Goldmarca Limited

Goldmarca Limited

October 17, 2006 15:24 ET

Goldmarca Limited: Geophysical Anomalies Indicate Drill Targets 300 to 500 Metres West of Aurelian Discovery at Eccolmetals

PANAMA CITY, PANAMA--(CCNMatthews - Oct. 17, 2006) - Further to news release of August 9 2006 at the Eccolmetals property Goldmarca Limited (TSX VENTURE:GML)(BERLIN:GDQ)(FWB:GDQ) is pleased to report the induced polarization survey has located zones of high chargeability that may represent sulphide mineralization at depth. Gold at the adjacent Aurelian property is associated with sulphide mineralization. The Eccolmetals property is 300 metres west of Aurelian's high-grade gold properties Fruta del Norte ("FDN") in the Condor Gold Belt Ecuador and indicates highly prospective zones for gold mineralization.

A first pass geophysical interpretation has been completed. The survey is being conducted by Geofisica Consultores SRL from Peru. See Figures 1 to 7 attached to this release. Preliminary geological interpretation by Goldmarca suggests the gold mineralization in the FDN discovery zone and adjacent properties is controlled by major faults and shear zones and preserved in graben structures where the sandstone cover the gold system from erosion. The geophysical anomalies coincide with previously reported prospective zones having favorable geology and structures. This coincidence further localizes the drill targets and gives them a higher ranking. The prospective zone been has 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.

Work Programme Progress

The 46km of grid lines have been cut. 16km of induced polarization geophysical lines have been completed out of a planned 46km. The lines completed comprise four east west lines and two north south lines. Drill sites are being located.

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

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.

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