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Goldgroup Mining ( (TSE:GGA) ) has provided an update.
Goldgroup Mining Inc. has secured full ownership of Molimentales del Noroeste, S.A. de C.V., whose primary asset is the formerly producing San Francisco gold mine in Sonora, Mexico, after its plan of arrangement was approved by a Mexican commercial bankruptcy court under the Concurso Mercantil restructuring process. The arm’s-length acquisition, which still requires final TSX Venture Exchange approval and fulfillment of obligations to creditors and the Mexican government, is described by management as a transformational milestone that consolidates a significant gold district near Goldgroup’s Cerro Prieto mine and provides a substantial historic resource base; the company plans an aggressive drilling program to confirm and upgrade resources and to support a long-term mine plan, positioning San Francisco as a low-capital-cost, near-term gold production opportunity in the junior mining space.
More about Goldgroup Mining
Goldgroup Mining Inc. is a junior precious metals producer focused on gold, with operations and assets in Mexico. Its portfolio includes the Cerro Prieto Gold Mine in Sonora, and the company targets exploration, development and consolidation of gold projects within highly prospective mining districts in the country.
Average Trading Volume: 271,179
Technical Sentiment Signal: Buy
Current Market Cap: C$408.8M
For detailed information about GGA stock, go to TipRanks’ Stock Analysis page.