Change at the top for Verena

The promising exploration growth Verena Minerals (VML-T) has shown recently in Brazil will have to be driven by a new corporate head.

Verena announced on Aug. 25 that its president and chief executive, Ron Stewart, will be moving to the Street, leaving executive chairman Stephen Roman to drive its flagship Volta Grande project in the Para province of Brazil.

In 2005, Roscoe Postle Associates put together a NI 43-101 compliant resource estimate that put 7.39 million tonnes grading 1.01 grams gold for 240,000 oz. in the indicated category and 49 million tonnes grading .96 grams gold for 1.5 million oz. in the inferred category.

Results from the first 15 holes of its most recent drill program were highlighted by one hole returning 7.1 grams per tonne over 14.3 metres from 36 metres and then 3.94 grams gold over 21.85 metres from 155 metres.

Assay results from the other holes are pending, the company says, but, it admitted, they were coming slower than anticipated.

Verena began its drill program at Volta Grande in May and says the first phase will be made up of 22 holes for 5,000 metres.

The drilling is part of a $2 million preliminary economic analysis of the project, that will include metallurgical test work and conceptual mine costing and design, it says.

At its Lavrinha project, also in Brazil, recent drill results were highlighted by 7 metres grading 3.08 grams gold from 51 to 58 metres and 11 metres grading 1.27 grams gold from 4 to 15 metres.

Furthering its foothold in Brazil, Verena announced in July that it had made an agreement with Mineracao Rio Tocantins allowing it to increase its interest in the Conceicao gold project to 90% by making payments for roughly $555,000 and funding $2.5 million in exploration over four years.

On the heels of the deal, Verena, announced it would begin a 1,500 metre drill program at Conceicao.

Drilling will be fueled by cash reserves of $4 million, enough it says, to get it to its next “decision point”.

In Toronto on Aug. 25, the company’s shares were up 35% or 5 to 19 on roughly 405,000 shares traded. And has roughly 97.3 million shares outstanding.

Verena says it is actively searching for someone to fill Stewarts’ shoes on the operating side of things, while executive chairman Roman will take on the role of chief executive.