Goldmarca Limited
TSX VENTURE : GML
BERLIN : GDQ
FRANKFURT : GDQ

Goldmarca Limited

December 12, 2006 19:59 ET

Goldmarca In-Fill Drilling Extends Gold Mineralization at Condor Gold Project at the Los Cuyes Sector Intersecting 502 Metres of 0.94 Grams Per Tonne Gold

PANAMA CITY, REPUBLIC OF PANAMA--(CCNMatthews - Dec. 12, 2006) - Goldmarca Limited ("Goldmarca") (TSX VENTURE:GML)(BERLIN:GDQ)(FWB:GDQ) is pleased to announce that at Condor Gold Project in Ecuador, a vertical drill hole DCU-22 from the surface has intersected a disseminated gold zone in the Los Cuyes sector of 502 metres of 0.94 grams per tonne gold including 138 metres of 2 grams per tonne gold (see Table 1 below and Figure 1 attached).

These intercepts from holes DCU 21 and 22 represent the depth of mineralization from the surface of the Los Cuyes mineralized system situated in a graben structure and confirms a depth extension of the mineralization. The purpose of the current drilling program at Los Cuyes is to systematically drill a trial block of surface area of 100 metres by 75 metres using a grid spacing of 25 to 50 metres. This will provide the basis to estimate measured and indicated resources of the trial block and to provide interpretive data within the Los Cuyes mineralized system. In 2007 step out drilling is planned to drill off the exploration potential.



---------------------------------------------------------------------------
TABLE 1 CONDOR GOLD PROJECT LOS CUYES DRILLING RESULTS DECEMBER 2006
---------------------------------------------------------------------------
ELEV DEPTH AZIMUTH DIP FROM TO INTERCEPT Au Ag Zn
HOLE M M degrees degrees M M METRES g/t g/t %
---------------------------------------------------------------------------
DCU-21 1522 601 53 85 0 601 601 0.49 6.1 0.16
---------------------------------------------------------------------------
INCLUDING 430 492 62 1.86 8.1 0.35
---------------------------------------------------------------------------
DCU-22 1522 502 0 90 0 502 502 0.94 7.2 0.24
---------------------------------------------------------------------------
INCLUDING 364 502 138 2.02 6.1 0.37
---------------------------------------------------------------------------
INCLUDING 374 424 50 3.95 10.3 0.42
---------------------------------------------------------------------------


The results from drill hole DSO-03 at the Soledad sector are set out in Table 2 and depicted in Figures 2, 3 and 4. The hole intersected gold mineralization over 310 metres averaging 1 gram per tonne gold including 114 metres of 1.5 grams per tonne gold. 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 2007.



---------------------------------------------------------------------------
TABLE 2 CONDOR GOLD PROJECT SOLEDAD DRILLING RESULTS DECEMBER 2006
---------------------------------------------------------------------------
ELEV DEPTH AZIMUTH DIP FROM TO INTERCEPT Au Ag Zn
HOLE M M degrees degrees M M METRES g/t g/t %
---------------------------------------------------------------------------
DSO-03 1621 389 128 75 0 310 310 1.01 6.3 0.82
---------------------------------------------------------------------------
INCLUDING 0 210 210 1.37 7.5 0.97
---------------------------------------------------------------------------
INCLUDING 0 114 114 1.48 9.4 1.16
---------------------------------------------------------------------------
INCLUDING 0 98 98 1.62 10.3 1.25
---------------------------------------------------------------------------
INCLUDING 0 72 72 1.77 12.0 1.34
---------------------------------------------------------------------------


Previous drilling at Soledad indicated a trend of gold grades being higher near the surface and decreasing with depth. This trend persisted in hole DSO-03 (see Chart 1 attached).

The drill results demonstrate the potential for disseminated gold mineralization at Los Cuyes and Soledad Sectors at 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 kilometres by 2.5 kilometres and 500 metres in depth. The breccia camp incluyes the following: San Jose, Bonanza, Soledad, Guayas, Buena Esperanza, Brechas Negras, Gossan Luna, Los Cuyes, Bangui 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 Chart 1 and Figures 1, 2, 3 and 4 please click on the following link: http://www.ccnmatthews.com/docs/gml1212.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
    (416) 581-0177 or 1-866-544-9622
    or
    Pro-Edge Consultants Inc.
    Fred Cowans
    Managing Partner
    (416) 581-0177 or 1-866-544-9622
    Email: info@pro-edge.com