Verena Minerals to sell Bonfim Tungsten project

Verena Minerals Corporation has signed a binding Letter of Intent with Mineracao Santo Expedito Ltda. of Brazil, pursuant to which Verena has agreed to sell its interest in the Bonfim Project, a past producing tungsten mine in Brazil. Under the terms of the LOI, Verena will receive a payment of US$800,000 for the sale of its interest in the Project to the Purchaser. The transaction is subject to satisfactory due diligence by the Purchaser over a period of up to 45 days, completing a definitive agreement, and Board and regulatory approvals as required.

The sale of Bonfim is consistent with our strategic plan to focus our resources on the exploration and development of Volta Grande, said Ron Stewart, President and CEO of Verena. While Bonfim is an interesting prospect, we did not see it as a potential value driver for our shareholders in the near term.

Verena’s 2008 operating plan is to complete a preliminary economic evaluation of the Volta Grande project as well as initiate an in-fill diamond drill program to increase the confidence level of the model. The new resource (see Press Release dated February 28, 2008) is comprised of 400,000 indicated ounces of gold (33.5 million tonnes at 0.92 grams per tonne (g/t)) and 1,629,000 inferred ounces of gold (54.5 million tonnes at 0.93 g/t) using a 0.5 g/t cut-off.