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    www.goldgroupmining.com TSX:GGA OTC:GGAZF

    Goldgroup Mining Inc.

    TSX:GGA OTC:GGAZFMarch 2012

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    Forward-Looking StatementsThis presentation contains forward-looking information about Goldgroup within the meaning of the Securities Act (British Columbia). Forward-looking

    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 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. 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. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and

    other factors that could cause actual events or results to materially differ from those reflected in the forward-looking statements, and are developed

    based on assumptions about such risks, uncertainties and other factors including, without limitation: fluctuations in precious and base metal prices;

    inherent hazards and risks associated with mining operations; inherent uncertainties associated with mineral exploration and development activities;uncertainties inherent in the estimation of mineral reserves and/or resources and precious metal recoveries; uncertainties related to actual capital costs,

    operating costs and expenditures, production schedules and economic returns from Goldgroups projects; uncertainties related to current global financial

    conditions; uncertainties related to the availability of future financing necessary to undertake exploration, development, mining and processing activities

    on Goldgroups properties; risks related to the integration of businesses and assets acquired by Goldgroup; uncertainties related to the competitiveness

    of the mining industry; risks associated with Goldgroup being subject to government regulation, including changes in law and regulation and risks

    associated with Goldgroups need for governmental licenses and permits; risks associated with Goldgroup being subject to extensive environmental laws

    and regulations, including a change in regulation; risks that Goldgroups title to its property could be challenged; political and country risk; risk of water

    shortages and risks associated with competition for water; Goldgroups need to attract and retain qualified personnel; increases in off-site transportation

    and concentrate processing costs; risks related to the need for reclamation activities on Goldgroups properties, including the nature of reclamation

    required and uncertainty of costs estimates related thereto; risks associated with potential conflicts of interest; risks associated with potential labourdisputes; and risks associated with potential blockades of mining operations as well as Risks and Uncertainties included in the Annual Information

    Form and MD&A for Goldgroup available at www.sedar.com. 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

    presentation is qualified by these cautionary statements. Although Goldgroup believes that the forward-looking information contained in this

    presentation 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 contained in this presentation, whether as a result of new information, events or otherwise, except in

    accordance with applicable securities laws. 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.

    CAUTIONARY STATEMENT

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    INTRODUCTION

    Focused on expanding gold production to

    200,000+ oz Au/year

    Highly successful mining and finance

    management team specializing in

    operations in Mexico

    Cash position: $30 million*

    Indicated Resource: 650,000 oz Au

    Inferred Resource: 900,000 oz Au

    Developing advanced-stage NI 43-101

    compliant project, Caballo Blanco Reviewing options for development of SanJos de Gracia Cerro Colorado mine in production

    for 7 years

    3

    *As of Sept 30, 2011

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    CORPORATE STRATEGY

    4

    Create shareholder value by:

    Developing Caballo Blanco into a low-cost, heap leach producer Increasing production to 200,000+ oz Au/year in 3 yrs

    Continuing exploration to expand total resources

    Medium-term development of high-grade San Jos de Gracia

    Sustaining production at Cerro Colorado

    Consolidating joint-venture interests

    Acquiring assets that are accretive to reserves/resources with

    significant expansion potential

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    WHY GOLD?

    5

    Growing physical demand

    China, India and central banks buying gold bullionMexican Central Bank: Heavy purchaser of gold* (Q3 2011)

    Growing investment demand

    Inflation hedge

    Currency protection

    Safe haven/asset class

    Flat/decreasing mine supply

    Depreciating US dollar

    Global inflation: Printing of fiat

    currencies by central banks

    +92.30%since Jan 08

    Gold Price 2008-2011

    *Source: World Gold Council, 2011

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    MANAGEMENT TEAM

    Keith Piggott,ACSM President, CEO & DirectorGregg J. Sedun, LLB Executive Chairman & DirectorJohn Sutherland,CGA Chief Financial Officer, Vice-PresidentKevin Sullivan,B.Sc. MAusIMM Vice-President, ExplorationFrancisco Escandon,Geol. Eng. MMSA Technical Director & DirectorPatrick Glynn, P.Eng Vice-President, Technical & Project ExecutionDustin VanDoorselaere, B.Sc, B.Eng Projects ManagerMark Henry General Manager, Cerro ColoradoStephanie Batory, MBA Investor Relations Manager

