GPGD next hughe OIL MERGER PLAY
Grand Pacaraima Gold Corporation Announcing Approval of Merger With PT JASMINE EKA KARYA
VERNON, BC -- (Marketwire)
06/04/10
Grand Pacaraima Gold Corporation (PINKSHEETS: GPGD) announces preliminary board approval to acquire PT JASMINE EKA KARYA ("Jasmine") and merge certain assets, of a related entity, into GPGD, subject to satisfactory completion of due diligence process and controlling shareholders approval. These assets are to include B&E Resources, Ltd, a general and marine offshore oil rig maintenance and construction company with over 20 years' experience in the industry. B&E Ltd has acquired a contract to upfit three simi submergible oil drilling rigs to be acquired by Pemex S.A., the Mexican National Oil Company. This transaction represents the company's mergers and acquisition strategy.
GPGD President Simon Rubin commented, "This transaction should be a positive move for GPGD's existing shareholders. Our commitment is to provide increased shareholder value on a continuing basis through the continued acquisition of new assets, expansion and development of our existing holdings."
About PT JASMINE EKA KARYA
Slamet Riyanto heads up the Jasmine operations as its Chief Executive Officer (CEO). Jasmine is a commodity trading company dealing in the petroleum industry. They are also a general contractor in residential and commercial building in the Yogykarta area on the Island of Java, Indonesia.
About B&E Resources, Ltd. www.berltd.com
B&E Resources, Ltd is a General contractor with a diversified portfolio of business services, including ASME coded shop fabrication, refining / petrochemical, Marine drilling rig construction, field implementation, municipal and civil engineering and pipeline construction.
About Grand Pacaraima Gold Corp. (GPGD) -- www.GPGD.PK
The Company's principal business is the acquisition, exploration and mining of mineral properties. Grand Pacaraima Gold Corporation currently holds the concession for four gold mines in Venezuela known as the Cerro Trompa, San Miguel, Mosquito and Zapata mines. In addition, through an 80%-owned subsidiary, Grand Pacaraima owns oil and gas wells in a 640 acre Oklahoma oil and natural gas field.
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.
AI
