VANCOUVER, Sept. 22, 2017 /CNW/ - Goldgroup Mining Inc.
("Goldgroup" or the "Company") (TSX:GGA, OTC:GGAZF, BMV
SIX:GGAN.MX) would like to provide a legal update in regards to
DynaResource, Inc.'s ("DynaUSA") award in excess of USD$48 million in damages against the Company. On
August 24, 2017, a Federal Amparo
judge in the state of Veracruz,
Mexico, dismissed Goldgroup Resources Inc.'s Amparo
challenge. Goldgroup's position in response to the USD$48 million claim remains the same with its
previous press release (see Goldgroup's August 31, 2016 and October 14, 2015 press releases). Goldgroup was
never notified of the purported court case, and does not recognize
any of the claims mentioned therein and is of the belief that such
claims are entirely without merit. More importantly, the Company
expects the claim to be voided at the Mexican Supreme Court level
due to the unambiguous arbitration result in favor of Goldgroup in
August, 2016.
"We remain confident in our position and expect that we will get
favorable resolution in all current legal proceedings and regain
control of San Jose de Gracia,"
said Keith Piggott, Chairman,
President and CEO of Goldgroup, "We'll continue to work towards the
enforcement of the favorable results and award from the conclusion
of the arbitration between Goldgroup and Dyna USA" (see press release on August 31, 2016).
Goldgroup is a Canadian-based gold production, development, and
exploration company with a significant upside in a portfolio of
projects in Mexico and
Ecuador, including a 50% interest
in DynaResource de Mexico, S.A. de
C.V., which owns 100% of the high-grade gold exploration project,
San José de Gracia located in the
State of Sinaloa. The Company
operates its 100%-owned Cerro
Prieto heap-leach gold mine, in the State of Sonora, Mexico, and is continuing the
environmental assessment and permitting processes to advance to
production the El Mozo property in Ecuador.
Goldgroup is led by a team of highly successful and seasoned
individuals with extensive expertise in mine development, corporate
finance, and exploration in Mexico
and Ecuador. Goldgroup's mission
is to increase gold production, mineral resources, profitability
and cash flow, with a view to building a leading gold producer.
For further information on Goldgroup, please
visit www.goldgroupmining.com
On behalf of the Board of Directors,
Mr. Keith
Piggott, Chairman, President and CEO
Tel:
1-520-247-5753
Investor Relations
Toll Free: 1-877-655-ozAu (6928)
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
INFORMATION
Certain information contained in this news release, including
any information relating to future financial or operating
performance, may be considered "forward-looking information"
(within the meaning of applicable Canadian securities law) and
"forward-looking statements" (within the meaning of the United
States Private Securities Litigation Reform Act of 1995). These
statements relate to analyses and other information that are based
on forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Actual results could
differ materially from the conclusions, forecasts and projections
contained in such forward-looking information. These
forward-looking statements reflect Goldgroup's current internal
projections, expectations or beliefs and are based on information
currently available to Goldgroup. In some cases forward-looking
information can be identified by terminology such as "may", "will",
"should", "expect", "intend", "plan", "anticipate", "believe",
"estimate", "projects", "potential", "scheduled", "forecast",
"budget" or the negative of those terms or other comparable
terminology. Certain assumptions have been made regarding the
Company's plans at the Cerro
Prieto project. Many of these assumptions are based on
factors and events that are not within the control of Goldgroup and
there is no assurance they will prove to be correct.
Forward-looking information is subject to a variety of known and
unknown risks, uncertainties and other factors that could cause
actual events or results to materially differ from those reflected
in the forward-looking information, and are developed based on
assumptions about such risks, uncertainties and other factors
including, without limitation: uncertainties related to actual
capital costs, operating costs and expenditures, production
schedules and economic returns from Goldgroup's projects;
uncertainties associated with development activities; uncertainties
inherent in the estimation of mineral resources and precious metal
recoveries; uncertainties related to current global economic
conditions; fluctuations in precious and base metal prices;
uncertainties related to the availability of future financing;
potential difficulties with joint venture partners; risks that
Goldgroup's title to its property could be challenged; political
and country risk; risks associated with Goldgroup being subject to
government regulation; risks associated with surface rights;
environmental risks; Goldgroup's need to attract and retain
qualified personnel; risks associated with potential conflicts of
interest; Goldgroup's lack of experience in overseeing the
construction of a mining project; risks related to the integration
of businesses and assets acquired by Goldgroup; uncertainties
related to the competitiveness of the mining industry; risk
associated with theft; risk of water shortages and risks associated
with competition for water; uninsured risks and inadequate
insurance coverage; risks associated with potential legal
proceedings; risks associated with community relations; outside
contractor risks; risks related to archaeological sites; foreign
currency risks; risks associated with security and human rights;
and risks related to the need for reclamation activities on
Goldgroup's properties, as well as the risk factors disclosed in
Goldgroup's Annual Information Form and MD&A. Any and all of
the forward-looking information contained in this news release is
qualified by these cautionary statements. Although Goldgroup
believes that the forward-looking information contained in this
news release is based on reasonable assumptions, readers cannot be
assured that actual results will be consistent with such
statements. Accordingly, readers are cautioned against placing
undue reliance on forward-looking information. Goldgroup expressly
disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new
information, events or otherwise, except as may be required by, and
in accordance with, applicable securities laws.
SOURCE Goldgroup Mining Inc.