Goldmark Minerals Ltd.

Goldmark Minerals Ltd.

November 28, 2007 09:00 ET

Goldmark Announces Financial Results for the Nine Months Ending September 30, 2007 and Its New Business Focus Progress

CALGARY, ALBERTA--(Marketwire - Nov. 28, 2007) - Goldmark (TSX VENTURE:GMK) is pleased to report significant progress in its new business focus. Goldmark has just completed an acquisition agreement for mineral properties that it considers are of significant merit and upside potential. This agreement provides that Goldmark will purchase a 52.5% interest in the H claim section and a 38.5% interest in the D claim section of the Iliamna project in Alaska, a copper porphyry exploration project consisting of 318 square kilometers of claims. Goldmark will be the operator on this project with its exploration partners being BHP Billiton and TNR Gold Inc. These claims consist of a total of 318 square kilometers.

The agreement also provides that Goldmark will acquire a 49% interest in the Santa Rosa and Marcelita projects in central Chile, which are also copper porphyry claims. The Santa Rosa and Marcelita properties are located in the Zapallar mining district, 40 kilometers southeast of Copiapo, Tierra Amarilla County, Region III, Chile. The claims consist of a total area of 29 square kilometers.

Goldmark has acquired these properties for a total consideration of $200,000 US payable when title opinions have been finalized. Goldmark expects to complete the transaction in early December.

Both the Alaska and Chilean properties show good indicators for potential economical grades of copper porphyry mineralization. Goldmark plans to commence a significant work plan for Alaska consisting of geochemical and then geophysical work including an IP survey to better identify the mineralized zone and the drill targets.

Goldmark will also continue the review of its concession located in Huaytara Province, of Peru, some 300 kilometers south of Lima. Goldmark acquired an option to review the properties in the second quarter of 2007. The Company commenced an exploration program on the property consisting of rock and soil sampling, mapping and some geophysical analysis on the properties. The initial samples show promising results.

In Ecuador, Goldmark will continue its evaluation of its concession, Abigail, for mineralization and monitor its interest there with consideration of the political climate.

Financial Summary
Nine months ended September 30,
2007 2006 2005
Revenue $ 235,792 $ 7,259 $ -
Loss for the period $ (215,358) $ (6,460) $ (4,544)
per share, basic and diluted $ (0.01) $ (0.00) $ (0.00)
Total assets $ 2,074,773 $ 102,404 $ 163,136
Working capital (deficiency) $ 1,724,943 $ (104,743) $ (74,067)

During the nine months ended September 30, 2007, Goldmark reported total revenues of $236,000. The new business plan resulted in increased overhead costs which total $211,000 for the period. In addition, Goldmark incurred $81,000 in a search for prospective properties in Brazil. The Company has discontinued its work in Brazil and therefore, the costs were expensed during the period.

Other costs for the period include non-cash compensation and valuation allowance for further income tax assets of $57,000. As a result, the Company reported a loss of $215,000 for the period compared with a loss of $39,000 a year earlier.

During the nine months ended September 30, 2007, Goldmark incurred a total of $245,000 on deferred exploration costs. As a result, Goldmark had working capital of $1.73 million at the end of the quarter.

Forward-looking statements - the press release today contains "forward-looking" information. Actual results could differ materially from the conclusions, forecasts or projections in the forward-looking information. Certain material factors and assumptions were applied in drawing the conclusions or making the forecasts or projections as reflected in the forward-looking information. Additional information about the material factors that could cause actual results to differ materially from the conclusion, forecast or projection in the forward-looking information and the material factors or assumptions that were applied drawing the conclusion or making the forecast or projection as reflected in the forward-looking information is contained in the press release.

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

Contact Information

  • Goldmark Minerals Ltd.
    Peter Barker
    Chief Executive Officer
    (403) 299-0357
    Goldmark Minerals Ltd.
    Robert W. Lamond
    Chairman of the Board
    (403) 269-9889
    (403) 269-9890 (FAX)