Verena Minerals Corporation
TSX VENTURE : VML

Verena Minerals Corporation

February 01, 2010 09:39 ET

Verena Minerals Announces Board and Management Changes

TORONTO, ONTARIO--(Marketwire - Feb. 1, 2010) - Verena Minerals Corporation ("Verena" or the "Company")(TSX VENTURE:VML) announced today that it has made changes to its Board and management team in Brazil.

Effective immediately, Messrs. Elmer Prata Salomao Neto, Jad Salomao Neto and Walid El Koury Daoud have tendered their resignations as Verena directors and local management, however, they will be available during the transition to a project development team who are currently being engaged. Verena has made this decision in order to progress its flagship Volta Grande project through the feasibility phase and eventually financing and construction of a mining operation.

"The Board of Directors is moving aggressively towards completion of a feasibility study at Volta Grande and felt the time was appropriate to transition from an exploration team to a project development team," said Stephen G. Roman, Verena's CEO.

The Company has agreed to terms for the resignations, and in conjunction has accepted the resignations from each of Mr. Elmer Prata Salomao and Mr. Jad Salomao Neto as directors of Verena. Mr Walid El Koury Daoud will remain on Verena's Board during a transition period until the next annual shareholder meeting. The Board of Verena thanks the three founding Brazilian members of Verena's management for their efforts over many years of dedicated service to Verena, helping manage it from its formative years through its development into a solid exploration company with significant assets in Brazil, and wishes them well in their future endeavours. Verena's Board welcomes Walid Daoud's continuing contributions as an independent director over the next few months during the transition period.

Verena also announced that it has received a formal notice from Robert F. Rose, a shareholder of Verena, requesting that the Company convene a special shareholders meeting to elect 4 directors to the Verena Board under the provisions of section 105(1) of the Ontario Business Corporations Act. Mr. Rose has named the four directors he would propose being: Mr. Stan Bharti, Mr. Bruce Humphrey, Mr. Bill Pearson and Mr. Peter Tagliamonte. These new proposed members, according to Mr. Rose's letter, will join Stephen G. Roman, Terence Ortslan and Douglas Scharf, who are currently members of the Verena Board. Mr Rose also indicates the new Board members, once elected, would move to engage a new management and operations team in Brazil. Finally, Mr. Rose has confirmed that Mr. Stan Bharti of Forbes & Manhattan has consented to the requisition and proposed changes. Mr. Rose has made the requisition for the special shareholders meeting on the basis that he holds greater than 5 % of the outstanding shares in Verena.

Currently, the next phase of step-out and definition drilling is scheduled to commence in three weeks at Verena's Volta Grande property.

About Verena

Verena Minerals Corporation is a Canadian based mineral exploration company with portfolio of properties including gold and Alexandrite gemstones in Brazil. Verena's prime focus is on expanding the deposit and completing a feasibility study on its 100% owned Volta Grande Project, located in Para State. Verena trades on the TSX Venture Exchange and has approximately 112 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 www.sedar.com or the Company's website at www.verena.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Verena Minerals Corporation
    Stephen G. Roman
    Chairman, President and CEO
    (416) 368-2998
    www.verena.com