Verena Minerals Corporation

Verena Minerals Corporation

June 10, 2008 10:41 ET

Verena Project Update: Scoping Study Initiated at Volta Grande, Sale of Bonfim Advances

TORONTO, ONTARIO--(Marketwire - June 10, 2008) - Verena Minerals Corporation (TSX VENTURE:VML) ("Verena" or the "Company") is pleased to report on the year to date progress at its exploration and development portfolio in Brazil. The Company is scheduled to hold its Annual General Meeting at 10:00 am on Tuesday June 10, 2008. An updated presentation highlighting the recent developments is available on the Company's website at

Volta Grande

On it's 100% owned, Volta Grande project located in Para State, Brazil, the Company has initiated a preliminary economic evaluation to study proposed mine design and production rates, estimated capital and operating costs and will undertake extensive metallurgical test work to develop a proposed process flow-sheet. The metallurgical sampling has begun and will include crushing and grinding, bottle roll and jig leach analysis on selected core composites, as well as pilot testing on three 35 tonne bulk samples representative of the ore types. SGS Lakefield Laboratories has been selected to complete the test work.

A 5,000 metre in-fill drill campaign has begun, initially focused on upgrading inferred resources at the Ouro Verde deposit. Previous drilling has identified a 50 to 60 metre oxide cap at Ouro Verde. Results from the first three drill holes of the in-fill campaign are summarized below.

Down-hold Grade
From (m) To (m) Interval (m) (g/t Au)
VVD 175 0.0 10.0 10.0 1.01
81.7 90.1 8.4 0.72
97.0 119.0 22.0 0.72
VVD 176 0.0 73.8 73.8 0.77
VVD 177 0.0 36.2 36.2 0.83
88.0 111.0 23.0 0.98
123.0 149.2 26.2 0.85
184.0 212.5 28.5 1.55

In February 2008, Verena announced an updated N.I. 43-101 compliant resource compiled by Scott Wilson Roscoe Postle Associates Inc. The new resource includes 400,000 ounces of indicated resources (13.5 million tonnes at 0.92 grams per tonne gold) and 1,629,000 ounces of inferred resources (54.5 million tonnes grading 0.93 grams per tonne gold) using a 0.5 gram per tonne cut-off. Verena's planned drill program, and preliminary evaluation is scheduled to be completed by late in the fourth quarter 2008 at a budgeted cost of US $2.5 million.


Verena is pleased to announce that Mineraçao Santo Expedito Ltda. has advised the Company of the successful completion of the due diligence and that it intends on finalizing the purchase of the Bonfim project by making the US $800,000 payment to the Company at this time. Finalization of the sale will proceed with the transfer of the title(s), licenses and permits.

Patrocinio & Monte Do Carmo

On the Kinross optioned projects, continued sampling for gold at the Patrocinio project has been encouraging and has indicated wide mineralized zones. During the first quarter of 2008, a total of 954 additional soil samples and 71 rock chip samples were analyzed. Work focused on the Pista Velha target area, defined by anomalous gold in soils covering an area measuring 2.5 km x 1.0 km. Kinross has indicated to Verena that surface work will continue leading to a 1,500 metre drill program to be initiated by early in the third quarter.

At Monte do Carmo, Kinross has confirmed their continued interest in the project. Under the terms of the amended agreement, dated June 17, 2007, Kinross agreed to increase the total investment into the project to US $3 million to earn a 70% share. On June 4 th , 2008, Kinross advised that expenditures had reached the US $2 million threshold and issued a payment to Verena of US $250,000 to maintain the option in good standing. Kinross has indicated that work will continue to develop new targets on the expanded property.


The drill holes were drilled by Geosol, a Brazilian drilling company using one rig and HQ/NQ diameter cores. All mentioned holes were surveyed, including precise topography, location and measurement of deviation every 3 metres my maxibor. High average core recovery of approximately 98% was achieved. All the samples have been assayed in the SGS-Lakefield-Geosol Laboratory in Belo Horizonte, using 50 gram fire assay finish. External controls of the Laboratory include standard and blank samples every 20 samples as part of the Verena QA-QC program.

Qualified Person

These projects have been inspected and programs are conducted under the supervision of Mr. Ron W. Stewart P. Geo, qualified person within the meaning of National Instrument 43-101. Mr. Stewart has reviewed the contents of this release.

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% 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 97.3 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 or the Company's website at

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