Key Developments: Goldgroup Mining Inc (GGAZF.PK)
0.14USD
22 May 2013
$0.01 (+10.88%)
$0.12
$0.12
$0.14
$0.12
9,500
24,960
$0.62
$0.12
Latest Key Developments (Source: Significant Developments)
Goldgroup Mining Inc and Oroco Resource Corp Sign Formal Purchase Agreement for Cerro Prieto
Goldgroup Mining Inc and Oroco Resource Corp announced that, further to the binding letter agreement between them, the Companies have signed a formal purchase agreement for Goldgroup to purchase from Oroco a 100% interest in the Cerro Prieto Project. Full Article
Oroco Resource Corp Signs Agreement to Sell Subsidiary's Cerro Prieto with Goldgroup Mining Inc
Oroco Resource Corp announced that it has entered into a binding agreement with Goldgroup Mining Inc pursuant to which Oroco will sell to Goldgroup a 100% interest in Minas de Oroco Resources, S.A. de C.V., Oroco's Mexican subsidiary which holds a 100% interest in the Company's Cerro Prieto Project in Sonora State, Mexico. Total consideration for the acquisition will be USD18 million, which shall be comprised of an initial payment of USD4,500,000 on closing and quarterly payments based on a calculation of USD150 per ounce for each ounce of gold produced from the Properties. Full Article
Goldgroup Mining Inc Announces Changes To Officers And Executive Management
Goldgroup Mining Inc announced 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. The Company also announced that Michael Clark has replaced John J. Sutherland as the Company's Chief Financial Officer. Full Article
NGEx Resources Inc. Announces Divestment of Caballlo Blanco Royalty To Goldgroup Mining Inc
NGEx Resources Inc. announced that it has entered into an agreement (the Agreement) whereby NGEX and Candymin S.A. De C.V. (Candymin), a wholly owned indirect subsidiary of Goldgroup Mining Inc. (Goldgroup), have agreed to terminate and extinguish the 1.5% Net Smelter Return Royalty that NGEX held with respect to 70% of production from the Caballo Blanco Project in Mexico for consideration of $1,000,000 cash and 2,200,000 common shares of Goldgroup. Full Article
Goldgroup Mining Inc. Expands Caballo Blanco Indicated Mineral Resources By 314%
Goldgroup Mining Inc. announced the updated National Instrument 43-101 (NI 43-101) compliant mineral resource estimate (the Technical Report) for its flagship 100%-owned Caballo Blanco gold project in Veracruz, Mexico. Based on a 0.2 g/t Au cut-off grade, the Company's indicated mineral resources at the La Paila Zone at Caballo Blanco grew by 314% from 139,000 to 575,000 ounces of gold (28.9 million tonnes grading 0.62 g/t Au). The inferred mineral resources summed to 419,000 ounces of gold (24.0 million tonnes grading 0.54 g/t Au). This Technical Report also adds silver mineral resources to the mineral resource estimate at Caballo Blanco, including 2,150,000 ounces of silver indicated mineral resources (28.9 million tonnes grading 2.32 g/t Ag) and 1,930,000 ounces of silver inferred resources (24.0 million tonnes grading 2.5 g/t Ag). The Technical Report was prepared for the Company by Jim Cuttle, P. Geo. and Gary Giroux, P. Eng. of Giroux Consultants Ltd., each an independent Qualified Person under NI 43-101 standards. Full Article
Goldgroup Mining Inc. Completes Acquisition Of The Remaining 30% Interest In The Caballo Blanco Project Held By Almaden Minerals Ltd.
Goldgroup Mining Inc. (Goldgroup) announced that, further to its news release of September 26, 2011, Goldgroup has completed the acquisition of the remaining 30% interest in the Caballo Blanco project held by Almaden Minerals Ltd. (Almaden). Goldgroup now owns 100% of the Caballo Blanco project. The aggregate consideration paid by Goldgroup to Almaden in connection with the transaction consisted of: USD2,500,000 in cash; 7,000,000 Goldgroup common shares at closing; the right to receive up to an additional 7,000,000 Goldgroup common shares upon the achievement of certain project milestones (1,000,000 common shares upon commencement of commercial production, 2,000,000 common shares upon measured and indicated resources, including cumulative production, reaching 2,000,000 ounces of gold, 2,000,000 common shares upon measured, indicated and inferred resources, including cumulative production, reaching 5,000,000 ounces of gold and 2,000,000 common shares upon measured, indicated and inferred resources, including cumulative production, reaching 10,000,000 ounces of gold); a 1.5% net smelter return royalty; and the transfer of Goldgroup's 40% interest in the El Cobre property. Full Article
Goldgroup Mining Inc. Acquires Remaining 30% Interest In The Caballo Blanco Project
Goldgroup Mining Inc. announced that it has entered into an agreement with Almaden Minerals Ltd. and its subsidiary (together, Almaden) to purchase Almaden's 30% interest in the Caballo Blanco project (the Transaction). 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 USD2,500,000 and issue to Almaden 7,000,000 of its common shares. An additional 7,000,000 of its common shares will be issued to Almaden under the following conditions: 1,000,000 common shares upon commencement of commercial production on the Caballo Blanco project, 2,000,000 common shares upon measured and indicated resources including cumulative production reaching 2,000,000 ounces of gold, 2,000,000 common shares upon measured, indicated and inferred resources including cumulative production reaching 5,000,000 ounces of gold and 2,000,000 common shares upon measured, indicated and inferred resources including cumulative production reaching 10,000,000 ounces of gold. Goldgroup shall also pay USD650,000 and provide a 0.4% net smelter royalty on the Caballo Blanco project to the original claimholder of the property in settlement of certain rights and subject to certain terms and conditions. Full Article
Goldgroup Mining Inc. Completes Earn-In Of Caballo Blanco Interest
Goldgroup Mining Inc. announced that Almaden Minerals Ltd. has confirmed that Goldgroup's expenditures in 2010 and 2011 at the Caballo Blanco project satisfied its obligations to earn its 70% undivided interest in the project within the time periods required under the related option agreement. Full Article
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
