Goldmarca Limited

Goldmarca Limited

March 27, 2007 12:47 ET

Goldmarca Reports Geochemical Sampling at Eccolmetals Gold Project in Ecuador, Drill Mobilization to the Afrodita Concession in Peru, and New Geological Team Appointments

PANAMA CITY, PANAMA--(CCNMatthews - March 27, 2007) - Goldmarca Limited ("Goldmarca") (TSX VENTURE:GML)(PINK SHEETS:GMLCF) is pleased to provide an update on ongoing work at the Eccometals Gold Project in Ecuador, the mobilization of drill rigs to the Afrodita Concession in Peru, and an overall strengthening of the geological team.

Eccolmetals Gold Project, Ecuador

Goldmarca, which mobilized a drill rig the Eccolmetals Gold Project in February 2007 and then in March (News Release - March 21, 2007) deferred drilling pending completion of geochemical surveys and structural interpretation; reports geochemical sampling at Eccolmetals.

Goldmarca has completed stream sediment and panned concentrate sampling over the eastern half of the Eccolmetals concession. In total, 247 - 80 mesh stream sediment and 247 panned concentrate samples were collected from this area in addition to 16 rock samples. The panned concentrates have been microscopically examined and a high percentage of the samples show visible gold. Eccolmetals concession area contains the most extensive alluvial gold workings observed in the immediate vicinity of the Fruta del Norte gold discovery. The source of the alluvial gold in the Eccolmetal's concession has never been determined, but it is thought to be confined to the drainages within the concession boundaries. The location of the alluvial workings relative to the Fruta del Norte gold discovery is illustrated on Figure 1. Goldmarca owns 100% of the Eccolmetals concession and is purchasing 100% interest in the Valle de Inca I and Valle del Tigre II concessions.

Remapping in the concession area has identified a large area of altered, brecciated and pyritized andesites located near the eastern boundary of the Eccolmetals concession with the western boundary of Aurelian's concession. Additionally, the mapping has defined the boundary of a discreet porphyry stock that may be the source of the gold in the local drainages. The locations of the 3 anomalous areas are shown on Figure 2. Rock chip samples were collected from this alteration zone and have been submitted for multi-element analysis. Due to the encouraging results from the recent exploration program, Goldmarca has deferred the drilling program until the exploration results have been thoroughly evaluated. Goldmarca intends to initiate a second phase of detailed grid soil and rock chip sampling over the altered andesite and other anomalies generated by the first phase program. This work will further assist Goldmarca in selecting the optimal locations for its future drilling program expected to commence when all data is collected, assembled, evaluated and interpreted. This plan is based on the firm recommendations of the new geological team now engaged at the Condor Gold Project described below.

Afrodita Concession, Peru

Goldmarca is moving drill rigs to the Afrodita Concession in Peru. Goldmarca owns 4 drill rigs. 2 drill rigs are moving to Afrodita, 1 is working at the Condor Gold Project, and the 4th is in for conversion from reverse circulation (RC) to dual purpose diamond and RC. The plans include initiating a 1500 metres drill program over the El Tambo sector of Afrodita and carry out underground sampling at the El Tambo gold/silver/zinc prospect. The concession area comprises 5000 hectares on the Peruvian side of the Ecuador and Peru border. The Chinapintza and Condor Breccia gold/silver/zinc mineralization located in Ecuador extends directly into the Afrodita Concession. Goldmarca's Condor Gold Project and Afrodita are separated by a summit of the Cordillera Condor that straddles Ecuador and Peru. Simplified, Afrodita in Peru is geologically the twin sister of the Condor Gold Project in Ecuador. The Afrodita Concession area was previously explored by Anglo American plc from 2004-2005. Goldmarca expects their drilling program will commence by the end of March and the first set of assay results will be available by the end of June. A further news release will be made when the drilling has commenced.

Appointment of New Geological Team

Goldmarca has retained the services of several seasoned geological professionals to complement Jose Lenzi in exploration management at the Condor Gold Project, Eccolmetals Gold Project, and the Afrodita Project. These appointments include Dr Willem Fuchter, Dr Miles Worsley and Gary Artmont. Combined, these geologists have over 100 man years of experience particularly relating to epithermal gold deposits and porphyry style systems.

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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Contact Information

  • Goldmarca Limited
    Robin Slaughter
    President & CEO
    Goldmarca Limited
    Nick Demare
    Director & CFO
    (604) 685-9316
    pro-edge consultants inc.
    Tracy Weslosky or Fred Cowans
    Managing Partners
    1-866-544-9622 or (416) 581-0177