Sierra Minerals and Goldgroup Resources Close Business Combination to Form Goldgroup Mining Inc.
Vancouver, British Columbia (April 30, 2010) - Goldgroup Mining Inc. (TSX: SIM) ("Goldgroup") is
pleased to announce that the previously announced business combination
between Sierra Minerals Inc. and Goldgroup Resources Inc. closed today
and its shares are expected to begin trading on a consolidated basis
under the symbol "
along with a corresponding adjustment in share price, on or about May
6, 2010, subject to the final approval of the Toronto Stock Exchange ("
Pending delivery of final documentation to the TSX, the outstanding
common shares will continue to be traded on the TSX under the symbol
"SIM" on a non-consolidated basis. Goldgroup will issue a more
comprehensive news release when TSX final approval is received and
trading under the new symbol commences.
as of Friday, April 30, 2010, Goldgroup has changed its name from
"Sierra Minerals Inc." to "Exploitation Minière Goldgroup Inc." and its
English version "Goldgroup Mining Inc." and has undertaken a share
consolidation on a 2.85 (old) for 1 (new) basis. A total of 51,942,637
post-consolidation common shares of Goldgroup were issued as part of the
business combination such that there are now approximately 84,952,432
post-consolidation common shares of Goldgroup outstanding.
About Goldgroup Mining Inc.
is a Canadian based debt-free gold production and exploration company
focused on Mexico. Goldgroup owns and operates the Cerro Colorado Gold
Mine in Sonora, Mexico. All gold production is un-hedged and Goldgroup
expects to produce approximately 25,000 to 30,000 ounces of gold in
2010. Goldgroup's portfolio of Mexican focused exploration and
development properties includes its 70% owned flagship project, Caballo
Blanco in Veracruz, along with its 50% earnable interest in the San José
de Gracia high-grade underground project in Sinaloa and the 100% owned
El Porvenir project in Aguascalientes. Further information about
Goldgroup and its assets can be found at