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    Keith Piggott,ACSM President, CEO & DirectorGregg J. Sedun, LLB Executive Chairman & DirectorDr. Hans von Michaelis,Ph.D DirectorDr. Paul L. Zweng,M.Sc, Ph.D DirectorCorry Silbernagel, P.Eng., MBA DirectorRobert Byford, F.CA DirectorFrancisco Escandon,Geol. Eng. MMSA Technical Director & DirectorDr. Allen Born,Ph.D Board of AdvisorsHarry Burgess,P.Eng. Board of Advisors

    7

    BOARDOF DIRECTORS

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    ASSET OVERVIEW

    Caballo Blanco Veracruz, Mexico Multi-million oz Au resource potential with estimated initial production of

    ~100,000 oz Au annually at low cost

    8

    Cerro Colorado Mine Sonora, Mexico ~20,000 oz Au expected production in 2011

    El Candelero Sinaloa, Mexico Earning up to 70% in JV with Goldcorp

    San Jos de Gracia Sinaloa, Mexico High-grade, multi-million oz Au resource

    potential with estimated production of

    ~100,000 oz Au annually

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    Mulatos(Alamos)

    2.4M oz AuEq

    Ocampo(AuRico)

    5.7M oz AuEq

    La Herradura(Penoles/Newmont)

    6.0M oz AuEq

    Dolores(Minefinders)

    3.7M oz AuEq

    Pinos Altos(Agnico-Eagle)

    2.8 oz AuEq

    Palmarejo(Coeur dAlene)

    3.1M oz AuEq

    El Sauzal(Goldcorp)

    2.5M oz AuEq

    San Dimas(Primero)

    13.0M oz AuEq

    Los Filos(Goldcorp)

    8.4M oz AuEq

    El Aguila(Gold Resource Corp.)

    1.5M oz AuEq

    Cerro Colorado Mine

    San Jos de Gracia

    Caballo Blanco

    Penasquito(Goldcorp)48.5M oz AuEq

    Camino Rojo(Goldcorp)

    5.2M oz AuEq

    Fresnillo(Fresnillo)15.8M oz AuEq

    Management has spent over 15

    years in the country (100+ years)

    Stable economy and government

    Long and rich history of mining

    Mining represents a large portion

    of economy

    Favorable corporate tax rate: 30%

    Well established permitting

    process

    Experienced local workforce

    Why Mexico?

    El Candelero

    9

    Veracruz

    Major Deposit

    PROLIFIC MINING JURISDICTION

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    SIGNIFICANT MILESTONES

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    Q4 2009 Acquired Caballo Blanco from NGEx Resources (Lundin Group)Q2 2010 Completed RTO with Sierra Minerals Inc. to formGoldgroup Mining Inc. (TSX:GGA)

    Q3 2010 Sold El Porvenir project for $25 million (Initial cost: $3 million)Q1 2011 Completed $40 million equity financingQ1 2011 Completed 50% Earn-In for San Jos de GraciaQ3 2011 Acquired remaining 30% interest in Caballo BlancoQ4 2011 Updated NI 43-101 Resource Estimate for San Jos de GraciaQ1 2012 Updated NI 43-101 Resource Estimate for Caballo BlancoQ1 2012 Expect to release PEA for Caballo BlancoQ2 2012 Expect to be granted EIS for Caballo Blanco

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    MINERAL RESOURCES

    11

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    CABALLO BLANCO

    100% owned by Goldgroup Mining Inc.

    Indicated Resource: 575,000 oz Au*

    Inferred Resource: 419,000 oz Au*

    Completed updated NI 43-101 mineral resource

    estimate in Q1 2012 (La Paila Zone only)

    Two large areas of epithermal gold mineralization:

    Northern Zone (La Paila focus) and Highway Zone

    Project covers 55,000 hectares

    Excellent infrastructure

    65km north of Mexicos largest

    port city Veracruz

    Access to paved roads and water, power on site

    On-site metallurgical and assay facilities

    Anticipate annual production of ~100,000 oz Au

    in 2013

    12

    Northern Zone

    Highway Zone

    55,000 hectares

    Caballo Blanco Property Geology Map

    Northern Zone

    Highway Zone

    55,000 hectares

    Exploration Targets

    *NI 43-101 Compliant (2012)

    La Paila

    Veracruz(65km)

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    Vuggy silica breccias, high sulphidationfully oxidized, epithermal gold system

    175 holes drilled to date (GGA: 142)

