SOURCE: Grand Pacaraima Gold Corp.

April 24, 2008 09:00 ET

AMEROSSI ENERGY Corp. Announces Completion of Acquisition of Mineral Exploration Properties

SEYMOUR INLET, BC--(Marketwire - April 24, 2008) - Amerossi Energy Corp. (PINKSHEETS: AMRR) (FRANKFURT: 3FJ) and Grand Pacaraima Gold Corp. (PINKSHEETS: GPGD) are pleased to announce that the companies have completed the acquisition of certain mineral exploration interests from Worldwide Graphite Producers, LTD located in British Columbia, Canada., according to terms of an acquisition agreement dated February 13, 2007, between the Amerossi Energy Corp., Worldwide Graphite, LTD and Grand Pacaraima Gold Corp.

Property description and estimated reserves:

Wigwam Group of mineral claims is over 5500 Hectars and has a multi-billion ton reserve of low grade iron ore in the 5%-10% magnetite estimate. This is comparable to the Alaskan deposit at Klukwan which has reserves calculated at 12 billion tons @ 12% Fe or 16.5% magnetite, but contain only minor vanadium within the titanomagnetite.

Mineral Claims are located near the northwest extremity of Seymour Inlet, B.C., a narrow coastal mainland fjord 85 km east of the north tip of Vancouver Island in the Vancouver Mining Division. The property is of interest because the pyritic gabbro bedrock complex generates a very large and intense magnetic anomaly caused by unusually large amounts of titaniferous magnetite containing small but significant vanadium content. In addition, significant pyrite content prompted tests for the precious and platinum group minerals. Similar West Coast deposits have been the subject of investigation by the writer on numerous occasions. In addition, pyritic quartz veins related to dykes who cross a large and recently exposed portion of the host rock diorite offer a potential gold exploration target. Property also has the highest titanium oxide ratio at 5% . Also silver at 6.5 grams per tone and the highest platinum value ranging between .16 and .33 percent.

Commenting on the transaction, A. Abdoulladjanov, Chairman of the Board, stated: "We are excited about the acquisition. This property has significant potential with the additional benefit of the Company being able to draw on experienced local expertise to advance the exploration project, and to acquire additional mineral claims in the project area, we will be well positioned to add further shareholder value. This acquisition also provides us with geographical diversification within the base and precious metals sector and will not in any way distract the Company from realizing the full potential of its strong portfolio of assets."

Pursuant to the terms of the Acquisition Agreement, AMRR issued to Worldwide Graphite an aggregate of 6,000,000 common shares in the capital of the AMRR as consideration for the mineral exploration interests. Amerossi Energy will continue to be engaged in the business of exploring for precious and base metals from the newly acquired mineral interests and other mineral exploration properties located in Canada and Venezuela, and such other properties and interests as may be subsequently acquired by AMRR, with the ultimate goal of developing and producing precious and base metals. Separately, AMRR is proceeding with an acquisition of the majority of shares of Grand Pacaraima Gold Corp.

About Worldwide Graphite Producers, Ltd. (http://worldwidegraphite.com)

Worldwide Graphite Producers Ltd. is a privately held company registered in British Columbia, Canada with corporate offices in Toronto. Worldwide Graphite Producers' mission is to acquire, explore and develop industrial mineral properties in the Province of British Columbia. The company is currently focused on developing the Superior Graphite Mineral Claims and plan exploration on the Amar and Koch claims.

About AMEROSSI Energy CORP. (www.Amerossi.com)

AMEROSSI is an independent oil and gas company operating in both the upstream and downstream sectors of the industry in the former Soviet Union and internationally. Amerossi has identified growth opportunities across the central, northern and eastern regions of the former Soviet Union, Caribbean region and North America.

We provide exclusive opportunities to participate in new and existing oil and gas exploration, with special emphasis on participation in known oil and gas reserves located across the region.

About Grand Pacaraima Gold Corporation

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. Metallurgica de Mineras S.A. has previously sampled and assayed these four mines and has determined that there are recoverable gold reserves of 3.6 million ounces and indicated reserves of 5 million ounces. 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

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "feel," "plan," "anticipate," "project," "could," "should" and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are subject to a number of risks and uncertainties, including without limitation, changes in external market factors including the economy, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.

Contact Information

  • Contact:

    Investor relations
    818-224-7117