Goldmark Minerals Ltd. announces financial and operating results for the year ended December 31, 2008

    TSX-V: GMK

    CALGARY, April 30 /CNW/ - Goldmark Minerals Ltd. (TSX-V:GMK) announces
its financial and operating results for the twelve months ending December 31,


    During the year ended December 31, 2008, Goldmark's revenue of $35,000
was generated from interest income. In 2007 the Company realized a gain of
$218,000 on the sale of assets property in Alaska and the Yukon, royalty
revenue of $19,000 and interest income of $31,000.
    Overhead costs were reduced to $187,000 from $278,000 in 2007. Other
costs for the year include a write down of the property in Ecuador of
$230,000, non-cash compensation of $49,000 and business development expenses
of $32,000. As a result the Company reported a loss of $449,000 for the period
compared with a loss of $326,000 in the same period in 2007.
    The working capital position of the Company at December 31, 2008 was $1.5
    During 2008 Goldmark was actively pursuing the acquisition of properties
with potential for mineral exploration activity throughout North America and
South America. Goldmark has evaluated properties in Ecuador, Chile, Peru,
Canada, Alaska, and California and continues evaluating opportunities.
Goldmark has determined that it is uneconomic for it to continue any
operations in Ecuador and so is winding down its Ecuadorian subsidiary

    Business Outlook

    Goldmark's business plan is to evaluate opportunities for the investment
of its working capital.
    The Company is in a positive financial position for a junior exploration
company with a cash balance of $1.5 Million and minimum overhead.
    The political unrest in certain countries will make some exploration
risky and changes in the commodity and capital markets have significantly
altered the dynamics of Goldmark's business plan. As a result of the downturn
in commodity prices and the economic crash over the last half of 2008 and the
first quarter of 2009 the board of Goldmark has been reviewing a wide range of
investment opportunities. Goldmark has evaluated other potential business
transactions in order to further the Company's growth and remains optimistic
that the current environment will result in significant opportunities for the

    Financial Summary

    Years Ended December 31,                    2008        2007        2006
    Revenue                               $   34,956  $  269,307  $    2,261
    Loss for the year                     $ (448,780) $ (325,785) $  (47,798)
      per share, basic and diluted        $    (0.02) $    (0.02) $   ( 0.01)
    Total assets                          $1,503,473  $1,911,889  $  452,285
    Working capital (deficiency)          $1,466,149  $1,631,237  $   74,464

    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

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,

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