Goldmarca Limited
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Goldmarca Limited

January 16, 2007 13:39 ET

Drilling Intersects 1.96 g/t Gold Over 124 Metres at Goldmarca's Condor Gold Project

PANAMA CITY, REPUBLIC OF PANAMA--(CCNMatthews - Jan. 16, 2007) - Goldmarca Limited ("Goldmarca") (TSX VENTURE:GML)(PINK SHEETS:GMLCF)(BERLIN:GDQ)(FWB:GDQ) is pleased to announce that at the Soledad Sector Condor Gold Project in Ecuador, drill hole DSO-04 intersected 1.96g/t gold, 11 g/t silver and 0.86% Zinc over 124 metres within a total drill intersection of 478 metres grading 0.84 g/t gold, 6 g/t silver and 0.59% Zinc.

The results from drill holes DSO-04 and 05 at the Soledad sector are set out in Table 1 and depicted in Figures 1, 2 and 3. The drilling program at Soledad involves drilling an umbrella pattern of holes from a central location as a basis for estimating measured and indicated resources. Step out drilling of other zones in the breccia camp will be drilled in this year.



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TABLE 1 CONDOR GOLD PROJECT SOLEDAD DRILLING RESULTS JANUARY 2007
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ELEV DEPTH AZIMUTH DIP FROM TO INTERCEPT Au Ag Zn
HOLE M M DEGREES DEGREES M M METRES g/t g/t %
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DSO-04 1621 478 0 82.5 0 478 478 0.84 6.5 0.59
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INCLUDING 0 302 302 1.25 7.9 0.70
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INCLUDING 0 204 204 1.63 9.7 0.81
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INCLUDING 0 124 124 1.96 11.2 0.86
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DS0-05 1621 187 128 60 0 78 78 1.14 8.9 1.04
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INCLUDING 0 40 40 1.38 11.3 1.27
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Drilling at Los Cuyes of Hole DCU-23 218 metres of 1 g/t gold including 126 metres of 1.3 g/t gold within a gold zone having a drill intersection of 402 metres grading 0.78 g/t gold. Drill Hole DCU-24 intersected 428 metres of 0.55 g/t gold (see Table 2 below and Figure 4 attached).



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TABLE 2 CONDOR GOLD PROJECT LOS CUYES DRILLING RESULTS JANUARY 2007
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ELEV DEPTH AZIMUTH DIP FROM TO INTERCEPT Au Ag Zn
HOLE M M DEGREES DEGREES M M METRES g/t g/t %
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DCU-23 1525 485 0 90 22 424 402 0.78 7.6 0.29
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INCLUDING 168 424 256 0.95 7.4 0.34
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INCLUDING 168 386 218 1.00 8.2 0.40
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INCLUDING 182 332 150 1.20 9.2 0.46
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INCLUDING 206 332 126 1.33 9.9 0.42
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INCLUDING 284 332 48 1.66 14.5 0.32
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DCU-24 1530 500.6 0 90 18 446 428 0.55 5.9 0.27
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INCLUDING 168 194 28 1.41 12.3 0.68
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AND 254 446 192 0.64 9.0 0.12
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INCLUDING 254 330 76 0.78 14.0 0.20
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The drill intercepts from holes DCU 23 and 24 confirm the continuity of the depth of mineralization of the Los Cuyes mineralized system which is situated in a graben (valley type) structure. The purpose of the drilling program at Los Cuyes to date has been to systematically drill a trial block of surface area of 100 metres by 75 metres using a grid spacing of 25 to 50 metres. It has now been decided to commence a step drilling program to drill off the exploration potential in the known Los Cuyes block. Drilling is planned to a vertical depth of 500 metres over a surface area of 250 metres by 350 metres using a drill grid spacing of 50 metres by 100 metres. This will provide the basis to estimate revised inferred resources.

The drill results demonstrate the potential for disseminated gold mineralization at the Soledad and Los Cuyes and Sectors at the Condor Gold Project, within the mineralized envelopes. These breccias represent a window of a large epithermal system "inside" a breccia camp with surface dimensions of 2.5 kilometres by 2.5 kilometres and 500 metres in depth. The breccia camp includes the following: San Jose, Bonanza, Soledad, Guayas, Buena Esperanza, Brechas Negras, Gossan Luna, Los Cuyes, Pangui and Reina del Cisne). These breccias have been localized by mapping, geophysics and drilling. The breccia mineralization is apparently structurally controlled. The geophysical programme at Condor has been completed and the anomalies are being interpreted for future drill hole targeting. The plan is to continue to drill the known breccias to define resources and drill exploration targets aided by previous drilling and geophysics. The Condor geological model (lower zone - breccias) has close similarities to the Pascua Gold Deposits in Chile (breccias - lower zone) with an additional disseminated type in upper zones in volcanoclastic cover.

Drilling is comprised of NQ diamond core with recovery close to 100%. The core samples are sawed in half and half the core was crushed and pulverized and then assayed for gold, silver and zinc at the ACME Laboratory Vancouver, Canada by fire assay with an ICPAES or gravimetric finish. Sample preparation was performed by ACME's sample preparation facility in Cuenca, Ecuador. As part of quality-assurance, quality-control (QA/QC) certified standards of known gold content are inserted every 20 samples, blanks were inserted every 20 samples and field and laboratory blind duplicates taken every 20 samples. The other half of the core is retained on site for verification and reference purposes.

Dr Howard Lahti, Ph.D. Geology is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release. He has reviewed the contents for accuracy.

On behalf of the Board of Directors,

Robin Slaughter, President and Chief Executive Officer

ABOUT GOLDMARCA: Goldmarca Limited (TSX VENTURE:GML) is an international mining company that is engaged in adding value to gold and base metal projects with a primary focus on assets in South America and Australia. By applying unique technology and expertise, Goldmarca is focused on delivering a low-cost option to develop resource projects that can provide a one-year payback of all capital costs. Goldmarca is also listed on the Frankfurt and Berlin exchanges under the symbol "GDQ". For more information, please visit www.goldmarca.com.

Safe Harbor Statement: Statements contained in this release that are not historical facts are forward-looking statements which involve risk and uncertainties, which could cause actual results to differ materially from those, expressed in forward-looking statements including the following: changes in economic or environmental conditions and the Company's ability to execute its business model and strategic plans. The Company relies on litigation protection for forward-looking statements.

To view Figure 1, Figure 2, Figure 3 and Figure 4, please click on the following link: http://www.ccnmatthews.com/docs/gml-0116.pdf

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Goldmarca Limited
    Robin Slaughter
    President & CEO
    (507) 66714370
    or
    Goldmarca Limited
    Nick Demare
    Director & CFO
    (604) 685-9316
    Email: info@goldmarca.com
    Website: www.goldmarca.com
    or
    Pro-Edge Consultants Inc.
    Tracy Weslosky
    Managing Partner
    1-866-544-9622 or (416) 581-0177
    or
    Pro-Edge Consultants Inc.
    Fred Cowans
    Managing Partner
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    Email: info@pro-edge.com