SOURCE: Grand Pacaraima Gold Corp

April 29, 2010 02:30 ET

Grand Pacaraima Gold Corporation Announcing Letter of Intent With PT JASMINE EKA KARYA

VERNON, BC--(Marketwire - April 29, 2010) - Grand Pacaraima Gold Corporation (PINKSHEETS: GPGD) announces the execution of a letter of intent providing for the acquisition of PT JASMINE EKA KARYA ("Jasmine") to merge certain assets, of Jasmine and related entities, into GPGD. These assets are to include B & E Resources, Ltd., general and marine offshore oil rig maintenance and Construction Company with over 20 years' experience in the industry. B & E Ltd. has acquired a contract to upfit three semi-submergible oil drilling rigs to be acquired by Pemex S.A., the Mexican National Oil Company. This transaction represents the company's mergers and acquisition strategy.

GPGD President S. Rubin commented, "This transaction should be a positive move for GPGD's existing shareholders. Our commitment is to provide increased shareholder value on a continuing basis through the continued acquisition of new assets, expansion and development of our existing holdings."

The above transaction is subject to the drafting and negotiation of a final definitive agreement, performing due diligence as well as board approval of the Company. As such, there is no guarantee that the Company will be able to successfully close the above transaction.

About PT JASMINE EKA KARYA

Slamet Riyanto heads up the Jasmine operations as its Chief Executive Officer (CEO). Jasmine is a commodity trading company dealing in the petroleum industry. They are also a general contractor in residential and commercial building in the Yogykarta area on the Island of Java, Indonesia.

About B&E Resources, Ltd. www.berltd.com 

B&E Resources, Ltd. is a General contractor with a diversified portfolio of business services, including ASME coded shop fabrication, refining / petrochemical, Marine drilling rig construction, field implementation, municipal and civil engineering and pipeline construction.

About Grand Pacaraima Gold Corp. (GPGD) -- www.GPGD.PK

The Company's principal business is the acquisition, exploration and mining of mineral properties. Grand Pacaraima Gold Corporation currently holds the concession for four gold mines in Venezuela known as the Cerro Trompa, San Miguel, Mosquito and Zapata mines. In addition, through an 80%-owned subsidiary, Grand Pacaraima owns oil and gas wells in a 640 acre Oklahoma oil and natural gas field. 

Forward-Looking Statements: Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.