Goldmark Minerals Ltd.
TSX VENTURE : GMK

Goldmark Minerals Ltd.

November 19, 2007 09:00 ET

Goldmark Minerals Ltd. Acquires Exploration Properties in Alaska and Chile

CALGARY, ALBERTA--(Marketwire - Nov. 19, 2007) - Goldmark Minerals Ltd. (TSX VENTURE:GMK) is pleased to announce it has finalized an acquisition agreement with Geocom Resources Inc. (Geocom) to purchase all of Geocom's interest in the Iliamna properties in Alaska, and 49% of Geocom's interest in the Santa Rosa and Marcelita properties in Central Chile.

Pursuant to this agreement, which is subject to receipt of title opinions satisfactory to Goldmark, Goldmark will purchase Geocom's interest, which comprises a 52.5% interest in the H claim section and a 38.5% interest in the D claim section of the Alaskan Iliamna project, a copper porphyry exploration project consisting of 318 sq kilometers of claims. Geocom acquired its interest in Iliamna pursuant to an Option agreement with TNR Gold. Goldmark will be the operator of this project.

In addition, Goldmark will acquire a 49% interest in Geocom's 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 and are 100% owned by Geocom through its Chilean subsidiary.

Goldmark Minerals has acquired these properties for a total consideration of $200,000 US payable once title opinions have been received.

The Iliamna Project is the subject of an NI 43-101F1 Technical Report filed on SEDAR by TNR Gold. Drilling programs were conducted on the properties in 2003, 2004 and 2006. The Iliamna Project is located west of Iliamna Lake in southwest Alaska, approximately 450 kilometers southwest of Anchorage. The property is approximately 25 kilometers to the west of the summer camp of Koliaganek, and roughly 40 kilometers to the northwest of the permanent village of Igiugig. It consists of 237 claims with a total area of 318 square kilometers.

The target area at Iliamna encompasses a 1,150 square kilometer magnetic anomaly of similar scale and signature to that covering the Pebble copper porphyry deposit, discussed below. Four holes have been drilled on the D Claims, and six holes have been drilled on the H Claims. Indicative copper-gold mineralization was encountered on the H Claims, indicating a porphyry style mineral occurrence. On the D Claims, two holes failed to reach bedrock in 2003, and two holes drilled in 2006 encountered metasedimentary rocks but no copper-gold mineralization.

Goldmark will be the operator of the Iliamna projects and intends to enter into an exploration program commencing with a broad scale geophysical survey covering the entire target area with follow up drilling based on geophysical results. The property was staked primarily for its copper and gold potential, based on the aeromagnetic anomaly, and subsequent exploration work indicates a possibility of encountering skarn mineralization proximal to the contact of any intrusives. Although anomalous, copper-gold mineralization has been found as cross-cutting veinlets and disseminated in intrusive rocks on the property, to date no economically significant mineral occurences have been found.

Northern Dynasty and Cominco's Pebble deposit is the nearest known mineral deposit, which shows a similar geomagnetic signature, and is located approximately 80 kilometers to the northeast of Iliamna. On February 27, 2007, Northern Dynasty upgraded their resource estimate at Pebble using a 0.30% copper equivalent cut off. At that standard, there is a Measured and Indicated Resource of 3,026 million tons which contains 31.3 million ounces of gold, 18.8 billion pounds of copper, and 993 million pounds of molybdenum, while there is an Inferred Resource at a similar cut off of 1,130 million tons which contains 10.8 million ounces of gold, 5.9 billion pounds of copper, and 361 million pounds of molybdenum. Additionally, at their nearby Pebble East deposit, there is an Inferred Resource at a 0.60% copper equivalent cut off of 3.4 billion tons which contains 39.6 million ounces of gold, 42.6 billion pounds of copper, and 2.7 billion pounds of Molybdenum. This is one of the world's largest copper-gold-molybdenum deposits. The reader should note that the geology of the Pebble property is not necessarily indicative of mineralization of the Iliamna property.

"Goldmark Minerals is excited about exploring both Iliamna and Santa Rosa/Marcelita. We feel that these are interesting high impact exploration projects," says Bob Lamond, Chairman of Goldmark.. "This is another step in focusing Goldmark's business efforts in this strong commodities marketplace on some potentially significant projects. The Company will announce the specific plans for both Alaska and Chile shortly."

Other Developments

John Hiner, president of Geocom Resources Inc., has agreed to be the project manager and consultant for the projects in Alaska and Chile. "We are pleased to have John manage these projects and provide continuity with the ongoing exploration effort. John has managed both these project on behalf of Geocom since they were staked and has a wealth of experience to bring to them and to Goldmark.," said Mr. Lamond.

Further details on both these projects will be available on the Goldmark Minerals website at www.goldmarkminerals.com.

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
    or
    Goldmark Minerals Ltd.
    Robert W. Lamond
    Chairman of the Board
    (403) 269-9889
    (403) 269-9890 (FAX)
    Website: www.goldmarkminerals.com