Verena Minerals Corporation

Verena Minerals Corporation

December 05, 2006 08:30 ET

George A. Flach, B.Sc., P. Geo Appointed Vice-President Exploration

TORONTO, ONTARIO--(CCNMatthews - Dec. 5, 2006) - Verena Minerals Corporation (TSX VENTURE:VML) (the "Company" or "Verena") The Board of Directors of Verena Minerals Corporation is pleased to announce the appointment of Mr. George A. Flach, B.Sc., P. Geo. as Vice-President of Exploration.

During the past 20 years Mr. Flach has been involved with a number of significant gold discoveries, principally in Ghana, West Africa.

As Exploration Manager for St. Jude Resources Ltd. and working with Mr. Michael Terrell, President and CEO, the company defined an initial 1 million ounce gold resource. St. Jude was acquired by Golden Star Resources Ltd. earlier this year. Included with the above project in Ghana, Mr. Flach also assembled and developed a gold resource in Burkina Faso as well as significant gold exploration properties in Niger, adjacent to the Samira Mine.

Prior to this, Mr. Flach consulted to Gold Fields of South Africa on the acquisition and preliminary exploration of the Tarkwa project in Ghana. Tarkwa had been a state run underground mine producing less than 50,000 ounces a year. Presently, it is one of Gold Fields' most significant assets with a resource of greater than 20 million ounces and annual production of more than 500,000 ounces of gold.

Mr. Flach's first major success was as Chief Geologist for Billiton Bogosu Goldfields Ltd. wherein he was responsible for the discovery and development of a mine that has produced to date more than 1.4 million ounces. This mine was also taken over and successfully developed by Golden Star Resources Ltd. The Bogosu mine is now being further expanded along with Golden Star's adjacent Prestea property.

"We are very pleased to have Mr. Flach join our operating team and act as our Qualified Person", said Stephen G. Roman, Verena's Executive Chairman". "He will add significant expertise and field exploration ability to our program at Volta Grande where Verena intends to further enhance an already identified significant gold resource", said Mr. Roman. As part of Mr. Flach's compensation he has been granted by the Board of Directors 1,000,000 stock options exercisable at $0.60/share for a period of five years. Forty percent of the options vest immediately with 30% vesting each year for two years.

Verena Minerals Corporation is focused on the exploration and development of gold projects in Brazil. Through its wholly-owned Brazilian subsidiaries, the Company controls over 100,000 hectares of prospective exploration concessions covering major mineralized belts. Verena has two gold projects in Brazil, the Monte do Carmo Project, in Tocantins State, and the Patrocinio Project, in Para State currently being explored through joint-ventures with Kinross Gold Corporation. Verena has 80,669,680 shares issued and outstanding.

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

Contact Information

  • Verena Minerals Corporation
    Stephen Shefsky
    President and CEO
    (416) 924-4337