Recoverable Gold Reserves of 3.6 Million Ounces; Indicated Reserves Exceed 5 Million Ounces
Posted on: Wednesday, 2 August 2006, 15:00 CDT
Metallurgica de Mineras S.A. has completed the core assay project as contracted by Grand Pacaraima Gold Corp. (PINKSHEETS: GPGD). According to the assay report, there are recoverable gold reserves of 3.6 million ounces and indicated gold reserves of 5 million ounces.
Guidelines specified under the agreement were for spacing requirements of 25 meters at a specified depth of 5 meters or less. Four quadrants each: NE, NW, SE, SW were sampled for the Cerro Trompa, San Miguel, Zapata and Mosquito Mines located in the region 8-12 kilometers northeast of Icabaru, Venezuela.
In comparison to previous sampling of these four mines, the northeast quadrant of Cerro Trompa at 87.53 grams per ton or 2.81 ounces per ton greatly exceeded our expectations.
It is the recommendation of Metallurgica de Mineras S.A. as well as Grand Pacaraima Gold Corp. that the company execute a major development venture on the concession with the Semana del Sur district.
Safe Harbor Forward-Looking Statements
This press release may contain certain statements that constitute forward-looking statements within the meaning of The Safe Harbor Provisions of the Private Securities Litigation Act of 1995. The words may, would, will, expect, estimate, anticipate, believe, intend and similar expressions are intended to identify forward-looking statements which are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's or writer's ability to control. Actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Contact: Investor Relations 1-866-892-0247
SOURCE: Grand Pacaraima Gold Corp.
Source: MARKET WIRE
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