Verena Minerals Corporation
TSX VENTURE : VML

Verena Minerals Corporation

November 29, 2007 09:49 ET

Verena Minerals Strengthens Management Team

TORONTO, ONTARIO--(Marketwire - Nov. 29, 2007) - In light of its continued exploration success at its wholly owned Volta Grande project and aggressive plans to maximize shareholder value from its promising portfolio of projects in Brazil, Verena Minerals Corporation (TSX VENTURE:VML) ("Verena" or the "Company") is pleased to announce that it has strengthened its Board and Management team with new two new appointments. Verena also wishes to advise that third quarter September 30, 2007, interim unaudited financial statements and Management Discussion and Analysis have been filed on www.sedar.com.

Mr. Adam Rochacewich, C.A., has accepted the role as the Chief Financial Officer for the Company. Mr. Rochacewich is a Chartered Accountant with over 6 years experience in the area of financial accounting and reporting. He has held financial positions with Xstrata Plc, LionOre Mining International and Falconbridge Ltd. He holds a Bachelor of Commerce degree from Queens University. The Company wishes to thank Mr. Ed Badida, who served as the Company's Chief Financial Officer for 11 years. Mr. Badida will continue to be available to the Company on a consultancy basis.

In connection with Mr. Rochacewich's appointment as Chief Financial Officer of Verena, he has been granted options (the "CFO Options") to acquire up to an aggregate of 250,000 common shares of the Company. The CFO Options are exercisable at $0.60 per share, and expire on October 24, 2012. The CFO Options are subject to the following vesting schedule: (i) 100,000 options on October 24, 2007, (ii) 75,000 options on October 24, 2008, and (iii) the balance of 75,000 options on October 24, 2009.

In addition, the Company announced that Mr. Douglas Scharf, C.A., has agreed to act as a director of Verena. Mr. Scharf is a Chartered Accountant with 30 years of experience in precious metal and base metal mining. Mr. Scharf is Chairman of Asia Now Resources Corp. and is a director of Gold Eagle Mines Ltd. and Polar Star Mining Corporation. Mr. Scharf served as Chief Financial Officer of Exall Resources Limited from May to December 2006, Executive Vice-President, Corporate Development of HudBay Minerals Inc. from 2003 to 2005, Chief Financial Officer and a director of Southern Cross Resources Inc. from 1997 to 2000, a director and Chief Financial Officer of Inmet Mining Corporation from 1988 to 1996, Vice President, Finance of Placer Dome Inc. from 1987 to 1988 and Chief Financial Officer of the Dome Mines Group from 1978 to 1987. Mr. Scharf is presently the Chief Financial Officer of Global Uranium Corp., Silvermet Inc. and Polar Star Mining Corporation. Mr. Scharf holds a Bachelor of Arts degree (Economics) from York University in Toronto.

In connection with Mr. Scharf's appointment to Verena's board of directors, Mr. Scharf has been granted options (the "Director Options") to acquire up to an aggregate of 250,000 common shares of the Company. The Director Options are exercisable at $0.60 per share, and expire on October 24, 2012. The Director Options are subject to the following vesting schedule: (i) 125,000 options on October 24, 2007, and (ii) the balance of 125,000 options on October 24, 2008.

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 Gold 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 holds 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 93.8 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