Verena Minerals Corporation
TSX VENTURE : VML

Verena Minerals Corporation

October 09, 2007 12:02 ET

Verena Minerals Advances Exploration at Volta Grande

Drilling Returns 1.59 g/t Au over 27m & 8.73 g/t Au over 5.m

TORONTO, ONTARIO--(Marketwire - Oct. 9, 2007) - Verena Minerals Corporation (TSX VENTURE:VML) is pleased to announce the results of the first 10 holes of the 10,000 metre drill program initiated in June on the Company's 100% owned Volta Grande property located in Para State, Brazil.

The current drill program included 4 holes to follow-up encouraging earlier results on the Ouro Verde resource block. Holes VVD-148 and 149 intersected 1.59 g/t Au over 27m and 2.32 g/t Au over 15.7m respectively confirming the continuity of mineralization between previously drilled holes VVD-57 (1.38 g/t Au over 44m) and VVD-111 (0.82 g/t Au over 15m). Hole VVD-150 drilled 45m to the northwest returned 8.73g/t Au over 5m followed by 1.03g/t Au over 38m while hole VVD-151 cut 2.21 g/t Au over 10m and 1.31 g/t Au over 13m.



Table: Results of North Zone Drill Holes of Volta Grande Project
(VVD-147 to VVD-152)

---------------------------------------------------------------------------
Drill Hole Interval Best Intersection Target
---------------------------------------------------------------------------
VVD-147 No significant result GS3
---------------------------------------------------------------------------
0 to 6 m 6m @ 1.45 g/t
------------------------------------------------
22m to 26m 4m @ 1.20 g/t
------------------------------------------------
VVD-148 34m to 41m 7m @ 0.61 g/t Ouro Verde
------------------------------------------------
108m to 135 m 27m @ 1.59g/t
------------------------------------------------
144m to 145m 1m @ 19.67 g/t
---------------------------------------------------------------------------
49 m to 69m 19m @ 0.73 g/t
------------------------------------------------
VVD-149 137.75 to 140.80m 3.05m @ 1.51 g/t Ouro Verde
------------------------------------------------
162.75m to 178.45m 15.7m @ 2.32 g/t
---------------------------------------------------------------------------
0 to 7m 7m @ 0.98 g/t
------------------------------------------------
27m to 34m 7m @ 0.64 g/t
VVD-150 ------------------------------------------------ Ouro Verde
74m to 79m 5m @ 8.73 g/t
------------------------------------------------
124m to 162m 38m @ 1.03 g/t
---------------------------------------------------------------------------
0 to 6 m 6 m @ 0.70 g/t
------------------------------------------------
41m to 51m 10 m @ 2.21 g/t
------------------------------------------------
VVD-151 121m to 124m 3m @ 2.03 g/t Ouro Verde
------------------------------------------------
171m to 184m 13m @ 1.31 g/t
------------------------------------------------
197m to 200m 3m @ 3.62g/t
---------------------------------------------------------------------------
VVD-152 No significant result Gameleira
---------------------------------------------------------------------------


South Zone Discovery at Pequi

Exploration commenced on a second major granodioritic intrusion, known as the south block, located approximately 4km southeast of the known resource. Here, gold is related to a major NW trending and steeply dipping shear zone that extends over 6km on the northeast contact of the intrusive. Previous mining by local Garimperio miners was concentrated at the Southeast end of the system.

A total of 10 exploration targets have been developed by geologic mapping, soil and rock geochemistry and airborne radiometric geophysics. Six drill holes have been completed on 3 target areas including Joao Leite, Pequi and Maranhao.

To see a map of 'Figure 1: Volte Grande Project: South Zone Exploration Targets' please view the following link: http://www.ccnmatthews.com/docs/vermap.jpg

Initial results from holes VVD -155 and 156 on the Pequi target show promise of a new discovery. Hole VVD-155 returned 3.25 g/t Au over 4m followed by 0.72 g/t Au over 28m while hole VVD 156 intersected 1.47 g/t Au over 28.1m on the same section. More drilling is required to define the size and extent of the mineralized zone.



Table 2: Results of South Zone Drill Holes of Volta Grande Project
(VVD-153 to VVD-156)

---------------------------------------------------------------------------
Drill Hole Interval Best Intersection Target
---------------------------------------------------------------------------
VVD-153 No significant result Joao Leite
---------------------------------------------------------------------------
VVD-154 No significant result Joao Leite
---------------------------------------------------------------------------
4m @ 3.25 g/t including
38.0m to 42.0m
VVD-155 1m @ 7.20 g/t Pequi
------------------------------------------------
92.0 m to 120.0m 28m @ 0.72 g/t
---------------------------------------------------------------------------
VVD-156 137.5m to 165.6m 28.10m @ 1.47 g/t Pequi
---------------------------------------------------------------------------


Verena plans on completing an additional 14 exploration holes to test the remaining target areas on the South Block and follow-up the encouraging results in the North Zone, specifically at Oro Verde. This drilling is expected to be completed by the end of November with follow-up planned for the first quarter of 2008.

Qualified Person

This drill program is being carried out under the direction of Mr. George Flach, P.Geo, qualified person within the meaning of National Instrument 42-101. Mr. Flach has reviewed the contents of this news release.

Assay samples are taken from drill core, which is sawed in half, with one half sent to a commercial laboratory and the other half stored on site for future reference. Sample preparation and assay procedures are carried out by SGS Geosol Laboratory using standard fire assaying with AA or gravimetric finish where appropriate. A strict QA/QC procedure is followed which includes standards and blanks in each sample batch.

About Verena

Verena Minerals Corporation is a Canadian based mineral exploration company with an outstanding portfolio of properties including gold, diamonds and gemstones in Brazil. Verena's prime focus is on advancing and expanding its 100% owned, 1.7 million ounce Volte Grande Project, located in Para State. Verena has a strategic alliance with Kinross Gold Corporation, which holds 7.1 percent of Verena and is earning an interest into the Monte do Carmo and Partocinio gold projects. Verena also hold the past producing Bonfim gold mine along with a portfolio of diamond and gem properties, Verena trades on the TSX Venture Exchange and has approximately 97.5 million common shares issued and outstanding.

Cautionary Statement on Forward Looking Information

This press release may include forward looking statements within the meaning of securities laws. Forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from what is currently expected. Accordingly, readers should not place undue reliance on forward looking statements. For a more detailed discussion of such risks and other factors, refer to Verena's filings with the Canadian securities regulators available on www.sedar.com or the Company's website at www.verena.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Verena Minerals Corporation
    Ron W. Stewart
    President and CEO
    (416) 368 2998
    Website: www.verena.com