Verena Minerals Corp. drill core analysis yields positive results at Monte do Carmo gold project, Brazil.

TORONTO--(BUSINESS WIRE)--July 9, 1996--Verena Minerals (CDN:VMCO) Corporation announced today the results of diamond drilling at the Monte do Carmo gold project in Tocantins State, Brazil.

The drilling was completed in 1992 by the Brazilian company Paranapanema who has assayed the core using the atomic absorption (AA) method rather than the universally accepted method of fire assay (FA). The AA method does not give a representative assay if gold is encapsulated in sulphides which is the case at Monte do Carmo, a large mineralized granitic intrusion with quartz stockworks and high grade quartz veining. Bondar Clegg in Val d'Or recently re-assayed three previously drilled holes using the FA method and the results are as follows: -0-

HOLD   FROM    TO WIDTH  AA   FIRE      VARIA  BEST
VARIA                              ASSAY     -TION          -TION
       m       m   m     g/t   g/t      %+      g/t    %+
FRC-12 0       37  37    1.29  1.47     13.28%  2.13   64.60%
       0       25  25    1.83  2.02     10.69%  2.97   62.72%
       8       25  17    1.86  2.58     38.58%  3.58   92.29%
FRC-15 9       37  28    1.11  1.25     13.26%  1.64   47.98%
       18      33  15    1.66  1.89     14.18%  2.45   47.93%
       24      33  9     2.38  2.84     19.36%  3.56   49.68%
       49      54  5     1.93  2.88     49.48%  3.15   63.38%
FRC-28 4       51  47    0.77  1.26     62.20%  1.62   96.01%
       4       42  38    0.83  1.38     66.18%  1.69   103.68%
       4       33  29    1.01  1.56     54.26%  1.93   90.63%
       4       19  15    1.43  2.42     69.14%  2.80   95.84%VARIATION:   - means the % of increase of grade in relationship to the AA results BEST:  - is the best results obtained in both fire assay & AA

The Monte do Carmo structure has presently been mapped for over 3 kilometres along strike with widths exceeding 500 meters. The previous shallow drilling did not accurately rest the geological structures on the property and Verena feels the latest results indicate extensive mineralization through the granitic system.

A large diameter diamond drilling program is planned to define a reserve on the property. To date in excess of 1500 surface samples have been analyzed from trenching programs and over 95% contained gold mineralization. High grade ore shoots present in the granite have also been sampled with grades ranging from 11 grams/tonne over 18 meters with high grade intercepts of greater than 250 grams/tonne.

Paranapanema's program did not target any of the numerous high grade ore shoots that intersect the host granitic structure. Verena management feels confident that further definition of the entire mineralized structure, including the ore shoots, will raise the overall grade of the Monte do Carmo property.

CONTACT: Verena Minerals Corp., Toronto

Stephen G. Roman, 416/368-3949

Stephen Shefsky, 416/921-4337