Goldmarca drilling hits high grade zone at the Condor Gold Project Ecuador intersecting 284 metres of metres of 2.75 grams per tonne of gold including an intercept of 98 metres of 6.05 grams per tonne of gold

Goldmarca Limited (TSX-V:GML) is pleased to announce that at Condor Gold Project in Ecuador, drill hole has intersected a high grade gold zone in the Los Cuyes sector of 308 METRES OF 2.57 GRAMS PER TONNE GOLD including 284 metres of 2.75 grams per tonne gold including 98 metres of 6.05 grams per tonne gold and 24 metres of 12.7 grams per tonnegold, 72.9 grams per tonne silver and 4.1% zinc. See Table 1 below and Figure 1: http://files.newswire.ca/499/condor.doc. True width is estimated to be approximately to 60 % of the drill intercepts.

TABLE 1 CONDOR GOLD PROJECT DRILLING RESULTS DCU 17B SEPTEMBER 2006

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INTER-
HOLE       ELEV DEPTH AZIMUTH     DIP FROM   TO   CEPT   Au    Ag     Zn
M     M DEGREES DEGREES    M    M METRES   g/t   g/t     %
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DCU-17B    1411   448      53     -64  108  416    308  2.57  19.1  0.94
INCLUDING                              108  392    284  2.75  20.2  0.99
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INCLUDING                              108  296    188  3.68  27.4  1.40
INCLUDING                              198  296     98  6.05  34.7  1.80
INCLUDING                              202  242     40  8.98  55.4  2.78
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INCLUDING                              202  226     24  12.7  72.9  4.10
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As previously reported at Los Cuyes sector Hole DCU-17 was abandoned at 232 meters in the higher grade mineralized zone due to operational problems.

DCU-17B is a twin hole drilled to final depth of 448 metres and the results reported in this release updates the partial drill results reported for drill hole DCU-17 in news release dated August 21, 2006.

The drill results set out in Table 1 demonstrate the potential for higher grade mineralization at the Los Cuyes Sector in the Condor Gold Project, within the mineralized envelope of 500 metres length mapped, 300 metres in width and 300 to 400 metres deep. The Los Cuyes breccias represent a window of a large epithermal system “inside” a breccia camp with surface dimensions of 1.5 km by 1.5 km and 400 m in depth. The breccia camp includes: San Jose; Bonanza; Soledad; Guayas; Buena Esperanza; Brechas Negras; Gossan Luna; Los Cuyes; Pangui; and Reina del Cisne. See Figure 2: http://files.newswire.ca/499/condor.doc. These breccias have been localized by mapping and by drilling and drill logs. The breccia mineralization is apparently structurally controlled. The geophysical programme at Condor has been completed and the anomalies are being interpreted for targeting future drilling. 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 to the Pascua Gold Deposits in Chile (breccias – lower zone) with an additional disseminated type in upper zones in volcanoclastic 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 ACME’s 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. 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-V: 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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.

For further information: Robin Slaughter, President & CEO, (507) 66714370 or Nick Demare Director & CFO (604) 685-9316 or send email to info@goldmarca.com