    Northern Zone: La Paila plus at least

    four other large IP high resistivity

    anomalies

    Large magnetic high ring structure

    La Paila Zone open to south, southwest,

    and northeast

    Exploring for high-grade feeder zones

    63km IP geophysics survey

    CABALLO BLANCO

    Northern Zone IP Resistivity Map

    Bandera N

    Bandera S

    Las Cuevas SW

    Las Cuevas

    La Cruz S

    La Cruz NCerro Blanco

    Road

    La Paila ZoneIndicated: 575,000 oz AuInferred: 419,000 oz Au

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    La Paila Zone Cross Section246.89 m

    11CBN-127

    0.707 g/t Au

    @ 27.4m

    0.30 g/t Au@ 17.2m

    0.28 g/t Au@ 15.45m

    293.5m

    203.6m

    227.99m

    0.49 g/t Au@ 129.5m

    0.58 g/t Au@ 216.4m

    0.89 g/t Au@ 144m

    1.044 g/t Au@ 85.4m

    0.61 g/t Au@ 134m

    2.194 g/t Au@ 89.9m

    1.549 g/t Au@ 29.0m

    11CBN-07008CBN-004 07CBN-00208CBN-017

    2011: 30,000m drillprogram on La Paila

    completed

    2012: 30,000m drillprogram in progress

    Underground exploration

    tunneling to define ore

    in progress

    Metallurgical results

    expected in Q1 2012

    PEA expected in Q1 2012 Environmental Impact

    Study (EIS) submitted

    pending government

    approval

    La Paila Zone

    CABALLO BLANCO

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    Mine type: Open pit heap leach

    Easy processing: Run-of-mine

    Processing 20,000 tpd @ ~0.65 g/t

    Leach pad with ~200 Mt capacity

    Completed on-site 25 column tests

    Observing high recoveries, low strip ratio,

    easy leaching, low reagent consumption

    Significant resource and productiongrowth potential

    Significant Drilling ResultsDrill Hole # Interval (m) Gold Grade (g/t)

    68 134.0 0.61

    72 122.0 0.80

    73 48.50 3.47

    79 100.1 0.88

    82 154.0 0.59

    84 64.00 1.20

    108 84.77 0.71

    120 126.2 0.69

    125 57.33 1.16

    127 144.0 0.89

    131 90.60 0.91

    139 79.42 1.20

    142 69.60 0.97

    143 93.90 0.77

    153 197.0 0.60

    159 67.32 0.88

    167 76.00 0.98

    172 107.9 0.94

    Mine Economics

    CABALLO BLANCO

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    SAN JOSDE GRACIA

    Indicated Resource: 147,000 oz Au*Inferred Resource: 963,000 oz Au*

    Updated NI 43-101 resource estimate in Q4 2011**

    Historical production of 1 million+ oz Auaveraging 30-60 g/t

    Low sulphidation epithermal vein system

    Project covers 69,000 hectares

    Horizontal tunnel access

    Located 400-700m above sea level

    374 holes drilled to date (GGA: 298 holes)

    Drilled only 5 of 50 highly prospective anomalies

    Goldgroups interest = 50%

    Significant Drilling ResultsDrill Hole # Interval (m) Gold Grade (g/t)

    21 6.10 26.89

    26 4.10 16.82

    27 6.05 13.59

    31 7.50 53.98

    51 10.80 19.32

    76 2.80 27.29

    104 1.35 26.58

    116 8.15 9.37

    131 1.10 29.25

    139 5.50 20.51

    151 7.82 22.19

    154 1.75 21.89

    179 1.72 105.51

    203 5.50 332.86

    237 0.40 883.91

    256 1.24 144.08

    264 1.24 21.24

    271 4.75 13.93

    * NI 43-101 Compliant (2011)**See Appendix for NI 43-101 Resource Classification

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    Tres Amigos

    San PabloLa Union

    La Purisima

    SAN JOSDE GRACIA

    San Jos de Gracia3D Block Model

    - Low sulphidation epithermal vein system- Four main veins:

    Tres Amigos

    San Pablo

    La Union

    La Purisima

    San Jos de GraciaTownship

    *See Appendix for NI 43-101 Resource Classification

    - Resources in hills above river level

    - Low-cost adit mining

    - Good mining widths

    - High profit margin ounces

    Part of mineralized

    trend within 69,000

    hectares of concessions

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    Andesite

    **At 2.0 g/t Au cut-off (underground mining with horizontal tunnel access, gravity/floatation extraction)

    Andesite

    SAN JOSDE GRACIA

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    100% owned & operated byGoldgroup Mining Inc.

