VANCOUVER, Sept. 8 /CNW/ - Goldgroup Mining Inc. ("Goldgroup" or the "Company"), in coordination with DynaResource, Inc. ("DynaUSA" - "DYNR-OTCBB"), is pleased to announce that drilling from its 15,600 meter Phase II diamond drilling program at the San Jos� de Gracia project in Sinaloa, Mexico ("San Jos� de Gracia") continues to encounter significant mineralization yielding 22.19 g/t Au over 7.8 meters and 21.89 g/t Au over 1.75 meters. Significant assay results from the next nine holes in the program (SJG-10-148 to SJG-10-156), all drilled in the Tres Amigos vein, are presented in the table below:

"These assay results further support the recent recognition by the State Government of Sinaloa, through Mexicos Ministry of Economic Development of the San Jos� de Gracia gold project as Sinaloas Most Significant Gold Project for 2009, stated Keith Piggott, CEO of Goldgroup. "Following the sale of the Companys El Porvenir project (see news release July 12, 2010) which netted Goldgroup US$23.3 million, we have the cash to continue to advance both the San Jos� de Gracia project and our 70%-owned Caballo Blanco project in Veracruz, Mexico, further supported by positive operating cash flow from our 100%- owned Cerro Colorado gold mine in Sonora, Mexico. With cash in the bank, significant assay results and record high gold prices, this is an extremely exciting time for Goldgroup shareholders," Mr. Piggott added.

The nine holes discussed above intersected mineralization in excess of the 2.0 g/t Au cut-off grade used in estimating the inferred mineral resource presented in the San Jos� de Gracia Technical Report dated March 22, 2010. Prior to Phase II drilling, the Tres Amigos vein was estimated to contain 80,000 ounces of gold and 177,000 ounces of silver, hosted in 600,000 tonnes grading 4.13 g/t Au and 9.19 g/t Ag, forming part of a larger overall estimated mineral resource at San Jos� de Gracia. Results from these nine holes and the first 21 holes announced in the news release of June 11, 2010 represent the results of new drilling completed since the calculation of the current initial mineral resource estimate and will be used in the estimation of an updated mineral resource expected to be completed following the termination of the entire 62 hole, 15,600 meter Phase II drill program.

A complete summary of the assay results from drill holes SJG-10-148 to SJG-10-156 and a map of the Tres Amigos zone detailing the relative locations of the drill holes used in estimating the mineral resource, the Phase II drilling and future proposed drilling have been posted on the Companys website under "Projects - San Jos� de Gracia" at

The San Jos� de Gracia District, covering 99,500 hectares, is 100%-owned by DynaResource de Mexico S.A. de C.V ("DynaMexico). Goldgroup currently owns 25% of DynaMexico after completing the initial stages of its earn-in and has the right to earn an additional 25% (total of 50%) by expending US$5.5 million by March 15, 2011. Phase II drilling expenditures are being incurred in connection with the earn-in of the additional 25% of DynaMexico. The remaining interest in DynaMexico is owned by DynaUSA. San Jos� de Gracia is a high-grade advanced exploration project hosting a NI 43-101 compliant mineral resource estimate contained in four separate veins: Tres Amigos, San Pablo, La Union area and the La Purisima trend. Historically, in excess of one million ounces of gold has been produced from the property from high-grade veins grading between 30.0 g/t Au to 60.0 g/t Au. Goldgroup and DynaUSA are targeting a mineral resource estimate capable of sustaining annual production of 100,000 ounces of gold from San Jos� de Gracia.

Assaying and Qualified Person

After project geologists logged and marked the core, technicians cut the individual lengths with a diamond saw, then tagged the bags and secured them with security clips. The samples were then trucked to Hermosillo, Mexico where Inspectorate America Corp. ("Inspectorate") crushed each sample to -150 mesh. The rejects remained with Inspectorate while the pulps were air couriered to Inspectorates Richmond, BC, Canada facility and analyzed for gold by fire assay with Atomic Absorption ("AA") finish. Samples over 1.0 grams per tonne gold were re-run using fire assay with gravity finish. In addition, a 30 element Inductively Coupled Plasma ("ICP") analysis (aqua regia digest) was conducted on all samples. A QA/QC program was implemented as part of the sampling procedure for the drill program. One standard, one blank or one duplicate was inserted per group of 20 samples sent the laboratory. These standards were purchased commercially from Rocklabs Ltd. of Auckland, New Zealand. The San Jos� de Gracia drill program is under the direct supervision of Kevin Sullivan, B.Sc., M.AusIMM, contracted by Mineras de DynaResource S.A. de C.V., the operating entity at San Jos� de Gracia, and the Companys Vice President, Exploration and a qualified person, as defined by NI 43-101. Mr. Sullivan has reviewed the technical information contained in this news release and reviewed the release.

About Goldgroup

Goldgroup is a well-funded Canadian-based gold production and exploration Company focused exclusively on Mexico, targeting growth in gold production, mineral resources, profitability and cash flow from a portfolio of production, development and exploration stage projects. The Company owns and operates the Cerro Colorado Gold Mine in Sonora, Mexico. All gold production is un-hedged and the Company expects to produce approximately 25,000 ounces of gold in 2010. The Companys property portfolio includes its interests in the Caballo Blanco project in Veracruz and the San Jos� de Gracia high-grade gold project in Sinaloa.

Goldgroup is lead by a team of highly successful and seasoned individuals with extensive expertise in exploration, corporate finance and mine development in Mexico.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain information contained in this news release, including any information relating to future financial or operating performance may be deemed "forward-looking". All statements in this news release, other than statements of historical fact, that address events or developments that Goldgroup expects to occur, are "forward-looking information". These statements relate to future events or future performance and reflect Goldgroups expectations regarding the future growth, results of operations, business prospects and opportunities of Goldgroup. These forward-looking statements reflect Goldgroups current internal projections, expectations or beliefs and are based on information currently available to Goldgroup. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Certain assumptions have been made regarding the forecasted 2010 production at the Cerro Colorado mine of between 25,000 to 30,000 ounces of gold and regarding the Companys plans at the San Jos� de Gracia property, including the planned updated resource estimate and the targeted annual production of 100,000 ounces of gold. Many of these assumptions are based on factors and events that are not within the control of Goldgroup and there is no assurance they will prove to be correct. Such factors include, without limitation: capital requirements, fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and Mexico; price volatility in the spot and forward markets for commodities; discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in national and local governments in any country Goldgroup currently or may in the future carry on business; taxation; controls; regulations and political or economic developments in the countries in which Goldgroup does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits, diminishing quantities or grades of reserves; competition; loss of key employees; additional funding requirements; actual results of current exploration or reclamation activities; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance, to cover these risks) as well as "Risks and Uncertainties" included in the Annual Information Form and MD&A for Goldgroup available at Forward-looking information is not a guarantee of future performance and actual results and future events could differ materially from those discussed in the forward-looking information. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Although Goldgroup believes that the forward-looking information contained in this news release are based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing 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 in accordance with applicable securities laws.

This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.

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