Verena Minerals Corporation
TSX VENTURE : VML

Verena Minerals Corporation

April 30, 2007 13:54 ET

Verena Announces Filing for 2006 Year End Results

TORONTO, ONTARIO--(CCNMatthews - April 30, 2007) - Verena Minerals Corporation ("Verena" or the "Company") (TSX VENTURE:VML) today announced it has filed its audited financial results for the year ended December 31, 2006.

For the twelve-month period ended December 31, 2006, Verena reported a net loss of $581,118 or $0.009 per share versus a net loss of $1,615,220 or $0.030 per share the previous year. The reduced loss in 2006 was primarily due to a write off on mineral properties and deferred costs of almost $800,000 in 2005. For 2006, general and administrative (G&A) expenses increased slightly to $582,778, from $529,906 in 2005.

Comparative summary results for the twelve-month period ended December 31, 2005 are shown in the following tables:



Consolidated Audited Summary Balance Sheet as at

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Dec. 31, 2006 Dec. 31, 2005
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(audited) (audited)
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Assets
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Current assets $123,578 $12,856
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Mineral properties and deferred costs 3,195,431 1,199,403
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Capital assets 58,928 74,412
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Long term assets 2,086,521 -
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Total Assets $5,464,458 $1,286,671
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Liabilities and Shareholders Equity
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Bank indebtedness $18,854 $10,662
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Accounts payable and accrued interest
and expenses 522,267 877,485
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Shareholders Equity 4,923,337 398,524
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Total Liabilities and Shareholders Equity $5,464,458 $1,286,671
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Consolidated Summary Statements of Operations

Years ended December 31

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Dec. 31, 2006 Dec. 31, 2005
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(audited) (audited)
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Expenses
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General, administration $582,778 $529,906
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Write-off of mineral properties and
deferred costs - 798,970
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Amortization 18,732 15,756
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Stock based compensation expense 236,926 196,500
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(Gain) loss on foreign currency
fluctuations (137,804) 74,088
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Total expenses $(700,632) $(1,615,220)
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Interest income $119,514 -
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Net earnings (loss) per share $(581,118) $(1,615,220)
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Weighted average number of shares 68,138,070 57,173,600
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For complete financial statements, please refer to Verena's filings with SEDAR at www.sedar.com

The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Verena's expectations and projections.

Verena Minerals Corporation is exploring for gold along the major mineralized belts of northern Brazil. Verena is focused on expanding and advancing its Volta Grande Gold Project, where a planned 37,000-metre core drilling program will resume this month. Verena has a strategic alliance with Kinross Gold Corporation, which owns 7.3 per cent of Verena and holds options on the Monte do Carmo and Patrocinio gold projects. Verena also holds the past-producing Bonfim Gold Mine, along with a portfolio of Brazilian diamond and gem properties. Verena trades on the TSX Venture Exchange under the symbol "VML" and has approximately 97.5 million common shares issued and outstanding.

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
    Stephen Shefsky
    President and CEO
    (416) 924-4337