    Open pit heap leach operation

    In production for 7 years

    ~20,000 oz gold production

    projected in 2011 and 2012

    Installed new crushing system to

    increase recoveries

    Ongoing exploration drilling to

    increase resources

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    CERRO COLORADO MINE

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    TIMELINEOF KEY EVENTS

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    2011 2012 2013 2014aballo BlancoDrilling

    NI 43-101 Resource Update

    Permitting

    Construction

    Production

    Preliminary Economic

    Assessment

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    PEER GROUP ANALYSIS

    Source: BloombergData as of Feb 20, 2012

    MarketCapitalization

    21

    $2,200$2,150

    $1,200

    $889$806 $771

    $703

    $392$349 $319

    $252$155

    $-

    $500

    $1,000

    $1,500

    $2,000

    $2,500

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    Significant growth potential in near-term production

    and exploration at Caballo Blanco

    World class management team with proven

    operating and mine production experience in Mexico

    Significant management ownership (~20% o/s shares) Well funded and no debt: Raised $40 million

    (at $1.40) in last equity financing

    Growth in shareholder value through:

    Leverage to gold price Increasing production

    Increasing resources

    Mexico: Highly-prospective and mining-friendly region

    22

    INVESTMENT OPPORTUNITY

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    CORPORATE INFORMATION

    Issued & Outstanding: 128,526,049

    Incentive Stock Options: 11,477,848

    Warrants: 2,000,000Fully Diluted: (at Mar. 1/12) 142,003,897Market Capitalization: ~$170m

    Working Capital: $30m

    52 week Range: $1.03-$1.75

    Average Volume: ~300,000/day

    Stephanie Batory, MBA

    Investor Relations Manager

    TF: 1.877.655.ozAu (6928)

    [email protected]

    Follow Goldgroup:

    Analyst Company

    Nicholas Campbell Canaccord GenuityVancouver, BC

    Christos Doulis, CFA Stonecap SecuritiesToronto, ON

    Adam Graf, CFA Dahlman Rose & Co.New York, NY

    Ryan Walker, M.Sc Jennings CapitalToronto, ON

    Analyst CoverageShare Structure

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    APPENDIX:

    ADDITIONAL MATERIALS

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    SENIOR MANAGEMENT TEAM

    Keith Piggott, ACSM President, Chief Executive Officer & Director Developed gold mines in Australia and two Mexican gold mines, that have been in continuous

    production for twelve and five years, respectively

    Identified a two million oz gold deposit at Ok Tedi, Papua New Guinea farmed out to BHP

    Developed a range of metallurgical technologies, including a patented dry separation technology

    used today in Australia and Mexico

    Graduate in Mining Engineering from the Camborne School of Mines and the Executive Development

    Program at London Business School

    Gregg J. Sedun, LLB Executive Chairman & Director Founding Director & Legal Counsel of Diamond Fields Resources Inc. (sold to Inco for $4.3 billion

    in the largest takeover of a Canadian junior mining company)

    Former Founder, President, CEO & Director of Luna Gold Corp. and Diamond Fields International Ltd.

    Founding Shareholder of Peru Copper Inc. (sold to Chinalco in 2007 for $860 million)

    Founding Director of Adastra Minerals (sold to First Quantum Minerals in 2006 for $300 million)

    Chairman & CEO of Uracan Resources Ltd. (TSX.V:URC)

    President & Director of Oceanic Iron Ore Corp. (TSX.V:FEO)

    John Sutherland, CGA Chief Financial Officer & Vice-President Former CFO of Arequipa Resources leading up to its acquisition by Barrick Gold for $1.1 billion

    Hands-on experience building the $120 million Sonora mine in California

    Co-founder, Vice-President and CFO of Tekion, Inc.

