Goldmarca Limited
TSX VENTURE : GML

Goldmarca Limited

November 10, 2006 15:45 ET

Goldmarca Drilling Extends Gold Mineralisation at Condor Gold Project Sector Soledad Breccia Intersecting 254 Metres of 1.5 Grams Per Tonne Gold

PANAMA CITY, REPUBLIC OF PANAMA--(CCNMatthews - Nov. 10, 2006) - Goldmarca Limited (TSX VENTURE:GML) is pleased to announce that at Condor Gold Project in Ecuador, a vertical drill hole DSO-01 from the surface has intersected a disseminated gold zone in the Soledad sector of 400 metres of 1.0 grams per tonne including including 254 metres of 1.5 grams per tonne gold. See TABLE 1 below and Figure 1 attached. These intercepts represent the depth of mineralization from the surface of the Soledad breccia system either pipe like or a contact zone. The intercepts extend the depth of the known gold mineralization from 141 metres (TVX 2000) to 400 metres or some 260 metres' extension. TVX intersected in drill hole DD081 141.4 metres 1.8 grams per tonne gold, 15.1 grams per tonne silver and 0.67% zinc. These assay results correlate well with the assays results from Goldmarca drill hole DSO-01 which assayed over 142 metres 1.7 grams per tonne gold, 15 grams per tonne silver and 0.73% Zinc.

The drilling program at Soledad involves drilling an umbrella pattern of holes from a central location with an additional 4000 metres programmed as a basis for estimating measured and indicated resources. Drill hole DSO 2 drilled on azimuth 308 degrees intersected 1.7 grams per tonne gold over 100 metres. The gold grades at Soledad are higher near the surface and decrease with depth.



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TABLE 1 CONDOR GOLD PROJECT SOLEDAD DRILLING RESULTS NOVEMBER 2006
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INTER-
ELEV DEPTH AZIMUTH DIP FROM TO CEPT Au Ag Zn
HOLE M M degrees degrees M M M g/t g/t %
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DSO-01 1622 459 0 90 0 459 459 0.9 8.4 0.54
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INCLUDING 0 400 400 1.0 9.0 0.58
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INCLUDING 0 254 254 1.0 12.1 0.65
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INCLUDING 0 142 142 1.7 15.0 0.73
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DSO-02 1622 350 308 75 0 120 120 1.5 6.0 0.85
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INCLUDING 0 100 100 1.7 7.0 0.92
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Two additional holes were drilled at Los Cuyes Sector to define the boundaries of the higher grade zone See TABLE 2 below and Figure 2 attached. 10,000 metres of drilling is planned as infill drilling as a basis to estimate Measured and indicated resources. This systematic drilling program on a grid basis has commenced with 18 holes each of 500 metres length planned for drilling.



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TABLE 2 CONDOR GOLD PROJECT LOS CUYES DRILLING RESULTS NOVEMBER 2006
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INTER-
ELEV DEPTH AZIMUTH DIP FROM TO CEPT Au Ag Zn
HOLE M M degrees degrees M M M g/t g/t %
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DCU-19A 1440 377 323 60 76 350 274 0.5 4.8 0.29
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INCLUDING 164 342 176 0.55 6.8 0.40
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INCLUDING 164 282 118 0.6 7.1 0.44
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DCU-20 1515 592.6 187 64 74 592.6 518.6 0.5 5.6 0.24
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INCLUDING 178 442 264 0.8 8.0 0.34
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INCLUDING 336 440 104 1.21 9.9 0.24
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The drill results demonstrate the potential for disseminated gold mineralization at Soledad and Los Cuyes Sectors in the Condor Gold Project, within a lower grade mineralized envelope. These breccias represent a window of a large epithermal system "inside" a breccia camp with surface dimensions of 2.5 km by 2.5 km and 500 m in depth. The breccia camp includes:San Jose; Bonanza; Soledad; Guayas; Buena Esperanza; Brechas Negras; Gossan Luna; Los Cuyes; Pangui; and Reina del Cisne. See Figure 3 attached. These breccias have been localized by mapping, geophysics and by drilling. The breccia mineralization is apparently structurally controlled. The geophysical programme at Condor has been completed and the anomalies are being interpreted for targeting future drilling. 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 Figures 1, 2 and 3 please click on the following link: http://www.ccnmatthews.com/docs/gml1110.pdf


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

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