Month: September 2017

Goldgroup Mining Inc. would like to provide a legal update in regards to DynaResource, Inc.’s award in excess of USD$48 million in damages against the Company. On August 24, 2017, a Federal Amparo judge in the state of Veracruz, Mexico, dismissed Goldgroup Resources Inc.’s Amparo challenge. Goldgroup’s position in response to the USD$48 million claim remains the same with its previous press release (see Goldgroup’s August 31, 2016 and October 14, 2015 press releases). Goldgroup was never notified of the purported court case, and does not recognize any of the claims mentioned therein and is of the belief that such claims are entirely without merit. More importantly, the Company expects the claim to be voided at the Mexican Supreme Court level due to the unambiguous arbitration result in favor of Goldgroup in August, 2016.

The proceeds of the Offering will be used to purchase the Black Fox Complex and for general corporate purposes. Black Fox is a producing underground gold mine located in the world-famous mining region of Timmins, Canada. Production in 2018 is expected to be 50,000 gold ounces, increasing the company-wide gold equivalent production by 16% from approximately 157,000 ounces in 2017 to 182,000 ounces in 2018.

Soleil Capital Corp., a capital pool company, is pleased to announce it has entered into a letter of intent dated September 21, 2017 to enter into an arm’s length business combination transaction with Goldplay Exploration Ltd. Goldplay is a private mineral exploration company incorporated under the laws of British Columbia and active in gold exploration in the Rosario Gold District, Sinaloa, Mexico.

Pete Dougherty, President and CEO stated: “We had a successful year of resource drilling which will extend the mine lives at both El Castillo and La Colorada. At El Castillo, the additional ounces were made accessible with the acquisition of the San Juan mineral concession. At La Colorada, the resource increase came through an aggressive program of in-fill and step-out drilling adjacent to the El Creston pit. We are now preparing to publish updated life-of-mine plans at both El Castillo and La Colorada during the first quarter of 2018.”

“The amended facility adds significant liquidity on very attractive terms. Combined with existing cash and expected cash from the recently announced acquisition of Richmont Mines, Alamos will be debt free with more than US$600 million of available liquidity. This greatly improves our financial flexibility as we fund development of our portfolio of growth projects,” said John A. McCluskey, President and Chief Executive Officer.