SOURCE: Grand Pacaraima Gold Corp.

February 21, 2008 07:00 ET

Amerossi Energy Corp. to Buy Controlling Interest in Grand Pacaraima Gold Corp.

LONDON--(Marketwire - February 21, 2008) - Grand Pacaraima Gold Corporation (PINKSHEETS: GPGD) announced today that Amerossi Energy Corporation (PINKSHEETS: AMRR) (FRANKFURT: 3FJ) (3FJ.F and 3FJ.DE) has executed a Letter of Intent to acquire a minimum of 51% of the common shares of Grand Pacaraima Gold Corp.

Amerossi Energy Corporation's offer to The Castora Family, Venezuela International, S.A., and certain other investors currently relates to a majority control position. However, Amerossi is considering on acquiring an 80% plus interest in the future to qualify for consolidation purposes. Details of the transaction are forthcoming.

Amerossi Chairman A. Abdoulladjanov said: "We are excited to add Grand Pacaraima Gold's valuable assets to Amerossi Energy Corporation's growing asset base. We look forward to developing these assets into a cash flow, positive addition to our portfolio."

Newly elected Grand Pacaraima Chairman, Greg Rubin, added: "Having Amerossi as our parent company increases and diversifies the holdings of our shareholders."

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.

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