Goldmark Minerals Ltd. announces first six month results



    TSX-V: GMK

    CALGARY, July 29 /CNW/ - Goldmark Minerals Ltd. (TSX-V:GMK) announces its
financial and operating results for the six months ending June 30, 2008.
    During the first half of 2008, Goldmark reported revenue of $29,000
entirely generated from interest income. In the same period of 2007 the
Company realized a gain of $220,000 on the sale of assets in Alaska and the
Yukon. Overhead costs totaled $83,000 compared with $150,000 in 2007. Other
costs for the period include non-cash compensation of $25,000 for the first
half of 2008 compared to $74,000 in 2007. The company also incurred $32,000 on
the evaluation of the proposed asset purchase in Alaska and Chile, which it
subsequently decided not to complete. As a result the Company reported a loss
of $110,000 compared with a loss of $132,000 in 2007. Goldmark finished the
first half of 2008 with a strong work capital position of $1.5 million and no
long term debt.

    Property Acquisition and Exploration

    During the first Half of 2008 Goldmark's activity consisted of the
assessment of a number of Prospects in Alaska and South America. No work was
conducted on the property in Ecuador as Goldmark is evaluating the effect of
the proposed new mining mandate in Ecuador.

    Business Outlook

    Goldmark's business plan has been to capitalize on cyclically high metal
prices, driven by growing world demand, by developing an opportunistic
approach to the acquisition of property, along with an exploration program in
Ecuador, Peru, Chile and Alaska.
    Goldmark is continuing to review a series of opportunities and remains
optimistic that the growing demand in metal and the current limited supply
will result in significant opportunities for the Company in 2008.

    
    Financial Summary

                                           Six months ended June 30,
                                        2008            2007            2006
    -------------------------------------------------------------------------
    Revenue                      $    28,828     $   219,550      $        -
    Earnings (loss) and
     comprehensive income for
     the period                  $  (110,289)    $  (131,767)     $  (19,025)
      per share, basic and
       diluted                   $     (0.01)    $     (0.01)     $     0.00
    Total assets                 $ 1,789,285     $ 2,148,075      $  110,650
    Working capital              $ 1,543,332     $ 1,863,416      $  (95,416)
    -------------------------------------------------------------------------
    

    Further details on the company's projects are available on the Goldmark
Minerals website at www.goldmarkminerals.com.

    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 NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.





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

Organization Profile

GOLDMARK MINERALS LTD.

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