TORONTO, ONTARIO--(Marketwire - Feb. 26, 2008) - Verena Minerals Corporation (TSX VENTURE:VML) (the "Company" or "Verena") is pleased to provide an update on the exploration progress at the Patrocinio and Monte do Carmo projects, currently optioned to Kinross Gold Corporation ("Kinross").
At Patrocinio, located in the prolific Tapajos gold district of Brazil, Kinross completed a comprehensive soil geochemical survey over the entire property. Through year end 2007, a total of 1,743 soil samples were collected along with 515 trench and 142 grab samples. The results of this work highlight a 2.4 by 1.5 kilometre anomalous zone, associated with artisanal mine workings. To the south, a second anomalous trend has been identified over a 5 kilometre strike length, comprised of three separate anomalous zones. These anomalies are defined by 303 soil samples grading above 20 ppb gold, with 147 individual samples grading between 50 and 3,300 ppb gold. Kinross has budgeted US$1.0 million for Patrocinio in 2008 and intends to drill test the anomaly during the first half of the year.
Under the terms of the Patrocinio option agreement announced in September 2006, Kinross has the right to earn a 51% interest in the project by investing US$3.0 million over 3 years, and has a further right to increase its ownership to 65% by investing an additional US$5.0 million over the following two years. Kinross is the operator of the project. To year end 2007, Kinross has invested US$780,000 on the project.
At Monte do Carmo, activity in 2007 included completion of an 11 hole - 1,275 metre drill campaign along with first pass and in-fill soil geochemical sampling over the expanded 93,506 hectare property. The Company received results from five of the last seven holes, five of which were drilled on the Monte do Carmo prospect. Hole KFMC-16 intersected two zones including 9.0 metres grading 1.53 g/t gold followed by 13 metres grading 2.98 g/t gold. Hole FMMC -17 testing the same target cut 1.93g/t gold over 9.7 metres followed by 8.1 metres grading 0.73 g/t gold. The table below presents the highlights of this drilling.
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Hole Number From (m) To (m) Width (m) Grade (Au g/t) Target
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FKMC-09 no significant results Monte do
Carmo
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FKMC-13 46.7 47.7 1.0 2.79 Monte do
58.7 59.7 1.0 2.4 Carmo
76.3 77.2 0.9 2.08
79.1 80.2 1.1 1.21
121.1 122.2 1.1 6.92
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FKMC-14 11.6 13.4 1.8 3.35 Monte do
Carmo
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FKMC-16 44.4 45.4 1.0 2.85 Monte do
48.4 49.4 1.0 6.42 Carmo
63.0 64.0 1.0 1.29
93.0 102.0 9.0 1.53
122.8 135.8 13.0 2.98
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FKMC-17 41.7 51.4 9.7 1.93 Monte do
111.9 120.0 8.1 0.73 Carmo
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FKCC-12 Conciecao
33.1 34.1 1.0 4.07 Creek
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FKCC-13 no significant results Conciecao
Creek
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To year end 2007, 5,404 soil samples were collected on the property. The campaign consisted of wide coverage, with samples spaced on a 250 metre by 250 metre grid followed by detailed mapping and sampling on a 50 metre by 50 metre grid on anomalous areas. Results of the in-fill work on four separately defined target areas are pending.
Kinross has budgeted US$750,000 in 2008 to define and further assess the targets on Monte do Carmo.
Under the amended agreement with Kinross, announced on June 18, 2007, Kinross has the right to earn a 70% interest by investing US$3.0 million into the project by October 6, 2010. Kinross is the operator on the project. To year end 2007, Kinross has invested US$1.8 million at Monte do Carmo.
QA/QC
Half core samples from the drilling programs in 2006 and 2007, averaging 1 metre in length, were submitted to SGS Geosol Laboratories in Belo Horizonte for preparation and analysis for gold by fire assay and for a suite of 30 elements by ICP. Samples were shipped in sealed bags and sent by a secure transport operator. Kinross included internationally certified standards materials obtained from Rocklabs and blanks in every batch of core samples. The standards returned gold values within acceptable ranges and the blanks indicated no contamination issues at the laboratory. SGS Geosol also has a quality control program in place which includes standards and duplicates.
Qualified Person
This Project has been inspected on two occasions by Mr. George Flach, P.Geo, qualified person within the meaning of National Instrument 43-101. Mr. Flach 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, 1.7 million ounce Volta Grande Project, located in Para State. Verena has a strategic alliance with Kinross Gold Corporation, which holds 7.5% of Verena and is earning an interest in the Monte do Carmo and Patrocinio 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 93.5 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Verena Minerals Corporation
Ron W. Stewart
President and CEO
(416) 368-2998
Website: www.verena.com
