Mr. Ralph Shearing reports

GOLDGROUP ANNOUNCES PROPOSED USD $400,000 CONVERTIBLE DEBT FINANCING AND PROVIDES UPDATE TO ITS BOARD OF DIRECTORS

Goldgroup Mining Inc. is in the process of arranging convertible debt financing of up to $400,000 (U.S.), of which $100,000 (U.S.) has already been received. The convertible debts will be unsecured, bear interest at 12 per cent per annum, will be repayable 18 months after closing and will be convertible into common shares of the company at 10 cents per share at a fixed FX (foreign exchange) rate of 76 U.S. cents to $1 at the election of the lender(s).

No commissions or fees are payable in connection with the convertible debts and the proceeds will be used to improve the company's Cerro Prieto heap leach gold mining operations and general working capital requirements.

The closing of the convertible debts is subject to receipt of all necessary approvals, including approval of the Toronto Stock Exchange.

Changes to the board

Javier Montano has resigned from the board of directors. The company would like to thank Mr. Montano for his time and services and for the valuable contributions made during his time with the company.

The company has appointed Roberto Guzman to its board of directors. Mr. Guzman obtained a master's degree in finance from the Universidad Tecnologica de Mexico in 1989 and has more than 25 years of experience in the financial sector, primarily in Mexico, initially working as finance manager for several Mexican publicly traded companies as well as other private Mexican financial companies.

Ralph Shearing, chief executive officer, commented, "We are excited to welcome Mr. Guzman to the company and very much look forward to utilizing his experience on the board."

About Goldgroup Mining Inc.

Goldgroup is a Canadian-based mining company that owns and operates the Cerro Prieto heap leach gold mine located in the state of Sonora, Mexico, and is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance and exploration in Mexico.

We seek Safe Harbor.