Goldgroup announces loan agreement

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Vancouver, British Columbia–(Newsfile Corp. – August 12, 2022) – Goldgroup Mining Inc. (TSX: GGA) (OTC Pink: GGAZF) (BMV SIX: GGAN.MX) (“gold group“or the”Company“) is pleased to announce that it has entered into a loan agreement dated August 10, 2022 (the “Loan Agreement”) with Sail Natural Resources LP (the “Lender”) in the principal amount of 550,000 USD (the “Loan”). The lender is a private resource-based investment vehicle, focused on supporting growth-stage mining companies. The loan bears interest at 5% per annum, will be repaid in 11 monthly installments equals of US$50,000 commencing October 10, 2022 and will mature on August 10, 2023. The loan is initially advanced on an unsecured basis, however, under the loan agreement, the company has agreed to exert efforts reasonable in the future to rearrange certain guarantees provided by the Company under a credit facility of Accendo Banco SA (“Accendo”) so that the Loan is secured by the Accendo credit facility. no guarantee that such guarantee will ultimately be granted in favor of the Lender.

The Company does not issue any securities or pay any bonus, commission or finder’s fees in respect of the Loan. The loan is repayable at any time before maturity without penalty. The loan proceeds will be used to maintain the Company’s existing operations and general working capital needs.

THIS PRESS RELEASE, PROVIDED IN ACCORDANCE WITH APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWS SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES.

About Goldgroup

Goldgroup is a Canadian gold production, development and exploration company with significant growth potential in a portfolio of projects in Mexico, including an interest in DynaResource de Mexico, SA de CV, which owns 100% of the gold project. high-grade gold exploration. , San José de Gracia located in the State of Sinaloa. In addition, the Company operates its wholly owned Cerro Prieto heap leach gold mine in the state of Sonora, Mexico.

Goldgroup is led by a team of highly qualified and seasoned individuals with extensive expertise in mining development, corporate finance and exploration in Mexico. Goldgroup’s mission is to increase gold production, mineral resources, profitability and cash flow, with a view to building a leading gold producer.

For more information about Goldgroup, please visit www.goldgroupmining.com

On behalf of the Board of Directors

Investor Relations

Toll free: 1-877-655-ozAu (6928)

This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the titles. laws of such jurisdiction. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”), or any state securities law, and, accordingly, may be offered or sold in the United States, or on behalf of or for the benefit of persons in the United States or “US Persons”, as that term is defined in Regulation S promulgated under the US Securities Act, unless to be registered under the US Securities Act and applicable state securities laws or under an exemption from such registration requirements.

The TSX has neither reviewed nor accepted responsibility for the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

Certain information contained in this press release, including any information relating to future financial or operating performance, may be considered “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within meaning of the United States Private Securities Litigation Reform Act of 1995). These statements relate to analyzes and other information that are based on forecasts of future results, estimates of amounts not yet determinable and management’s assumptions. Actual results could differ materially from the conclusions, forecasts and projections contained in this 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 instances, forward-looking information may be identified by terms such as “may”, “shall”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believes”, “estimates”, “projects”, “potential”, “planned”, “forecast”, “budget” or the negative form of these terms or any other comparable terminology. Certain assumptions have been made regarding the Private Placement and the Company, including obtaining Toronto Stock Exchange approval, the proposed use of proceeds raised in the Private Placement and the Company’s plans regarding the Cerro Project. Prieto. Many of these assumptions are based on factors and events beyond Goldgroup’s control and there can be no assurance that 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 differ materially from those reflected in the forward-looking information, and is prepared on the basis of assumptions regarding these risks, uncertainties and other factors, including, without limitation: the receipt of all required stock exchange and regulatory approvals; the scope, duration and impact of the COVID-19 pandemic; the scope, duration and impact of regulatory responses to the pandemic on employees, businesses and operations; uncertainties relating to actual capital costs, operating costs and expenses; production schedules and economic benefits of Goldgroup’s projects; uncertainties associated with development activities; the uncertainties inherent in estimating mineral resources and recoveries of precious metals; uncertainties related to current global economic conditions; price fluctuations of precious and base metals; uncertainties related to the availability of future financing; potential difficulties with joint venture partners; the risks that Goldgroup’s title to its property may 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 supervising 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; theft risk; risk of water scarcity and risks associated with competition for water; uninsured risks and inadequate insurance coverage; the risks associated with possible legal proceedings; risks associated with community relations; the risks of external contractors; risks related to archaeological sites; currency risks; risks associated with security and human rights; and the risks associated with 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. All forward-looking information contained in this press release is qualified by these cautionary statements.

Although Goldgroup believes that the forward-looking information contained in this press release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned not to place 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. .

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133601

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