SOURCE: Grand Pacaraima Gold Corp.

March 10, 2008 09:00 ET

Grand Pacaraima Gold Corp. Announces Signing of Letter of Intent

LONDON--(Marketwire - March 10, 2008) - GRAND PACARAIMA GOLD CORP. (PINKSHEETS: GPGD), a London, U.K.-based development stage gold mining company, announced today that the company has signed a letter of intent with Innovative Mining Technologies, Inc. (IMT), a privately held mining company, to commercialize a proprietary, and environmentally safe innovative gold extraction technology. For over a century, highly toxic cyanide has been used in the mining industry to dissolve and extract microscopic particles of gold and other precious metals from gold-bearing ores. IMT proprietary technology was found to be very effective for a variety of ores and concentrates and is extremely efficient in extracting micro-fine gold, a major component in placer deposits. IMT's revolutionary advantages include its ability to extract gold in an environmentally safe and nontoxic process. The IMT Process also results in faster and very cost effective processing and a higher yield in gold recovery when compared with cyanide or other toxic chemical extraction methods.

In accordance with the letter of intent, the agreement between GPGD and IMT will be consummated upon fulfillment of financial due diligence and conditions, currently under negotiation, by both companies.

About Grand Pacaraima Gold Corp.

Grand Pacaraima Gold Corporation currently holds the concession for four gold mines in Venezuela : 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.

About Innovative Mining Technology, Inc.

IMT, Inc. is a R&D and mining company with proprietary technologies in extractive metallurgy. These technologies include the company's Gold recovery technology for the hydrometallurgical extraction of gold from its ores. The technological Process is both non-toxic and more efficient than conventional solvents such as cyanide. The IMT process accelerates the gold extraction rate and may increase gold recovery from its ore up to 90%.

Safe Harbor Statement

Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions. These statements are subject to uncertainties and risks including, but not limited to, economic conditions, the impact of competition and pricing, government regulation, and other risks. All forward-looking statements made by or on behalf of the Company are qualified. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

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