SOURCE: Grand Pacaraima Gold Corp.

March 28, 2006 09:31 ET

Venezuela Investments Inc. Approves Merger of Mindenao With Grand Pacaraima Gold Corp.

CARACAS, VENEZUELA -- (MARKET WIRE) -- March 28, 2006 -- Venezuela Investments Inc. S.A. has approved the merger of Mindenao Mining Corporation with Grand Pacaraima Gold Corp. (OTC: GPGD).

Now, Grand Pacaraima will totally focus its development operations on the four mining properties in Southern Venezuela near Icabaru including the Cerro Trompa with its 1580 foot elevated gold plume, San Miguel, Zapata Mine and Mosquito.

The primary concession which was received in 1981 for forty years covers approximately 4 square miles. Professor Rodriguez has estimated that these substantial mining properties have reserves of $580 million based upon $350 gold prices on selected samples of 80.86 grams per ton or 2.6 troy ounces per ton.

Investors will be updated in April on plans for revised assays on the four properties plus production negotiations. Limit orders are urged since the float is restricted to approximately 5 million shares and there is short interest.

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