    Founding partner of a venture capital company

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    MANAGEMENT TEAM

    Kevin Sullivan, B.Sc. MAusIMM Vice-President, Exploration Graduate geologist from Victoria University of Wellington, New Zealand Member of the Australasian Institute of Mining and Metallurgy

    20+ years of gold exploration experience in Australia

    Instrumental in the discovery of the Mt. Leyshon gold deposit -subsequently

    produced in excess of 2.5m oz Au

    Francisco Escandon, Geol. Eng. MMSA Technical Director & Director Graduate geological engineer from the National University of Mexico

    40+ years experience in exploration and mining Varied experience that includes mine design, metallurgical research, feasibility studies

    and environmental studies

    A Qualified Person (QP) as defined by Canadian NI 43-101 regulations

    Patrick Glynn, P.Eng Vice President, Technical & Project Execution Graduate metallurgist from the University of the Witwatersrand in Mineral Processing Engineering.

    35+ years experience in the operation and design of gold, copper, nickel and PGMs processing facilities

    Former Senior Project Manager for Rosemont Copper Company and AMEC International, both billion+ dollar projects

    Dustin Van Doorselaere, B.Sc, B.Eng Projects Manager Graduate Mining Engineer and Biologist from Laurentian University, Sudbury ON, Canada

    Member AusIMM and Western Australia First Class Mine Manager certificate holder

    Worldwide mining experience in OP and UG Projects in Canada, Australia, Ghana and Mexico

    Proven mine builder with Maggie Hays and Akwaaba Deeps Mines in Australia and Ghana respectively

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    BOARDOF DIRECTORS

    Dr. Paul L. Zweng, M.Sc, Ph.D - Director

    25 years of successfully blending a technical and financial background in exploration and mining

    Co-founder and managing member of Resource Venture Advisors, LLC

    Former interim CEO and Director of Bellhaven Copper and Gold Inc. (TSX.V:BHV)

    2003 - 2008, COO, then President/CEO of TSX listed QGX Ltd, acquired by The Kerry Group (Hong Kong) for C$270 million

    Co-founded Antares Minerals Inc in 2004, (TSX-V:ANM ) acquired by First Quantum Minerals Ltd. In 2010 for CDN$610 million

    Holds two B.Sc degrees in Geology and Applied Earth Sciences (Mineral Economics) from Stanford University (California),

    a M.Sc. degree in Geology from Queens University (Ontario) and a Ph.D. in Applied Earth Sciences (Ore Deposits) from

    Stanford University (California)Dr. Hans von Michaelis, Ph.D Director PhD. in Geochemistry from the University of Cape Town. Expert in gold and silver ore processing technology

    Founding shareholder of Alamos Minerals Ltd. and introduced the Mulatos Gold Project to Alamos

    Former Director of Glamis Gold Ltd.

    Founder and President of Randol International Ltd. Author of Randol Gold

    Robert Byford, F.CA Director Former partner of KPMG LLP and was a Senior Vice President and Director of KPMG Corporate Finance

    Brings a wide range of experience to our board in finance, acquisition and divestiture transactions across many industry sectors

    Was also an elected Governor of the Vancouver Stock Exchange, a predecessor to the TSX Venture Exchange

    Corry Silbernagel, P.Eng., MBA Director Vancouver-based specialist in finance and corporate advisory

    Former CFO of Cabo Drilling Corp., one of Canada's largest exploration drilling services companies

    Managed large-scale projects in excess of $100 million in mining, oil and gas for companies such as Suncor and TransAlta

    Holds an MBA from INSEAD and a Civil Engineering degree from the University of British Columbia

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    BOARDOF ADVISORS

    Harry Burgess, P.Eng. Board of Advisors Mining engineer and founding partner of Micon International Ltd.

    Held senior positions with copper and gold producers in Zambia and South Africa

    Responsible for the introduction of mechanized mining systems to the gold mines of Anglo-American in the Orange Free State

    Leading the review and ongoing management of the Lihir gold project, Papua New Guinea, on behalf of a syndicate of

    financing banks and institutions arranging an initial public float

    Financing involved US$300 million of debt and US$450 million of equity

    Dr. Allen Born, Ph.D Board of Advisors Former Chairman and CEO of Alumax Inc. (former third largest US aluminum company until Alcoa takeover

    Revenues of $2.7 billion)

    Former President, CEO and Chairman of Placer Dome Inc.

