SOURCE: Grand Pacaraima Gold Corporation

November 29, 2010 01:20 ET

Grand Pacaraima Gold Corporation Announces Signing of Contract and Participation Funding of Projects Through a Newly Formed Investment Division

VERNON, BC--(Marketwire - November 29, 2010) -  Grand Pacaraima Gold Corporation (PINKSHEETS: GPGD) announced today that Jasmine Eka Kayra, Inc. has signed a 99 year lease contract with the Soares-Pereira Family of Dili, Timor Leste. This 99 year lease was signed on 50,450 square meters of beach front property. The contract for development and construction will be handled by Petroleste Ventures, LDA. The contract shall include the construction of a hotel with 240 standard rooms, 24 suites, 4 presidential suites and 6 cabanas. The development will have a wellness care facility to assist local citizens in health and sanitation.

Project financing will be through the newly created Jasmine Eka Karya Financial Investment Group -- Turks and Caicos with a subsidiary office in Panama City, Panama. Mr. Yupi Haryanto is chief executive officer. Mr. Haryanto, Jasmine Eka Karya, Inc. and its affilated companies will finance their projects in Mexico, The U.S., Timor Leste and in other areas.

The construction of the hotel shall require a 4 lane access bridge to replace the connecting road. Timor Leste Government Public Works approval is pending final bridge specifications. Total contracts will exceed USD $128,000,000.00.

Construction should begin in March, 2011 and be completed by April, 2012.

David Nolan, President of Jasmine EKA Karya Inc., said the signing of the lease contract with Mr. Francisco Soares Pereira and the funding of the projects were the results of months of negotiating with the local officials of Timor and the Banking Entities furnishing the financing.

About Petroleste Ventures, LDA
Petroleste was organized under the laws of Timor Leste, (formerly East Timor) with its ownership including local Timor Partners under the guidance of Mssr. Blausius Pereira, Ermenegildo Lopes and Francisco Guterres. Jasmine Eka Karya Inc. owns controlling interest in Petroleste Ventures, LDA and is a wholly owned subsidiary of GPGD. The Company's main interest is in import and export of commodities to include oil and refined petrochemical products, energy infrastructure within the Country of Timor Leste, related to ports, refineries, oil and gas terminals and other infrastructure projects to improve the Country's transportation, natural and human resource needs.

About Grand Pacaraima Gold Corp. (GPGD) -- www.GPGD.PK The Company and Management's new emphasis is on energy projects, mergers and acquisitions related to the energy industry.

Forward-Looking Statements: Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.