozo gold project. It did so by acquiring all the issued and outstanding shares of 0990718 BC Ltd., a private company.
As quoted in the press release:

The 1,776 hectare El Mozo Project is located approximately 60km south of the city of Cuenca in southern Ecuador.  A total of 120 core holes (18,722 metres) have been drilled on the property by previous workers, focused primarily on three zones with near surface oxide gold mineralization.  Preliminary metallurgical test work indicates these oxide zones are amenable to low cost heap leaching.
0990718 holds its right to acquire an 80% interest in the El Mozo Project pursuant to an option agreement dated June 6, 2014 (the “Option Agreement”), as amended, between 0990718 and the owner of the El Mozo Project (the “Optionor”).

Click here to read the full Goldgroup Mining Inc. (TSX:GGA) press release.