Goldgroup Mining closes deal with Oroco for Mexican mine, changes some terms

VANCOUVER – Goldgroup Mining Inc. (TSX:GGA) has changed the terms of its acquisition of a Mexican gold and silver property from Oroco Resource Corp.(TSXV:OCO) as a result of a deteriorating gold price and volatile market conditions. The Vancouver miner says it has finalized the transaction, paying US$4.5 million for the Cerro Prieto project in Sonora state as planned. But the two companies have also agreed on an amended and restated debt assignment and share purchase agreement, which includes a quarterly production royalty payment made to Orocco.

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