VML Viscount Mining Corp

Verena Minerals Corporation (TSX VENTURE:VML) (the "Company" or "Verena") is
pleased to announce the completion of the Preliminary Assessment ("PA" or
"Scoping Study") for the Volta Grande Gold Project located in Para State,
Brazil.


The study was undertaken by Scott Wilson Roscoe Postle Associates Inc. ("Scott
Wilson RPA") of Toronto in order to determine the viability and economic
parameters for a large scale gold mining operation at the North Block of the
Volta Grande Project.




Highlights of the PA are as follows, based on a US $900 / oz gold price:

-   Annual production of an average of 200,000 ounces per year at full
    capacity 
-   Initial 10-year mine life based on current Mineral Resources 
-   Updated mineral resource estimation at a 0.3 g/t Au cutoff grade 
        -   845,000 ounces gold, Indicated Resource of 30,045,000 tonnes at
            a grade of 0.87 g/t Au 
        -   1,818,000 ounces gold, Inferred Resource of 79,945,000 tonnes at
            a grade of 0.71 g/t Au 
-   Internal Rate of Return ("IRR") of 22% 
-   Strip ratio, Life of Mine ("LOM") 3.2:1 
-   Annual throughput approximately 7 million tonnes / year 
-   Production rate approximately 20,000 tonnes / day 
-   Ore head grade approximately 1 g/t Au 
-   Capital costs of US $295 million 
    -   including US $57 million new mining equipment 
    -   including 15% contingency or US $ 38 million 
-   Cash costs US $481 / ounce Au 
-   Undiscounted Pre-Tax Cash Flow of US $371 million over the current mine
    life 
-   Simple pre-tax payback after approximately 4.7 years 
-   Net Present Value ("NPV"), on pre-tax basis,of US $151 million at a 7.5%
    discount rate 



Optimization

During the Pre-feasibility phase, various options will be analyzed that could
reduce capital requirements, including: purchase and fabrication of all mining
and milling equipment in Brazil, as well as contract mining.


The current PA is based on the Mineral Resources outlined to date with drilling
to 150 meters below surface. As Verena progresses to a Bankable Feasibility
Study, an additional 20,000 meters will be drilled to upgrade Inferred Resources
to Measured and Indicated Resources. This next phase of drilling will test the
extensions of the mineralized zone along strike and down dip to at least the 300
meter level, which may be amenable to open pit and / or high grade underground
operations.


It is important to note that the Brazilian government has recently given
approval for the construction of the "Belo Monte Power Plant" 20 kilometers
upstream from Volta Grande. This power project will be an 11,000 Megawatt
capacity plant and the second largest hydro project in Brazil. This development
will have a significant impact on the Volta Grande project by opening the region
with new infrastructure, power, labour, machinery, and other services important
in developing a new mining project. The city of Altamira is situated 65
kilometers from Volta Grande and has a population of approximately 70,000
people.


Exploration Upside

An extensive drill program will be undertaken on the "South Block," a large
parallel shear zone, where initial drilling has indicated gold mineralization
similar to the "North Block" (e.g., Hole #VVD - 168, 23 meters at 1.80 g/t Au).


"We believe the Scott Wilson RPA study has definitely shown the intrinsic value
of the Volta Grande Gold Project to Verena shareholders with high gold
production rates and favourable economics," said Stephen G. Roman, President and
CEO. "We expect to improve on the project parameters, including additional
resource potential by completing the next phase of drilling and a Final
Feasibility Study."


Qualified Persons

The Volta Grande Gold Property PA was completed by Messrs. Hrayr Agnerian, P.
Geo., and Holger Krutzelmann, P. Eng., of Scott Wilson RPA, Qualified Persons
within the definition of National Instrument 43-101, under the direction of Mr.
George Flach, P.Geo., of Verena, also a Qualified Person. Messrs. Agnerian,
Krutzelmann, and Flach have reviewed the contents of this release.


About Verena

Verena Minerals Corporation is a Canadian-based mineral exploration company with
a 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 trades on the TSX Venture Exchange and
has approximately 99.7 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.
Cautionary Statement as per 43-101, Sec. 3.4 (e): "A statement that mineral
resources that are not mineral reserves do not have demonstrated economic
viability, if the results of an economic analysis of mineral resources are
included in the disclosure."

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