Verena Minerals Corporation
TSX VENTURE : VML

Verena Minerals Corporation

March 11, 2008 10:44 ET

Verena Minerals Strengthens Board of Directors

TORONTO, ONTARIO--(Marketwire - March 11, 2008) - Verena Minerals Corporation ("Verena" or the "Company,")(TSX VENTURE:VML) is pleased to announce that it has strengthened its board of directors with two new appointments.

The Company has accepted Stephen Shefsky's resignation as a director of Verena and has appointed Ron W. Stewart, President and Chief Executive Officer of the Company, to take Mr. Shefsky's place on the board of directors. Mr. Stewart had previously replaced Mr. Shefsky as President and CEO in August, 2007. The Board of Verena thanks Stephen Shefsky for his many years of dedicated service to Verena from its formative years through its development into a solid exploration company with significant opportunities, and wishes him well in his future endeavors.

In addition, Verena announced it has accepted Wayne Egan's resignation as a director, and has appointed Terence Ortslan to take Mr. Egan's place on the board of directors. Mr. Ortslan is Managing Director of TSO & Associates since 1996, a firm focusing on independent mining, metals and fertilizer research. Mr. Ortslan is a mining engineer with a finance and operational specialization, and over 30 years of experience. Mr. Ortslan also acts as a director for Globestar Mining Corporation, Intergold Ltd., Maudore Minerals Ltd., Niocan Inc., Plexmar Resources Inc. and X-ore Resources Inc. Mr. Egan will remain on as the Company's secretary and continue to represent WeirFoulds, LLP as the Company's Canadian legal counsel.

In connection with Mr. Ortslan's appointment to Verena's board of directors, Mr. Ortslan has been granted options (the "Director Options") to acquire up to an aggregate of 600,000 common shares of the Company. The Director Options are exercisable at $0.40 per share, and will expire on March 6, 2013. The Director Options are subject to the following vesting schedule: (i) as to 250,000 options on March 6, 2008, (ii) as to 100,000 options on September 6, 2008, (iii) as to 100,000 options on March 6, 2009, and (iv) as to the remaining 150,000 options on September 6, 2009.

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. Verena has a strategic alliance with Kinross Gold Corporation, which holds 7.5% of the common shares of Verena and is earning an interest into 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 www.sedar.com or the Company's website at www.verena.com.

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