Verena Minerals Corporation

Verena Minerals Corporation

June 19, 2008 14:20 ET

Verena Closes Bonfim Sale

TORONTO, ONTARIO--(Marketwire - June 19, 2008) - Verena Minerals Corporation (TSX VENTURE:VML) ("Verena" or the "Company") is pleased to announce that it has closed the previously announced sale of its interest in the Bonfim Project (the "Project") and has received the cash payment of US $800,000 in full from the purchasing party, Mineracao Santo Expedito Ltda. ("MSE"). All of the conditions of the sale have either been met or discharged by MSE. An application to transfer title to the project has been filed with the Brazilian Department of Mines ("DNPM") and will be processed in due course.

"The sale of Bonfim represents another positive step forward in our strategic execution, realizing value from non-core assets within our portfolio. Our plan continues to focus our resources on our 100% owned Volta Grande project by completing a preliminary economic evaluation by the end of this year. This will include an additional 5,000 metres of in-fill drilling to increase our confidence in the resources and complete additional metallurgical test-work to confirm the favourable recoveries reported by previous owners on both oxide and sulphide mineralization. With approximately $4.5 million in cash, we now have sufficient financial resources to bring Volta Grande to the next stage of development," said Ron Stewart, President and CEO of Verena.

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. Volta Grande hosts a 2 million ounce National Instrument 43-101 compliant resource (see Press Release dated February 28, 2008). In addition, Verena has a strategic alliance with Kinross Gold Corporation, which holds 7.5% of the common shares of Verena and is earning an interest in the Monte do Carmo and Patrocinio gold projects. Verena also operates the Lavrinha gold project and controls 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