Verena Minerals Corporation
TSX VENTURE : VML

Verena Minerals Corporation

January 29, 2010 09:33 ET

Verena Minerals Announces Review of Strategic Alternatives

TORONTO, ONTARIO--(Marketwire - Jan. 29, 2010) - Verena Minerals Corporation ("Verena" or the "Company") (TSX VENTURE:VML) announces that its Board of Directors (the "Board") has formed a special committee of independent directors ("Special Committee") to review and evaluate the various strategic alternatives ("Strategic Review") available to Verena. Gryphon Partners has been engaged by the Special Committee as financial advisor to assist in this process.

Verena has received a number of expressions of interest for potential transactions that are at the very early formative stages and with the assistance of Gryphon Partners, the Board of Verena wishes to develop these opportunities in an orderly fashion, to best serve the interests of Verena and its shareholders. The Strategic Review will examine and consider all opportunities available to the Company, with the objective of further enhancing shareholder value.

Verena does not intend to disclose developments with respect to the Strategic Review unless and until the Board has approved a definitive transaction or strategic option. Also, in the event a definitive proposal is received, there is no assurance that such a proposal will be recommended by the Special Committee or the Board or that such proposal will be implemented. There is no assurance that any transaction will occur, or if a transaction is undertaken, as to its terms or timing.

About Verena

Verena Minerals Corporation is a Canadian based mineral exploration company with a portfolio of properties including gold and Alexandrite gemstones in Brazil. Verena's prime focus is on expanding the deposit and completing a feasibility study on its 100% owned Volta Grande Project, located in Para State. Verena trades on the TSX Venture Exchange and has approximately 112 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Verena Minerals Corporation
    Stephen G. Roman
    Chairman, President and CEO
    (416) 368-2998
    www.verena.com