Verena Minerals Corporation
TSX VENTURE : VML

Verena Minerals Corporation

December 15, 2006 10:46 ET

Verena Intersects 50.50 Metres @ 1.20 G/T and Significant Parallel Zones at Volta Grande Gold Property

TORONTO, ONTARIO--(CCNMatthews - Dec. 15, 2006) - Verena Minerals Corporation (the "Company" or "Verena") (TSX VENTURE:VML) is pleased to report additional significant drill intersections from the Phase 1 drilling program at the Company's Volta Grande Gold Project in Para State, Brazil. The VVD-143 drill results below are from the Grota Seca East (GSE) target area. GSE lies 400 metres east and along strike from the Grota Seca West ("GSW") target where the recently released drill holes from Phase 1 are located (see Press Release of November 21, 2006). The main zone at Grota Seca East is comparable in width and grade to the GSW target, and in addition the Grota Seca East target drilling has identified numerous parallel mineralized zones. The Grota Seca East zones are summarized below:



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VVD-143
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INTERVAL (m) INTERSECTION WEIGHTED
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FROM TO (m) RESULT(g/t)
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25.50 76.00 50.50 1.20
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101.00 115.00 14.00 2.07
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124,00 128,00 4,00 1.08
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133,00 136,00 3,00 1.26
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141.00 143.00 2.00 4.00
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164.85 175.30 10.45 1.24
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209,00 221,00 12,00 2.49
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244.00 253.00 9.00 1.04
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The newly appointed Q.P. for Verena, Mr. George A. Flach, P. Geo. has recently returned from Brazil after a Volta Grande Project site visit and data review of the current diamond drill program and results.

One important observation is that the drilling results to date indicate that the main zone of mineralization is quite wide, particularly when the parallel structures are included. The Grota Seca areas lend themselves well to a potential large scale open pit operation. With consistently wide zones of mineralization and a strong gold price holding above US$600 it is realistic to consider using a 0.5 g/t cut-off (see NI 43-101 Report December, 2005). At this cut-off the estimated resources are 7.39 million tonnes @ 1.01 g/t indicated (240,000oz) a 93% increase in tonnes and a 40% increase in ounces and 48.46 million tonnes @ 0.96 g/t (1,496,000oz) inferred a 67% increase in tonnes and a 35% increase in ounces. The previously reported NI 43-101 (December 19, 2005) resources estimate of 3.8 million tonnes @ 1.40 g/t indicated (172,000 oz) and 29 million @ 1.19 g/t inferred (1,110,000 oz), was based on a 0.75 g/t cut-off.

The remaining Phase 1 drill results which tested a number of other locations are tabulated below. Follow-up on these intersections will be done in the Phase 2 drill program scheduled to commence in the first quarter of 2007.



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DDH INTERVAL (m) INTERSECTION WEIGHTED
NUMBER FROM TO (m) RESULT(g/t)
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VVD-139 122.50 163.00 40.50 0.61
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VVD-141 75.00 135.15 60.15 0.84
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VVD-142 5.45 77.30 71.85 1.07
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VVD-144 29.60 31.30 1,70 2.85
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87.15 91.00 5.85 2.82
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VVD-145 114.00 128.00 14.00 0.77
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VVD-140 107.00 136.00 29.00 0.74
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VVD-146 0.00 1.00 1.00 9.64
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62.00 63.00 1.00 5.63
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A section of Grota Seca East, showing drill hole #VVD-143 and the outlines of the mineralized zones is attached.

http://www.ccnmatthews.com/docs/volta-grande.pdf

All the samples were assayed at the SGS-Lakefield-Geosol laboratory, by screen metallic and fire assay method. Verena's quality assurance/quality control (QA/QC) program included assays on standards and blanks for every 20 samples collected.

Mr. George Flach, P.Geo., is the Qualified Person within the meaning of National Instrument 43-101 and has reviewed the contents of this release. Lengths reported are core intersection lengths and do not represent true widths. It is anticipated that true width estimates will be made possible after additional drilling.

Verena Minerals Corporation is focused on the exploration and development of gold projects in Brazil. Through its wholly-owned Brazilian subsidiaries, the Company controls over 100,000 hectares of prospective exploration concessions covering major mineralized belts. Verena has two other gold projects in Brazil including the Monte do Carmo Project, in Tocantins State, and the Patrocinio Project, in Para State currently being explored through joint-ventures with Kinross Gold Corporation. Verena has 80,694,680 common shares issued and outstanding.

Contact Information

  • Verena Minerals Corporation
    Stephen Shefsky
    President and CEO
    (416) 924-4337
    Website: www.verena.com