Goldmark Minerals Ltd.
TSX VENTURE : GMK

Goldmark Minerals Ltd.

March 22, 2007 11:50 ET

Goldmark Receives TSX Venture Approval for the Acquisition of the Abigail Concession, Its First Ecuadorian Gold Prospect and Acquires a Second, Alemen 1

CALGARY, ALBERTA--(CCNMatthews - March 22, 2007) - Goldmark Minerals Ltd. (TSX VENTURE:GMK) today announces that it has concluded the acquisition of it first property in south Central Ecuador. The TSX Venture Exchange has accepted for filing documentation in respect of the company's arm's-length acquisition of the Abigail concession in Ecuador on payment of consideration of $45,000 (U.S.) for the first two years of a 30-year concession, as set forth in an agreement dated Nov. 14, 2006, entered into among the company, Victor Leonardo Tello Cano and his wife. If the company elects to retain the concession for the full 30-year period, the company will be required to pay an additional $200,000 (U.S.) on Nov. 14, 2008.

As previously announced on November 23, 2006, and on February 2, 2007, this is the first step in the refocus of the company to acquire precious metal properties in strategic parts of the Americas. The company is now in the process of completing assay work on the Abigail property consisting of soil sampling and trenching to assist in the location of drilling targets. These samples will be submitted to ALS Chemex laboratory in Quito, Ecuador, in early April in order to be analyzed for gold and 21 additional elements.

Abigail Property

The Abigail property occupies an area of 1,745 hectares of which the eastern part of the property belongs to the Zamora-Chinchipe Province (70%), and the western part is located in the Azuay Province (30%). The concession is 60 km south of Cuenca (population 420,000) in southern Ecuador. It is in the heart of the Cordillera Real Metamorphic Belt, which is an active exploration area. Geologically, the Abigail property is located on the western flank of the Cordillera Real, a north-northeast-trending mountain range east of the Central Andean graben. The deposit type investigated is epithermal (high-sulphidation).

Acquisition of Alemen 1

Goldmark has also acquired a new concession consisting of 1128 hectares adjacent to Abigail . The company intends to expand its assay work onto this portion of the property once the first phase is complete at Abigail. The deposit type investigated will again be epithermal (high-sulphidation). The company staked the concession with its own geologists. Alemen 1 is registered and is held in Goldmark's Ecuadorian subsidiary Goldminerals SA.

Goldmark is a Canadian public company with offices located in Calgary and Quito, Ecuador. Shares are listed on the Venture Exchange under the symbol GMK.

Forward-looking statements - the press release today contains "forward-looking" information. Actual results could differ materially from the conclusions, forecasts or projections in the forward-looking information. Certain material factors and assumptions were applied in drawing the conclusions or making the forecasts or projections as reflected in the forward-looking information. Additional information about the material factors that could cause actual results to differ materially from the conclusion, forecast or projection in the forward-looking information and the material factors or assumptions that were applied drawing the conclusion or making the forecast or projection as reflected in the forward-looking information is contained in the press release.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Goldmark Minerals Ltd.
    Peter Barker
    Chief Executive Officer
    (403) 299-0357
    (403) 269-9890 (FAX)
    or
    Goldmark Minerals Ltd.
    Robert W. Lamond
    Chairman of the Board
    (403) 269-9889
    (403) 269-9890 (FAX)
    Website: www.goldmarkminerals.com