SOURCE: Grand Pacaraima Gold Corp.

November 28, 2007 06:00 ET

Grand Pacaraima Gold Corp. Orders NOBO List to Reveal Suspected Substantial Short Position

LONDON--(Marketwire - November 28, 2007) - Grand Pacaraima Gold Corp.'s (PINKSHEETS: GPGD) management has ordered a current Non Objecting Beneficial Owners list (NOBO list) from Broadridge, Inc. The NOBO list shows a more complete and comprehensive shareholder profile than is typically available on a shareholder list provided by the transfer agent. In addition, management is ordering reports from the Depository Trust Corporation (DTC) for further examination. Both lists will be utilized to uncover possible short positions. Company management suspects that the substantial short position exists and was increased after the recent issuance dividend of stock to Modern Energy Corporation shareholders. The NOBO list will be used to determine the naked short positions in Grand Pacaraima Gold Corp. common stock. The NOBO list will be compared to the reports from the DTC which contains data regarding all brokers and amounts of shares being held for investors. These lists will be used to get a total amount of shares owned by all shareholders and any naked short positions.

The company would like to advise its shareholders to ensure their accounts have not lent out their stock without the shareholder's knowledge and consent. Shareholders are also advised to ask their brokers' compliance departments if any part of their stock position has been loaned to potential short sellers.

Our corporate advisors and legal parties have agreed that we must take action against suspected naked short selling of its or anyone's securities in the marketplace. The company will take all necessary action to protect its shareholders' investments.

About Grand Pacaraima Gold Corp.

Gas and Oil Operations in Oklahoma

Through an 80% owned subsidiary, Grand Pacaraima has an operating interest in two wells on 640 acres of a productive oil and gas area in Oklahoma, not far from the Texas border. The property includes the Chester Zone, which is well known in the Oklahoma-Texas region for its gas reserves.

Legal Notice Regarding Forward-Looking Statements

The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from acquisitions or actions in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.