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FROM CANADA NEWSWIRE TORONTO 416-863-9350/ TO BUSINESS EDITOR: Goldmarca Reports Breakthrough with San Nicolas Metallurgy PANAMA CITY, April 26 /PRNewswire-FirstCall/ - Goldmarca Limited (TSX-V:CDC) announced today the results of the initial metallurgical test work on San Nicolas sulphide samples. This breakthrough significantly increases the probability that Goldmarca can develop a viable mine at San Nicolas. ------------------------------------------------------------------------- Highlights of the results include: - Overall gold recovery achieved was 70 percent; a significant increase from the 39 percent using conventional extraction. - Silver recovery improved from 28 percent to 84 percent; marking a major breakthrough. ------------------------------------------------------------------------- During the previous open pit production at San Nicolas, the oxide gold-silver ore was mined out, resulting in an exposure of the sulphide gold-silver zone on the surface which has not been mined because of its refractory nature. Goldmarca applied unique Australian expertise and process technology to enhance metallurgical recovery of refractory sulphide gold-silver mineralization. The test work for Goldmarca's San Nicolas project was conducted at Hydrometallurgy Research Laboratories (HRL) in Brisbane, Australia. HRL used the patented Albion Process, a leach oxidation procedure at atmospheric pressure that employs proprietary fine grinding. Excerpts from HRL's initial report include: "Baseline CIP/CIL tests indicate the presence of preg-robbing materials in most cases. Flotation response generally good in terms of recovery. Recoveries from Albion Process residues generally good to very good." The results are summarized in a table which illustrates the comparison between the Albion Process and baseline conventional cyanidation results detailed in Attachment A. These results have been reviewed by Robin Slaughter QP, Member of the Aus IMM and honours graduate in Mining Engineering from the University of Queensland, Australia. "The ability to identify the most appropriate technical resources to address the San Nicolas metallurgy challenges is very significant and demonstrates Goldmarca's technical leadership," said Robin A. Slaughter, President & CEO of Goldmarca. "The metallurgical challenges at San Nicolas have been ongoing for many years and our efforts have been a major step forward. The project now has the potential to be viable and studies are underway to confirm this conclusion." Goldmarca has an agreement with Compania Minera San Nicolas S.A. and Minas del Sinchao S.A. of Peru to earn an 80 percent interest in the San Nicolas gold-silver mine, plant site, and heap leach operation, located 30 kilometers north of Yanacocha, Peru. Goldmarca can earn its working interest in the San Nicolas mine by completing a definitive feasibility study and by establishing a processing facility using modular gold plant and proprietary processing technologies. Goldmarca received a draft independent estimate of gold and silver resources at San Nicolas from Roscow Postle Associates Inc. in January 2004. Pending access to original copies of historical assay sheets belonging to Compania Minera San Nicolas S.A.C. (MSN), owners of the San Nicolas property, Goldmarca will move forward to finalize and file the independent report. ATTACHMENT A ------------------------------------------------------------------ SUMMARY OF RESULTS ALBION PROCESS BASELINE CYANIDATION Recovery 70.4 % Gold Recovery 38.8 % Gold Recovery 83.8 % Silver Recovery 28.4% Silver ------------------------------------------------------------------ CONVENTIONAL CYANIDATION CIP Gold Head Grade 4.18 grams/tonne CIP Gold Head Grade 0.122 ozs/short ton CIP Gold Recovery 34.3% CIL Gold Recovery 38.8% CIP Silver Head Grade 113.4 grams/tonne CIP Silver Head Grade 3.31 ozs/short ton CIP Silver Recovery 28.4% ------------------------------------------------------------------ ALBION PROCESS First Stage Flotation Gold Concentrate Head Grade 7.14 grams/tonne Gold Head Grade of Concentrate 0.208 ozs/short tonne Gold Recovery to Concentrate 83.4% Silver Concentrate Head Grade 234.4 grams/tonne Silver Concentrate Head Grade 6.84 ozs/short ton Silver Recovery to Concentrate 94.0% Second Stage Oxidation & Recovery Sulphur Oxidation 86.0% Gold Recovery 84.4% Silver Recovery 89.2% OVERALL RECOVERY (FLOTATION & OXIDATION) GOLD RECOVERY 70% SILVER RECOVERY 84% ------------------------------------------------------------------ Footnote: The head grade of the composite samples tested, whilst representative of mineral characters, are not necessarily representative of the deposit grades. Further bench scale test-work is proceeding to optimize the preferred flow-sheet prior to conducting a pilot plant run. ABOUT GOLDMARCA LIMITED Goldmarca Limited (TSX-V: CDC) is an emerging gold producer with a portfolio of prospective gold properties in the Americas. Through access to a superior technology platform, Goldmarca is focused on delivering a low cost option to produce gold projects that can provide a one-year payback of all capital costs. Headquartered in Panama, Goldmarca Limited is a global company with operations in Ecuador, Peru and Brazil and corporate offices in Canada. Goldmarca is also listed on the Frankfurt and Berlin Exchanges under the symbol 'GDQ'. For more information, 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. FOR FURTHER INFORMATION, PLEASE CONTACT: Investor Relations Primoris Group [phone] Email: [e-mail] SOURCE Goldmarca Limited /CONTACT: Investor