OFFERING SIZE AND PRICING OF COMMON SHARE OFFERING

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/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES./




VANCOUVER, March 2 /CNW/ - Goldgroup Mining Inc. (TSX: GGA) ("Goldgroup"
or the "Company") is pleased to announce that it has entered into an
underwriting agreement with a syndicate of underwriters to complete an
increased offering of 25.0 million common shares at a price of Cdn$1.40
per share (the "Offering Price") to raise aggregate gross proceeds of
Cdn$35.0 million (the "Offering"). This represents an increase of 5.0
million common shares from the previously announced financing. The
Company has also granted the underwriters an option to purchase up to
3.75 million additional common shares at the Offering Price within 30
days following closing to cover over-allotments, if any, and for market
stabilization purposes. A final short form prospectus has been filed in
connection with the Offering with the securities regulators in Alberta,
British Columbia and Ontario. The Company expects to close the Offering
on or about March 9, 2011.




Dahlman Rose & Company, LLC and Canaccord Genuity Corp. are acting as
joint book-running managers for the Offering along with Jennings
Capital Inc. acting as co-manager. Dahlman Rose & Company, LLC will
only be conducting sales into the United States.




The Offering has been conditionally approved by the Toronto Stock
Exchange (the "TSX") and listing is subject to fulfilling all of the
requirements of the TSX on or before May 10, 2011. The Offering also
remains subject to the satisfaction and/or waiver of certain conditions
set forth in the underwriting agreement.




The securities have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, or under any state securities laws
and may not be offered or sold in the United States, absent
registration or an applicable exemption from the registration
requirements. This news release does not constitute an offer to sell or
the solicitation of an offer to buy nor will there be any sale of the
securities in any state in which such offer, solicitation or sale would
be unlawful.




About Goldgroup




Goldgroup is a Canadian-based gold producer and is focused on the
acquisition, exploration and development of advanced stage gold-bearing
mineral properties in the Americas. The Company's current gold
production and exploration and development related activities are
conducted exclusively in Mexico, one of the world's most advantageous
mining jurisdictions. Goldgroup owns and operates the Cerro Colorado
Mine in Sonora along with a property portfolio that includes its
interests in the Caballo Blanco Project in Veracruz and the San Jose de
Gracia Project in Sinaloa.