Goldmarca Limited
TSX VENTURE : GML

Goldmarca Limited

March 21, 2007 21:14 ET

Goldmarca Intersects 3.1 g/t Gold Over 52 Metres and 2 g/t Gold Over 72 Metres at Condor Gold Project

PANAMA CITY, REPUBLIC OF PANAMA--(CCNMatthews - March 21, 2007) - Goldmarca Limited ("Goldmarca") (TSX VENTURE:GML) is pleased to announce that at the Los Cuyes sector Condor Gold Project in Ecuador drill hole DCU-26 intersected 3.1 g/t gold and 30 g/t silver over 52 metres within a total drill intersection of 506 metres grading 1.02 g/t gold, 9 g/t silver and 0.25% Zinc (See Fig. 1 for geology map locating the breccia bodies).

Drilling at Los Cuyes of Hole DCU-25 intersected 570 metres of 0.66 g/t gold including 128 metres of 1.38 g/t gold including 104 metres of 1.56g/t gold (See Table 1 below and Figures 2 and 3 attached).



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TABLE 1 CONDOR GOLD PROJECT LOS CUYES DRILLING RESULTS MARCH 2007
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ELEV DEPTH AZIMUTH DIP FROM TO INTERCEPT Au Ag Zn
HOLE M M degree degree M M METRES g/t g/t %
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DCU-25 1519 570 225 87.5 0 570 570 0.66 6.4 0.23
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INCLUDING 58 186 128 1.38 6.2 0.53
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INCLUDING 82 186 104 1.56 6.9 0.57
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DCU-26 1543 566 233 80 32 538 506 1.02 9.2 0.25
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INCLUDING 96 304 208 1.22 11.7 0.34
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INCLUDING 96 148 52 3.1 30.7 0.38
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AND 530 538 8 9.8 5.5 0.20
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The drill intercepts from holes DCU 25 and 26 confirm the continuity of the depth of mineralization of the Los Cuyes mineralized system which is situated in a graben structure. The step out drilling program to drill off the exploration potential in the known Los Cuyes block continues with success. Drilling is planned to a vertical depth of 500 metres over a surface area of 400 metres by 400 metres using a drill grid spacing of 50 metres by 100 metres. This will provide the basis to estimate revised inferred resources.

The results from drill hole DSO-06 at the Soledad sector are set out in Table 2 and depicted in Figures 4 and 5. 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 this year.



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TABLE 2 CONDOR GOLD PROJECT SOLEDAD DRILLING RESULTS MARCH 2007
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ELEV DEPTH AZIMUTH DIP FROM TO INTERCEPT Au Ag Zn
HOLE M M degree degree M M METRES g/t g/t %
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DSO-06 1621 586 180 75 0 316 316 0.74 11.6 0.50
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INCLUDING 0 156 156 1.24 12.3 0.64
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INCLUDING 0 72 72 2.02 11.4. 0.50
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At the smaller breccia pipe Guayas, drill hole DGU-03 intersected 22 metres of 0.85 g/t gold.

Drill hole DGU- 04 intersected 46 metres of 1.48 g/t gold (See Figure 6).



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TABLE 3 CONDOR GOLD PROJECT GUAYAS DRILLING RESULTS MARCH 2007
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ELEV DEPTH AZIMUTH DIP FROM TO INTERCEPT Au Ag Zn
HOLE M M degree degree M M METRES g/t g/t %
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DGU-03 1469 102 300 45 0 22 22 0.85 5.0 0.72
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DGU-04 1469 114 190 78 0 58 58 1.37 6.7 0.60
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INCLUDING 0 46 46 1.48 7.5 0.66
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The drill results demonstrate the potential for disseminated gold mineralization at the Los Cuyes and Soledad and other sectors at the Condor Gold Project, within the mineralized envelopes. These breccias represent a window of a large breccias system "inside" a camp with surface dimensions of 2.5 kilometres by 2.5 kilometres and 500 metres in depth. The breccia camp includes the following: San Jose, Bonanza, Soledad, Guayas, Buena Esperanza, Brechas Negras, Gossan Luna, Los Cuyes, Pangui and Reina del Cisne). These breccias have been localized by mapping, geophysics and drilling. The breccia mineralization is apparently structurally controlled. The geophysical programme at Condor has been completed and the anomalies are being interpreted for future drill hole targeting. 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 in the structural framework and shaping to the Pascua Lama Gold Deposits in Chile with an additional disseminated type in upper zones in volcano-clastic 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 ACMEs 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. Gregg Morrison, Ph.D. Geology, international exploration consultant based in Australia, is currently at the Condor project Ecuador advising on the geological modeling and interpretation as well as the geologic potential and drilling programs. Dr. Morrison worked extensively at the Mt. Leyshon and Kidston Gold Mines in Queensland, Australia over the whole life of these projects. His background is providing many valuable insights with respect to the Condor project geology and mineralization.

Gary Artmont from Canada a geologist with over 35 years experience in exploration projects world wide has been retained part time by Goldmarca to undertake a technical review of the portfolio of mineral properties held by Goldmarca and its subsidiaries.

Eccolmetals

Drilling of Eccolmetals has been deferred pending completion of geochemical surveys and structural interpretation. Management has decided this will optimize the potential success of the future drilling program. A news release will be provided when the results of the current activity have been received.

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 accompanying Figures 1 to 6, please click on the following link: http://www.ccnmatthews.com/docs/GMLFig_1to6.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) 6671-4370
    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
    1-866-544-9622 or (416) 581-0177
    or
    Pro-Edge Consultants Inc.
    Fred Cowans
    Managing Partner
    1-866-544-9622 or (416) 581-0177
    Email: info@pro-edge.com