    Former Co-Chairman of Cyprus Amax Minerals Company

    Named 1986, 1991 and 1992 Mining Industry CEO of the year by Financial World Magazine

    Received the Golden Nugget Award in 1987 for professional accomplishment from the University of Texas at El Paso

    Named aluminum industry CEO of the Year in 1990 (Wall Street Magazine)

    Received an Honorary Doctorate of Engineering from the Colorado School of Mines

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    CABALLO BLANCO

    Date ofReport Cut-offGrade(Au g/t)ResourceClass Tonnes Avg GoldGrade(g/t Au)

    Avg SilverGrade(g/t Ag)ContainedGold Ounces(Au)

    ContainedSilver Ounces(Ag)

    Feb

    2012

    0.20 Indicated 28,890,000 0.62 2.32 575,000 2,150,000

    0.20 Inferred 24,0200,00 0.54 2.50 419,000 1,917,000

    March

    2010

    0.20 Indicated 6,710,000 0.645 - 139,000-

    0.20 Inferred 27,600,000 0.583 - 517,000 -

    NI 43-101 Mineral Resource Estimate Classification

    * Source: Goldgroups NI 43-101 Technical Report (February 16, 2012)

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    CABALLO BLANCO GEOLOGY

    La Paila Zone Geology Map La Paila Zone Block Model

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    CABALLO BLANCO

    Northern Zone Exploration Targets

    La Cruz S

    Las Cuevas

    Las Cuevas SW

    Bandera S

    Bandera N

    Cerro Blanco

    Road

    La Paila Zone Drill Map

    La Paila ZoneIndicated: 575,000 oz AuInferred: 419,000 oz Au

    La Cruz N

    La Paila ZoneIndicated: 575,000 oz AuInferred: 419,000 oz Au

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    SAN JOSDE GRACIA

    Vein Cut-offGrade(Au g/t)ResourceClass Tonnes >Cut-off(tonnes)

    Cut-offGoldGrade(g/t Au)

    Cut-offSilverGrade(g/t Ag)

    Cut-offCopperGrade(% Cu)

    Cut-offZincGrade(% Zn)

    ContainedGoldOunces(Au)

    ContainedSilverOunces (Ag)

    Tres

    Amigos2.00 Indicated 913,000 5.00 10.72 0.21 0.54 147,000 315,000

    Total

    Inferred2.00 Inferred 5,813,000 5.16 10.26 0.21 0.16 963,000 1,917,000

    Tres

    Amigos2.00 Inferred 1,811,000 5.16 10.62 0.25 0.41 300,000

    618,000

    San Pablo 2.00 Inferred 1,827,000 6.49 12.80 0.29 0.04 381,000 752,000

    LaPurisima 2.00 Inferred 1,266,000 4.01 5.31 0.08 0.06 163,000 216,000

    La Union 2.00 Inferred 909,000 4.06 11.37 0.17 0.04 119,000 332,000

    NI 43-101 Mineral Resource Estimate Classification

    * Source: Goldgroups NI 43-101 Technical Report (November 2011)

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    SAN JOSDE GRACIA

    San Jos de Gracia Local Geology Tres Amigos Vein

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    CABALLO BLANCO

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    On-Site Heap Leach Column Test Facility(Sept 2011)

    Site Analyst Visit (Sept 2011)

    Underground Tunnel Construction onLa Paila Analyst Visit (Sept 2011)

    Senior Management Team(Sept 2011)

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    CABALLO BLANCO

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    Community Involvement(Sept 2011)

    Caballo Blanco Aerial View(Sept 2011)

    Tree planting at Caballo Blanco(Sept 2011)

    Caballo Blanco Operations Team(Sept 2011)

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    SAN JOS DE GRACIA

    View Towards Tres Amigos

    San Jos de Gracia Township

    Tres Amigos Vein Outcrop

    Exploration Drill

    San Jos de Gracia Tree Nursery

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    CERRO COLORADO

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    Loading Trucks(Sept 2011)

    Gold Bar(Sept 2011)

    Ramp to Mine Waste Site(Sept 2011)

    Leach Pad(Sept 2011)

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    EL CANDELERO

    70/30 JV with Goldcorp

    7 km west of San Dimas Mine (formerly Goldcorps)

    Produced over 160,000 oz AuEq in 2008 Similar low sulphidation epithermal vein system (up to 2km long)

    26,673 hectare claim areas

    461 samples collected and assayed to date 118 samples with grades >1 g/t Au

    Santa Cruz Five main vein structures 5-20m wide Best sample: 10m @ 17 g/t AuEq

    Pino Four main vein structures avg. 8m wide Best sample: 8m @ 32.7 g/t AuEq

    Soledad Single vein up to 20m wide and 800m long Best sample: 3m @ 8.6 g/t AuEq