Verena Minerals Corporation

Verena Minerals Corporation

October 06, 2005 12:38 ET

Verena Issued Alvara on its Monte Do Carmo Property and Completes Inhouse Updated Mineral Resources Estimate on the Volta Grande Property

TORONTO, ONTARIO--(CCNMatthews - Oct. 06, 2005) - Verena Minerals Corporation ("Verena" or the "Company") (TSX VENTURE:VML) is pleased to announce that it has received notice from the DNPM in Brazil that the Company's Monte do Carmo project has been issued an Alvara. The Alvara was published on October 3, 2005.

Verena will issue subject to regulatory approval 500,000 Verena common shares to Teck Cominco at a price of $0.20 per share. The shares are being issued in connection with the previously announced Joint Venture for the Monte do Carmo project with Kinross, which is an arms length transaction (see Press Release dated September 22, 2005).

Verena also announced it has now completed its in-house updated mineral resources estimate on the Volta Grande Property and has delivered it to Roscoe Postle Associates to be reviewed in a new NI 43-101 report.

Verena has agreed to issue, subject to regulatory approval, options to purchase 500,000 common shares at an exercise price of $0.20 per share to Linear Capital Corp., in exchange for its continuing to provide market development activities to Verena.

About Verena Minerals

Toronto-based 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 in Goias, Minas Gerais, Rio Grande do Norte, Para and Tocantins states.

Verena currently has approximately 57.5 million shares outstanding, and is listed on the TSX Venture Exchange under the symbol VML.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Verena Minerals Corp.
    Stephen Shefsky
    President and CEO
    (416) 924-4337