Verbina Resources Inc.
TSX VENTURE : VUR

October 10, 2008 12:32 ET

Verbina Executes Agreement to Sell Quartz (Silica)

TORONTO, ONTARIO--(Marketwire - Oct. 10, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

VERBINA RESOURCES INC. ("Verbina" or the "Company")(TSX VENTURE:VUR) is pleased to announce that it has entered into an agreement in principle (the "AIP") with Sitec s.e.c. ("Sitec"), of Montreal, Quebec whereby Verbina will sell and Sitec will purchase specified quantities of high quality quartz (silica) from its Vanward Project on an annual basis. Verbina has agreed to initially sell a 4,000 tonne bulk sample to Sitec prior to November 30, 2008. Provided that the bulk sample material meets Sitec's required specifications, Verbina and Sitec have agreed to enter into a definitive binding agreement (the "Supply Agreement") for a 10 year term (the "Term") whereby additional quantities of the quartz will be sold to Sitec, subject to quantity availability and certain physical and chemical purity characteristics as required by Sitec. The AIP will be replaced by the Supply Agreement which will be filed on SEDAR upon its execution in October 2008.

Annual production may be variable and will be based on annual supply forecasts provided by Sitec to Verbina during the first quarter of each calendar year of the Term. The high purity quartz will be used for the production of high purity silicon metal which has many industrial applications, one of which is the manufacture of solar panels. Production of the quartz from the Vanward Project will be from an open cut within the area of an aggregate permit that is administered by the Ministry of Natural Resources, Ontario.

About Verbina

Verbina is a mineral exploration company whose long term objective is to build a diversified company focused on the acquisition, exploration and development of mineral properties in the Province of Ontario. Additional information about the Company can be found in Verbina's final prospectus dated December 21, 2007 which has been filed and is available for review on SEDAR at www.sedar.com.

Forward-looking Statements

Statements contained in this release that are forward-looking statements are subject to various risks and uncertainties relating to specific matters disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulatory authorities. Such information contained herein represents Management's best judgment as of the date hereof based upon currently available information. Verbina does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

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

Contact Information

  • Verbina Resources Inc.
    Stewart Winter
    Chief Executive Officer
    (705) 560-6967