Goldmark Minerals Ltd. announces financial and operating results for the second quarter ended June 30, 2009



    CALGARY, Aug. 28 /CNW/ - Goldmark Minerals Ltd. (TSX-V:GMK) announces its
financial and operating results for the six months ending June 30, 2009.

    Financial

    During the six months ended June 30, 2009, Goldmark's revenue of $36,758,
compared with $28,828 in 2008. Revenue of $23,926 was generated from interest
income and the Company realized $12,832 from the sale of royalty gold from
2008 mining activity.

    Overhead costs were reduced to $59,501 for the quarter, from $82,890 in
2008. Other costs for the quarter were limited to non-cash compensation of
$19,925 and foreign exchange loses of $2,904 as a result the Company reported
a loss of $45,572 for the period, compared with a loss of $110,289 in the same
period in 2008.
    The working capital position of the Company at June 30, 2009 was $1.4
Million.

    Business Outlook

    With the completion of the proposed transaction as announced in the press
release of August 19, 2009 the Goldmark shareholders are becoming part of a
company that has the potential to become a significant Junior oil company.
Goldmark evaluated and considered a number of business transactions in both
the oil and gas and the mineral sectors and determined that the best
opportunity for Goldmark shareholders to further the maximization of
shareholder value was the announced proposed transaction. The company is
optimistic about the business outlook in the oil and gas sectors for well
capitalized companies such as Tuscany will be after the Merger.

    
    Financial Summary

    Three months ended March 31,              2009         2008         2007
    -------------------------------------------------------------------------
    Revenue                            $     7,505  $    13,773  $   203,450
    Earnings (Loss) for the period     $   (36,468) $   (78,992) $   113,989
    per share, basic and diluted       $         -  $         -  $      0.01
    Total assets                       $ 1,484,595  $ 1,851,306  $   448,089
    Working capital (deficiency)       $ 1,442,049  $ 1,560,750  $   105,692
    -------------------------------------------------------------------------

    Forward Looking Statements
    

    Certain statements contained in this press release constitute
forward-looking statements. The use of any of the words "anticipate",
"continue", "estimate", "expect", "may", "will", "project", "should",
"believe" and "confident" and similar expressions are intended to identify
forward-looking statements. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in such forward-looking statements.
    Goldmark believes that the expectations reflected in those
forward-looking statements are reasonable but no assurance can be given that
these expectations will prove to be correct and such forward-looking
statements included in this press release should not be unduly relied upon.
These statements speak only as of the date of this press release. Goldmark
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as expressly required by applicable securities laws.
    Where amounts are expressed on a barrel of oil equivalent (boe) basis,
natural gas volumes have been converted to barrels of oil at six thousand
cubic feet (mcf) per barrel (bbl). Boe figures may be misleading, particularly
if used in isolation. A boe conversion of six thousand cubic feet per barrel
is based on an energy equivalency conversion method primarily applicable at
the burner tip and does not represent a value equivalency at the wellhead.
References to oil in this discussion include crude oil and natural gas liquids
(NGLs).





For further information:

For further information: Peter Barker, Chief Executive Officer, GOLDMARK
MINERALS LTD., Telephone: (403) 299-0357; Robert W. Lamond, Chairman of the
Board, GOLDMARK MINERALS LTD., Telephone: (403) 269-9889, Fax: (403) 269-9890,
Website:www.goldmarkminerals.com

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GOLDMARK MINERALS LTD.

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