ni 43-101 technical report - caballo blanco project - Goldgroup Mining

P a g e | 114. PROPERTY LOCATION AND DESCRIPTIONThe Caballo Blanco Property covers a horizontal surface area of 54,732.4120 hectares (547.32 squarekilometres) and is centered next to the Gulf of Mexico at Longitude 96˚ 27’ 30” W, Latitude 19˚ 40’ 44”N, or 65 kilometres by paved road north northwest of the city of Veracruz in Veracruz State, Mexico.As of February 7, 2012 the property comprised fourteen mining claims as described below.Table 1. Mineral Claim DetailsCLAIM NAME TITLE # RECORDED HECTARES COSTS - 20111 CABALLO BLANCO 216694 17-May-02 600.00 MXN 75,864.002 REDUCCION CABALLO BLANCO II 224414 04-May-05 504.8125 MXN 63,828.003 CABALLO BLANCO IV 218176 11-Oct-02 1,634.00 MXN 206,603.004 REDUCCION CABALLO BLANCO VI 224415 04-May-05 1,014.1711 MXN 64,136.005 CABALLO BLANCO VII 223282 23-Nov-04 231.7764 MXN 14,657.606 CABALLO BLANCO VIII (Div) 223360 48.4557 MXN 1532.177 REYNA NEGRA FRACCION 3 221374 03-Feb-04 1,061.7484 MXN 67,144.008 CABALLO BLANCO IX FRACCION 1 (Div) Pending Pending 7,409.0749 MXN 09 CABALLO BLANCO IX FRACCION 2 234277 10-Jun-09 663.1832 MXN 10.080.4010 CABALLO BLANCO IX FRACCION 3 234278 10-Jun-09 233.3950 MXN 3,457.6011 C.B.2 234324 12-Jun-09 244.0336 MXN 3,709.4012 C.B.6 Pending Pending 396.29 MXN013 C.B.11 236991 8-Oct-10 5,400.00 MXN 54,864.0014 C.B.12 (Div) 237441 16-Dec-10 35,273.7841 MXN 363,158.63TOTALS MXN Pesos ($1Can = 12.78 MXN, Feb 7, 2012) 54,732.4120 MXN 929,124.80Title to each of the above mineral claims is held by Minera Gavilán S.A. de C.V., a wholly-ownedsubsidiary of Almaden. Each of the mineral claims is currently in the process of being transferred fromMinera Gavilán to Candymin S.A. de C.V., a wholly-owned subsidiary of Goldgroup Mining Inc. inconnection the Goldgroup's acquisition of Almaden's remaining 30% interest in the project. As of the dateof this report, information obtained from Goldgroup indicate the claims remain in good standing. Thisclaim status was not independently confirmed by the authors.Under terms of the original Share Purchase Agreement, Goldgroup Resources Inc. (currently GoldgroupMining Inc.) agreed to buy 100% interest in Minera Cardel S.A de C.V., a wholly owned subsidiary ofNGEx Resources Incorporated. Minera Cardel S.A. de C.V. holds an option to acquire a 70% interest inthe Caballo Blanco Project from a subsidiary of Almaden Minerals Ltd. The share purchase agreementcalled for payments by Goldgroup to NGEx totalling CDN$15 million, comprised of staged cashpayments totalling $6 million and nine million shares of Goldgroup at a deemed price of $1.00 per share.NGEx Resources will receive a 1.5% net smelter royalty and, upon commercial production, a onetimeadvance royalty payment in the amount of CDN$5 million.Goldgroup Mining Inc.Caballo Blanco Project - La Paila Resource update Feb, 2012