SOURCE: Grand Pacaraima Gold Corp.

August 02, 2006 14:01 ET

Recoverable Gold Reserves of 3.6 Million Ounces; Indicated Reserves Exceed 5 Million Ounces

CARACAS, VENEZUELA -- (MARKET WIRE) -- August 2, 2006 -- Metallurgica de Mineras S.A. has completed the core assay project as contracted by Grand Pacaraima Gold Corp. (PINKSHEETS: GPGD). According to the assay report, there are recoverable gold reserves of 3.6 million ounces and indicated gold reserves of 5 million ounces.

Guidelines specified under the agreement were for spacing requirements of 25 meters at a specified depth of 5 meters or less. Four quadrants each: NE, NW, SE, SW were sampled for the Cerro Trompa, San Miguel, Zapata and Mosquito Mines located in the region 8-12 kilometers northeast of Icabaru, Venezuela.

In comparison to previous sampling of these four mines, the northeast quadrant of Cerro Trompa at 87.53 grams per ton or 2.81 ounces per ton greatly exceeded our expectations.

It is the recommendation of Metallurgica de Mineras S.A. as well as Grand Pacaraima Gold Corp. that the company execute a major development venture on the concession with the Semana del Sur district.

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