SOURCE: Grand Pacaraima Gold Corp.

December 20, 2007 10:00 ET

Grand Pacaraima Gold Corp. Announces Licensing of RFID Technology Targeted to the Jewelry Retailing Industry

Innovative Technology Addresses Retailers' Need to Track Valuable Inventory and Reduce Theft

LONDON--(Marketwire - December 20, 2007) - Grand Pacaraima Gold Corp. (PINKSHEETS: GPGD) announced today that the company has acquired Intellectual property (IP) rights to radio frequency identification (RFID) technology (patent pending). The technology involves using RFID tags specifically developed for use in jewelry retail stores to cut inventory management costs and enhances protection from theft. Grand Pacaraima Gold will begin manufacturing unique tags that will be attached to the jewelry items and will track the tagged items' location in the store or warehouse. Store management will be alerted if the item was moved or was not returned to the shelf. Grand Pacaraima Gold has licensed the technology from an Israel-based group that has created the tags and technology.

Each tag contains a unique identification number which, when wirelessly scanned by a small electronic reader, is transmitted to an inventory database that runs on a standard PC in the store or online. Grand Pacaraima Gold is developing a web-based database that will contain detailed information on each piece of jewelry and its picture, enabling an immediate identification of any item. The RFID tags are initially being deployed in Los Angeles jewelry retail stores before the technology is rolled out to the market internationally.

A. Abduladjanov, Chairman of the Board, said, "The tags will revolutionize the way the jewelry industry is managing the inventory and supply chain. The innovative technology means that store personnel can control the jewelry inventory in real time. Because the technology gives you real time access to a detailed inventory count with information about which items are hot sellers, store management can adjust inventory levels or pre-order new inventory in a more efficient way."

Industry problems like shoplifting or employee theft can be reduced dramatically through the use of the tags, which is RFID technology. A unique patent pending design of each tag which acts as an electronic mirror which is constantly sending signals back to transmitters and will be installed in the retail stores of the client. Once the tag has been removed or tampered with, the tag will transmit a different signal. "So, if customers try to remove a tag from a cheaper item, then attach it to a more expensive item, store personnel will be immediately alerted that it has been tampered with," Abdulladjanov said.

RFID is increasingly being deployed by retail merchants such as Marks & Spencer and Wal-Mart. The company anticipates significant interest in its electronic jewelry tags after market launch.

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.

Gold Mining Prospects

GPGD has interests in 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 indicating that they contain recoverable gold reserves of 3.6 million ounces and indicated reserves of 5 million ounces.

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.

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