Goldgroup Mining Inc (GGAZF)

[LGL8054]

VANCOUVER, Feb. 16, 2012 /CNW/ - Goldgroup Mining Inc. (TSX: GGA.TO - News) ("Goldgroup" or "the Company") is pleased to announce the updated National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate (the "Technical Report") for its flagship 100%-owned Caballo Blanco gold project in Veracruz, Mexico. Based on a 0.2 g/t Au cut-off grade, the Company's indicated mineral resources at the La Paila Zone at Caballo Blanco grew by 314% from 139,000 to 575,000 ounces of gold (28.9 million tonnes grading 0.62 g/t Au). The inferred mineral resources summed to 419,000 ounces of gold (24.0 million tonnes grading 0.54 g/t Au). This Technical Report also adds silver mineral resources to the mineral resource estimate at Caballo Blanco, including 2,150,000 ounces of silver indicated mineral resources (28.9 million tonnes grading 2.32 g/t Ag) and 1,930,000 ounces of silver inferred resources (24.0 million tonnes grading 2.5 g/t Ag). The Technical Report was prepared for the Company by Jim Cuttle, P. Geo. and Gary Giroux, P. Eng. of Giroux Consultants Ltd., each an independent Qualified Person under NI 43-101 standards.

Goldgroup's total indicated mineral resources for its two main exploration/development projects, Caballo Blanco and San José de Gracia, have grown from 212,500 to 648,500 ounces of gold, representing an increase of 205%. The Company's total inferred mineral resources for its two main projects total 900,500 ounces of gold