Verena Intersects 7.10 g/t Gold Over 14.30 Metres at Volta Grande

TORONTO, ONTARIO--(Marketwire - Aug. 22, 2008) - Verena Minerals Corporation (TSX VENTURE: VML.V), ("Verena" or the "Company") is pleased to announce the operational highlights from its second quarter ending June 30, 2008. A full version including the unaudited financial statements can be viewed on the Company's web site at www.verena.com or on SEDAR at www.sedar.com.

Operational highlights include:

- The 2008 drill campaign commenced on Volta Grande in May, 2008. The first phase of the program comprises 22 holes totaling approximately 5,000 metres. The objective of the program is to in-fill drill the Ouro Verde and Grota Seca East deposits. The drilling is part of a $2 million preliminary economic analysis of the Volta Grande project, that will include metallurgical test work and conceptual mine costing and design;

- Results of the first of 15 holes from the Volta Grande drill campaign were received. Hole VVD-179 returned 7.10 grams per tonne ("g/t") over an interval of 14.30 metres from 36.0 metres followed by 3.94 g/t over 21.85 metres from 155.0 metres downhole. Assay results are pending from the remainder of the holes;

- The Company elected to exercise the first option on the Lavrinha Project on April 11, 2008 by issuing to the underlying property owner, Mineracao Santo Expedito Ltda ("MSE") 100,000 common shares of the Company and announced the drill results from the due diligence program carried out on the Lavrinha project, including 7.0 metres grading 3.08 g/t gold from 51 to 58 metres in hole LVD-03 and 11.0 metres grading 1.27 g/t gold from 4 to 15 metres in hole LVD-10;

- The Company completed the sale of the Bonfim Tungsten Project for US$800,000 on June 19, 2008;

- On July 22, 2008, the Company announced the signing of a letter of intent with Mineracao Rio Tocantins Ltda, pursuant to which Verena has the option to increase its interest in the Conceicao gold project to 90 per cent by making payments totaling EUR 360,000 and funding exploration expenditures of EUR 1,650,000 in exploration expenditures over four years. On August 12, 2008, the Company announced the commencement of a 1,500 metre drill program at Conceicao. The program is designed to test the Japones and Santo Amaro targets, which have both been defined by geologic mapping, geophysics and geochemical surveys.

- At the Company's 100 per cent controlled Frutal project, four licenses covering the Sertaozinho alluvial diamond occurrence in Minas Gerais State were re-acquired. The Company approved the commencement of a $450,000 bulk sampling program to determine the average grade of the deposit. The diamondiferous conglomerate at Sertaozinho has been worked sporadically in the past by local, artisanal miners and is known to contain gem quality diamonds.

"We are pleased with the progress we are making at Volta Grande, although assay turnaround is much slower than we'd like," said Ron Stewart, President and CEO of Verena. "We are also particularly satisfied to begin working on Conceicao and Frutal and look forward to reporting the results of that work in the coming months."

As at June 30, 2008, Verena had cash reserves of $4 million; that is more than enough to fund the current programs to their next decision point.

Qualified Person

This Program was completed under the supervision of Mr. Ron W. Stewart, P.Geo, qualified person within the meaning of National Instrument 43-101. Mr. Stewart 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 per cent% owned Volta Grande Project, located in Para State. Verena has a strategic alliance with Kinross Gold Corporation, which holds seven per cent of the common shares of Verena and is earning an interest in the Monte do Carmo and Patrocinio gold projects. Verena also operates the Lavrinha and Conceicao gold projects and controls a portfolio of diamond and gem properties. Verena trades on the TSX Venture Exchange and has approximately 97.3 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.

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

Contacts

Ron W. Stewart
Verena Minerals Corporation
President and CEO
(416) 368-2998
Website: www.verena.com