Goldmark Minerals Ltd.

Goldmark Minerals Ltd.

April 30, 2008 09:00 ET

Goldmark Minerals Ltd. Announces Year End Results

CALGARY, ALBERTA--(Marketwire - April 30, 2008) - Goldmark Minerals ltd.(TSX VENTURE:GMK) announces that has filed its 2007 Management Discussion and Analysis and Financial Statements.

Goldmark is pleased to report on the progress on the new business focus during the 2007. The mining business was hit late in the year by weakening metal prices and a slow rotation out of the junior mining sector. Added to that was a high degree of uncertainty in the political stance towards mining in Ecuador and some other countries, adding to the weakening of stock prices.

Property Acquisition and Exploration

During the year Goldmark's activity consisted of exploration on and the assessment of a number of prospects in South America and Alaska, commencing with its concession Abigail in Ecuador, and acquiring the concession adjacent to it, Aleman. The initial results were less than expectd and the Government of Ecuador indicated policy changes which were not favorable to the mining industry. As a result, Goldmark decided to put this project on hold for the time being while it waits to receive Government approval respecting its environmental study.

In Brazil Goldmark reviewed the potential acquisition of a gold prospect and after preliminary work was not encouraged and decided not pursue additional activity in Brazil at this time.

In Peru Goldmark acquired an option to purchase the Huachac Gold Project located in Huaytara Province. The Company completed an exploration program on the property and based on the results, the Company has decided not to pursue the right to purchase the property.

In the fourth Quarter Goldmark entered into acquisition agreement with Geocom Resources Inc. acquire all of Geocom's interest in the Iliamna property in Alaska, and 49% of Geocom's complete ownership of the Santa Rosa and Marcelita properties in Central Chile. It was subject to the review of certain information with respect to the property.

Subsequent to the year end and after completing its review, Goldmark elected not to complete the transaction.

Property Disposition and Farm Out

Goldmark completed the farm out of its interest in the Walker Fork prospect on March 31, 2007 whereby Goldmark retains 10% production royalty on the property to a maximum of $500,000. During the year, Goldmark received $19,000 in income from this agreement.


Goldmark earned revenues of $269,000 through the sale of its property in Alaska and from income from the ongoing production royalty on the property.

Goldmark completed an equity issue raising $2.1 million of new capital through the issue of 8.4 million shares and warrants.

Goldmark reported a loss of $326,000 for the year compared to $84,000 for the previous year as the overhead costs necessary to pursue its business plan totaled $278,000 and the Company also incurred $197,000 costs evaluating prospective properties.

The working capital position of the Company at the end of the year was $1.6 Million.

Financial Summary
Years Ended
2007 2006
Revenue $ 269,307 $ 2,261
Loss for the year (325,785) (47,798)
per share, basic and diluted (0.02) (0.01)
Total assets 1,911,889 452,285
Working capital $ 1,631,237 $ 74,464

Business Outlook

Goldmark's business plan has been to capitalize on cyclically high metal prices, driven by growing world demand, by developing an opportunistic approach to the acquisition of property, along with aggressive exploration program in Ecuador, Peru, Chile and the Alaska and potentially Canada.

The political unrest in certain countries will make some exploration risky and the changes in the marketplace since late 2007 have changed the dynamics of being able to raise capital significantly; now becoming somewhat more conservative. This creates potential buying opportunities for Goldmark.

The Company is in a solid financial position for a junior exploration company with a substantial cash balance of $1.6 Million and a low burn rate.

Goldmark is continuing to review a series of opportunities and remains optimistic that the growing demand in metal and the current limited supply will result in significant opportunities for the Company in 2008.

Further details on the Company's projects are available on the Goldmark Minerals website at

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
    (403) 216-9260 (FAX)
    Goldmark Minerals Ltd
    Robert W. Lamond
    Chairman of the Board
    (403) 269-9889
    (403) 269-9890 (FAX)