Goldmarca Limited

Goldmarca Limited

November 09, 2006 20:59 ET

Goldmarca Limited: Condor Gold Project Drill Targets Defined

PANAMA CITY, REPUBLIC OF PANAMA--(CCNMatthews - Nov. 9, 2006) - Goldmarca Limited (TSX VENTURE:GML)(PINK SHEETS:GMLCF) is pleased to report that it has completed an induced polarization and ground-magnetic geophysical survey at the Condor Gold project covering 50 line kilometres over an area of 3km by 3km (See figures 1 and 2). The survey confirmed the presence of the 3km long graben structure striking ENE from Ecuador to Peru and the breccia camp. The induced polarization survey located numerous new zones of high chargeability that could represent sulphide mineralization at depth. Gold at the Condor Gold Project is associated with sulphide mineralization. High chargeability and low resistivity (high-conductivity) signature were observed over known mineralized targets drilled by TVX and currently by Goldmarca. The program confirmed that high to moderate chargeability in a low resistive domain is the typical signature for prospective sulphide mineralization that could contain possible gold mineralization at Condor verified by the drill holes.

New anomalies zones were delineated by the Induced Polarization signature indicating continuity extensions long strike and dip of the known drilled mineralized zones together with new zones covered by volcanoclastic rocks. The Induced Polarization high chargeability zone show the potential of the breccia camp type and is bigger than mapped initially.

A clear example from the induced polarization survey is depicted in Figure 3 attached. Line 10N long section of chargeability. Line 10N section demonstrates the coincidence among ground signature, drilling and intersected gold mineralization (Drill-hole DCU-17B: intersected 308m of 2.57 g/t gold, 19.1 g/t silver and 0.94% Zinc).

This coincidence further localizes the drill targets and gives them a higher ranking. Other anomalies on the section without drilling are drill targets in the breccia camp.

Another example from the induced polarization survey is depicted in Figure 5 attached Line 15N long section of chargeability passing thru Enma breccia. Line 15N section demonstrates the coincidence of ground signature, drilling and intersected gold mineralization. Other anomalies on the section without drilling are drill targets in the breccia camp. Additional examples are provided for long section for chargeability for lines 14N and 21N. See Figures 4 and 6 attached. All the cross sections from the induced polarization survey are posted on the web site

The ground magnetic survey shows a strong circular anomaly of some 500m diameter centered inside of the Breccia-camp. This could represent an intrusive porphyry below the camp or a cauldron covered by volcanic piles. This circular body may represent the source of the mineralizing fluids present in drill holes intersecting the breccias-zones. The magnetic high in this zone is probably due to the presence of pyrhotite which is known at condor from drilling.

The prospective zone has been mapped over the grid for 3km length and the geophysical survey has confirmed the prospective zone for the first 800 metres of length some 500 metres wide and up to 400 metres depth. Another anomaly indicates structures or possible fault zone that may link to the Aurelian type in the east of the Eccolmetals property. Drill testing of the geophysical anomalies is justified. Goldmarca is planning to mobilize a drill rig to commence drilling in November 2006.

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)(PINK SHEETS:GMLCF) 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

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