Verona Development Corp.
TSX VENTURE : VDC

Verona Development Corp.

June 29, 2005 09:01 ET

Verona Development Corp. Acquires High Grade Copper Property in Chile

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 29, 2005) - Verona Development Corp. (The "Company" or "Verona")(TSX VENTURE:VDC) has entered an agreement to acquire 100% interest in the 2,400-hectare copper-gold property in north central Chile from Minera Coyote, a private Chilean company.

The "Denise" property can be reached by paved highway No. 5, approximately 55 kilometres northeast of the city of La Serena and 25 kilometres southeast of Trapiche. A regional power transmission line and the national railway pass adjacent to the property. The topography consists of low ridges, with moderate relief and deep gorges. The average elevation is about 1,000 meters and the climate is moderate year round.

The property is situated on the east flank of the Atacama Fault System which hosts numerous mining camps including several iron oxide copper-gold deposits (IOCGD): Manto Verde (Anglo), Candelaria (Phelps Dodge) and Punto del Cobre (Hurtado) as well as porphyries such as Andacollo and Mantos Blancos. The "Denise" property is considered to be potentially one or both a porphyry and/or IOCGD.

The "Denise" is in the north extension of an old mining camp, worked by artesenal miners over the past two centuries, mainly for the numerous exposures of strong copper, silver and gold hosted in breccia, veins and disseminated disposition; and its proximity to La Serena and smelters.

Previous exploration by ENAMI (the national mining company of Chile) and the vendor returned assays of 4.59% copper, 18 g/t gold over one meter from old diggings and 1.28% copper with 450 ppb gold from rock chip sample over 60 meters. Verona has conducted a site visit and collected two grab samples returning from 0.21 g/t to 0.54 g/t gold and 3.08% to 3.12% copper and one rock chip sample over two meters returning 0.82 g/t gold and 2.61% copper.

The Company can earn 100% interest by paying US$10,000 within five business days from regulatory approval, paying $25,000 nine months later, paying $35,000 a year from the date of regulatory approval, paying $50,000 and issuing 50,000 common shares two years from the date of regulatory approval and paying $80,000 and issuing 50,000 common shares three years from the date of regulatory approval.

Dr. Juraj Adamec, P.Geo, was the qualified person that reviewed this news release.

ON BEHALF OF BOARD OF DIRECTORS

Juraj Adamec, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the press release.

Contact Information

  • Verona Development Corp.
    Juraj Adamec
    President
    (604) 688-2008
    (604) 683-6557 (FAX)
    or
    Coal Harbor Communications Inc.
    Toll Free: (877) 642-6200 or (604) 662-4505
    info@coal-harbor.com