Goldgroup Mining to Boost Gold Production After Warrant Exercise
Vancouver, British Columbia -- February 6, 2025 -- NewsGenie -- Goldgroup Mining Inc. (TSX-V:GGA, OTC:GGAZF) announced that shareholders have exercised all outstanding share purchase warrants issued from financings completed in September and November 2024. The exercise of 18,681,818 warrants at C$0.10 per share will provide the Company with gross proceeds of approximately $1,868,182.
The Company accelerated the expiry date of the Warrants to February 9, 2025, following an Acceleration Event. Goldgroup plans to allocate the proceeds to several key initiatives:
- Finalize the purchase and installation of crushing and loading equipment, aiming to increase mineralized crusher throughput to over 4,500 tonnes per day. This expansion targets annual gold production of 25,000+ ounces, a significant increase from the approximately 8,650 ounces produced in 2024.
- Initiate a diamond drilling program on the Nueva Esperanza and Reyna zones to expand resources and extend the mine's lifespan.
- Conduct surface exploration on the Cata and Coati zones, including geophysics, trenching, sampling, and soil geochemical surveying.
Goldgroup anticipates the crushing circuit expansion to be completed within six weeks, with operations meeting production expansion expectations thereafter.
Goldgroup is a Canadian-based mining Company that owns and operates the Cerro Prieto heap-leach gold mine in Sonora, Mexico.
Cautionary Note Regarding Forward-Looking Information: This news release contains forward-looking statements subject to risks and uncertainties. Actual results may differ materially.