Goldgroup Mining (OTC Other: GGAZF; TSX: GGA) has encountered many intercepts of high-grade gold mineralization, including 13.93 g/t gold over 4.75 metres at the San Jose de Gracia gold project in Sinaloa, Mexico. A total of 21,000 metres of drilling have been completed in this latest program at San Jose de Gracia, 2,500 metres more than originally planned as the drilling has advanced more rapidly and at lower unit cost than budgeted. The drill data are being modeled and an updated NI 43-101 compliant resource estimate is expected to be completed on schedule in the third quarter of 2011.
I would like to reiterate several facts from the above paragraph, including: (i) drilling advanced more rapidly; (ii) the Company drilled 2,500 metres more than originally planned; and (iii) drilling was completed at a loer unit cost than budgeted. It is not everyday that a mining company can report such accomplishments, but when it does, it instills a lot of confidence and credibility going forward. Looking forward to an updated 43-101 in the third quarter, which begins in less than 3 weeks.