Verena Minerals Corporation

Verena Minerals Corporation

February 28, 2008 11:50 ET

Verena Announces 66.7% Increase in Indicated Resource Estimate for Volta Grande

TORONTO, ONTARIO--(Marketwire - Feb. 28, 2008) - Verena Minerals Corporation (TSX VENTURE:VML) (the "Company" or "Verena") is pleased to report an updated National Instrument 43-101 compliant resource estimate for its wholly owned Volta Grande property located in Para State, Brazil. The mineral resource estimate has been prepared by Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA). Compared to the Company's December 2005 resource, indicated resources increased by 66.7% to 400,000 ounces of contained gold (13.5 million tonnes at 0.92 grams per tonne (g/t)) and inferred resources increased 8.9% to 1,629,000 ounces of contained gold (54.5 million tonnes at 0.93 g/t) using a 0.5 g/t cut-off. The resource estimate is based on 33,198 metres of drilling, comprised of 31,662 metres of diamond drilling and only 1,536 metres of RC drilling and incorporates the results of the work completed in 2006 and 2007.

"We are pleased with the results of this update," said Ron Stewart, President and CEO of Verena. "Not only has the resource increased, but the new model provides us with a number of excellent exploration targets to continue to expand the resource. This provides us with a platform to move into preliminary engineering studies."

The mineral resources are present in two areas that have been drilled by Verena: Grota Seca and Ouro Verde. Most of the mineral resource is in the Grota Seca area. In each area, there are a number of interpreted sub parallel zones of gold mineralization which have been modeled in 3D to guide interpolation of gold grades into blocks using ordinary kriging. High gold grades are capped at 21 g/t prior to compositing. Classification of the mineral resources into indicated and inferred categories is guided by drill hole density, interpreted variogram ranges, and the apparent continuity of the mineralized zones. The table below lists the Volta Grande mineral resources at several cut-off grades. Scott Wilson RPA recommends reporting at the 0.5 g/t Au cut-off.

Volta Grande Property - Mineral Resource Estimate February 28, 2008
Indicated Resources Inferred Resources

Cut-off Tonnes Tonnes
(g/t Au) (x1000) g/t Au oz Au (x1000) g/t Au oz Au

0.8 6,400 1.25 256,000 27,400 1.23 1,082,000
0.7 8,200 1.13 301,000 33,700 1.14 1,234,000
0.6 10,600 1.03 349,000 43,000 1.03 1,427,000
0.5 13,500 0.92 400,000 54,500 0.93 1,629,000
0.4 17,300 0.82 454,000 70,800 0.82 1,863,000

1. CIM Definitions are followed for mineral resources.
2. High gold assays are capped at 21 g/t Au.
3. The cut-off grade of 0.5 g/t is based on a gold price of US$750 per
ounce, assumed gold recovery of 93%, and assumed costs for potential
open pit mining.

Verena intends on utilizing this resource to initiate a preliminary economic assessment of the Volta Grande deposit. This work will include evaluating the mining rate, capital and operating costs and financial evaluation of the project to be used as a guideline for further studies. Verena will begin designing an in-fill drill campaign to further upgrade the resource and to address the excellent exploration potential to expand the resource.

The Qualified Person for the mineral resource estimate is Hrayr Agnerian, P.Geo., Associate Consulting Geologist with Scott Wilson RPA, who has also read and approved the contents of this press release.

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 Volta Grande Project, located in Para State. Verena has a strategic alliance with Kinross Gold Corporation, which holds 7.5% of the common shares of Verena and is earning an interest into the Monte do Carmo and Patrocinio gold projects. Verena also holds 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 93.5 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 or the Company's website at

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