Verena Minerals Corporation
TSX VENTURE : VML

Verena Minerals Corporation

November 30, 2007 12:47 ET

Verena Minerals Corporation: New Soil Anomaly Defined at Volta Grande

Planned Drilling has Commenced

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2007) - Verena Minerals Corporation (TSX VENTURE:VML) ("Verena" or the "Company") announced today an update on its wholly owned Volta Grande property located on the Tres Palmeiras greenstone belt in northern Brazil. The Volta Grande property hosts an indicated resource of 240,000 ounces of gold (7.29 million tonnes at 1.01 grams per tonne (g/t)) and an inferred resource of 1,496,000 ounces (48.46 million tonnes at 0.96 g/t) using a 0.5 g/t cut-off (See press release dated December 5, 2006).

A new drill target has been defined by recent soil results at Grota Seca North (see illustrations attached). This new prospect returned highly anomalous gold geochemistry values within an area of 600 metres by 300 metres at greater than 350 parts per billion (ppb). Individual samples on 4 lines over 500 metres have peak values of 1,194 ppb, 505 ppb, 399 ppb and 393 ppb. Six core holes divided into 3 fences are to be drilled immediately. Drill pads have been prepared and the first drill hole is being collared on the site.

Drilling has resumed on the resource area with one hole completed on the Grota Seca West prospect with additional holes planned for early 2008. The purpose of this drilling is to upgrade the resources in the known prospects while concurrently exploring for new deposits such as the new soil anomaly mentioned above. A second hole has been drilled on the Greia prospect. The hole cut a 45 metres zone of silicification with pyrite and assay results are pending.

First pass exploration drilling was concluded on the South Block target area with a total of 12 holes completed on the Joao Leite, Pequi, Maranhao and Malvin targets. At Pequi, drilling and trenching were completed to follow-up previously announced results including 3.25 g/t Au over 4 metres followed by 0.72 g/t Au over 28 metres from hole VVD-155 and 1.47 g/t Au over 28.1 metre from hole VVD-156 on the same section. (See Press Release dated October 6, 2007). Results from all of the work will be compiled when received and assessed to plan possible follow-up drilling on this target.

Soil geochemistry near the Ituna river (15 km northwest of the gold resource) was completed to follow up the airborne geophysical anomalies that showed coincident magnetic, uranium and potassium highs. The soil sampling has identified two main anomalies with characteristics commonly found on Iron Oxide Copper Gold ("IOCG") occurrences. The Company has found anomalous copper, rare earth elements, gold and iron and is now referring to this area as the Ituna IOCG target. The two main anomalies have been followed up with additional multi-element geochemistry and results are expected shortly. Pending positive results, the Company intends to drill this target.

Verena is currently updating the resource model on the Volta Grande deposit and will continue to drill prospective targets into 2008. Since the project's inception in 2006, the Company has completed 9,921 metres of a planned 37,000 metre program to upgrade the known resource and explore for new gold deposits. Drilling in 2006 focused on the Grota Seca West and Grota Seca East target zones and included the following near surface highlights: 74.9 metres of 1.33 g/t gold; 66.0 metres of 1.59 g/t gold; 49 metres of 2.22 g/t gold and 25.0 metres of 3.76 g/t gold (See press release dated December 15, 2006).

Qualified Person

This drill program is being carried out under the direction of Mr. George Flach, P.Geo, qualified person within the meaning of National Instrument 43-101. Mr. Flach has reviewed the contents of this news release.

Assay samples are taken from drill core, which is sawed in half, with one half being sent to a commercial laboratory and the other half stored on site for future reference. Sample preparation and assay procedures are carried out by SGS Geosol Laboratory using standard fire assaying with AA or gravimetric finish where appropriate. A strict QA/QC procedure is followed which includes standards and blanks in each sample batch.

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, 1.7 million ounce Volta Grande Project, located in Para State. Verena has a strategic alliance with Kinross Gold Corporation, which holds 7.1 percent of Verena and is earning an interest in the Monte do Carmo and Partocinio gold projects. Verena also hold the past producing Bonfim gold mine along with 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 www.sedar.com or the Company's website at www.verena.com.

To view a map of the "Grota Seca North Soil Anomaly" please visit the following link:

http://www.ccnmatthews.com/docs/vml1130.pdf

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
    Website: www.verena.com