SIERRA MINERALS and GOLDGROUP RESOURCES
ANNOUNCE BUSINESS COMBINATION
JANUARY 29, 2010

(For information on Goldgroup Resources Inc.,
please visit www.goldgroupresources.com)

TSX: SIM - PRODUCING GOLD IN MEXICO

Cerro Colorado Gold Mine - 100% owned and operated in Sonora, Mexico

2010 Production Target - 25,000 to 30,000 Ounces of Gold UNHEDGED

Regional Exploration Potential - Over 34,000 hectares

2009 HIGHLIGHTS

Production - 20,546 Ounces Au (Year ended Dec. 31, 2009) 

 Sales - 20,749 Ounces Au @ US$973 per ounce (Year ended Dec. 31, 2009) 

Cashflow From Operations before changes in non-cash working capital
 US$2.2 million (9 months ended Sept. 30, 2009) 

Revenue - US$14.6 million (9 months ended Sept. 30, 2009)



WHAT'S NEW

January 29, 2010

Sierra Minerals Inc. and Goldgroup Resources Inc. Announce Business Combination
Creating a Mexico-Focused Gold Producer and
GMP Securities to Lead Equity Financing

November 16, 2009

Sierra Minerals Earns US$30,751 in Q3 2009
Quarterly Gold Sales Rise to US$5.4 Million

November 12, 2009

Sierra Minerals Announces New Gold Discovery in Mexico
Intercepts Include 11.16 g/t Gold Over 8.0 Meters at El Cajon Gold Project

October 16, 2009

Sierra Minerals Sets Quarterly Revenue Record
Q3 2009 Gold Sales Jump to US$5.4 Million



                                UPCOMING EVENTS

            Please see "Event Listings" under "Investor Information" for more details

                                              
International Resource Journal  - July 2009 Issue      

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Market Headquarters Interview - July 29, 2009


CONTACT US                                    
Sierra Minerals Inc.                                                   
8 King St. East, Suite 810, Toronto, ON, M5C 1B5                                                        
T. 416 775-7555  F. 416 366-7596
askus@sierraminerals.ca