SOURCE: Grand Pacaraima Gold Corp

September 23, 2010 14:15 ET

Grand Pacaraima Gold Corporation Has Acquired Controlling Interest in Petroleste Ventures, LDA

VERNON, BC--(Marketwire - September 23, 2010) -  Grand Pacaraima Gold Corporation (PINKSHEETS: GPGD) announced today that they have acquired controlling interest in Petroleste Ventures, LDA, a Timor Leste,(formerly East Timor) Company, through GPGD's wholly owned subsidiary Jasmine EKA Karya, Inc, a Texas Corporation. Jasmine's board of directors finalized the acquisition of Petroleste Ventures LDA, with the signing of the "Agreement and Plan of Merger/Acquisition." 

David Nolan, CEO of Jasmine, said this new alliance, with their Timor Leste partner, Petroleste Ventures, LDA, will greatly enhance the Company's ability to move forward with the projects now under negotiations within the country of Timor Leste. This would include the projects related to the petrochemical industry and other infrastructure projects within the country.

 GPGD Board of Directors commented, "This new acquisition will be a positive move for GPGD's shareholders. We are committed to providing increased equity and shareholder value on a continuing basis through the continued acquisition of new assets, mergers, acquisitions, expansion and development of our existing holdings. This acquisition has been a significant step toward meeting those goals."

About Jasmine EKA Karya Inc. Jasmine, a US Corporation is headed by David Nolan, as its Chief Executive Officer (CEO). Jasmine was formed as a commodity trading company dealing in the petroleum industry. Its main emphasis as a General Contractor is petrochemical infrastructure in construction of drilling rigs, refineries, ports and energy related projects.

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 and Francisco Guterres. 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 resourse 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.

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