Verbina Resources Inc.
TSX VENTURE : VUR

February 24, 2011 12:04 ET

Verbina Resources Inc. Corporate Update

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2011) - VERBINA RESOURCES INC. ("Verbina" or the "Company") (TSX VENTURE:VUR) announces the following corporate updates.

TSX Venture Exchange Acceptance Received

Verbina is pleased to announce that the TSX Venture Exchange has accepted the letter of intent dated January 21, 2011 (the "LOI") between Verbina and Xtra-Gold Resources Corp. ("Xtra-Gold") whereby Verbina shall have the option to earn a 55% interest in the mineral rights of the Banso and Muoso Concessions located in Ghana, West Africa (see January 21, 2011 news release for detailed particulars). In connection therewith, Verbina has issued 1,000,000 fully paid and non-assessable common shares to Xtra-Gold, subject to the statutory four month hold period.

V-TEM Survey Completed at Banso and Muoso Concessions

Verbina further announces that a V-TEM survey (the "Survey") has been completed by Xtra- Gold on all of its mineral concessions located in the Kibi Gold Belt, including the Banso and Muoso Concessions. In connection with the cost of the Survey, an estimated proportionate amount of US$300,000 shall be paid by Verbina and will be credited towards exploration expenditures in the first year of the five years in which exploration expenditures are to be incurred by Verbina pursuant to the LOI.

Corrected Address for Verbina's Annual and Special Shareholders' Meeting

The address of the Company's annual and special meeting of shareholders being held on Monday, April 11, 2011 commencing at 9:15 a.m. (Toronto time) is at the Ontario Bar Association at 20 Toronto Street, Conference Rooms C and D, 2nd Floor, Toronto, Ontario, which was incorrectly stated in the Company's January 31, 2011 news release.

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. Additional information about the Company is available for review on SEDAR at www.sedar.com.

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

Contact Information

  • Verbina Resources Inc.
    Paul Zyla
    President and Chief Executive Officer
    (416) 366-4227
    or
    Verbina Resources Inc.
    Kevin Swanborough
    Chief Financial Officer
    (416) 366-4227