2013-02-02 00:35:33 -

Vancouver, British Columbia, February 1, 2013 - Junior gold producer, Goldgroup
Mining (TSX:GGA) (OTC:GGAZF) is adding to its portfolio of Mexican gold
properties, by entering into a binding agreement with Oroco Resource Corp
(TSXV:OCO) to acquire a 100% interest in the Cerro Prieto Project in Sonora
State. Following this news, investment firm Canaccord Genuity reiterated their
buy recommendation for Goldgroup, with analyst Nicholas Campbell maintaining his
12-month target price at $1.30, a healthy premium to the current $0.37 price.
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Goldgroup will be making an initial payment of US$4.5 million, a US$1 million
private placement, and additional payments of US$13.5 million from   future
production.

The 7,000-hectare Cerro Prieto project hosts measured and indicated resources of
14.7 million tonnes grading 0.81 grams per tonne gold and 12.82 grams per tonne
silver, containing 383,833 ounces of gold and 6.08 million ounces of silver.
There are also inferred resources of 281,000 tonnes grading 0.66 grams per tonne
gold and 12.6 grams per tonne silver.

The 2010 Preliminary Economic Report outlines a 1,500 tonne per day heap leach
operation producing an monthly average of roughly 27,000 ounces of gold over a
four-year initial mine life.

In 2012, Oroco received all of the required permits for construction, including
the Environmental Impact Statement and the Authorization of Change of Land Use
for the property.

Prior to this acquisition, the company had 3 properties in Mexico, and was
currently producing 18,000 ounces of gold per year.

Analyst Nicholas Campbell stated, "Given the proximity to Goldgroup's  Cerro
Colorado mine, we believe there is the potential for Goldgroup to realize
significant synergies developing the project. With Cerro Prieto online, we
believe Goldgroup could potentially move back into a positive cash flow position
in 2014."

This agreement is subject to receipt of regulatory and Oroco shareholder
approvals.

Oroco Resource Corp will pay Goldgroup Mining a break fee of US$500,000 if the
transaction is not completed by June 30, 2013.

Goldgroup currently trades at $0.37 and with 131 million shares outstanding the
company is capitalized at $48.5 million.

For more information please visit the company's website www.goldgroupmining.com,
or call Travis McPherson at 1-877-655-6928 or email
tmcpherson@goldgroupmining.com.

For more information about Canaccord Genuity or to obtain a copy of their
research report, contact your nearest Canaccord Genuity office. Their branches
are listed on their website at www.canaccord.com.

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