Verona Development Corp. - News Releases - Coal Bed Methane Project In China

	October 17, 2005 Coal Bed Methane Project In China
	Verona Development Corp. ("Verona") is pleased to announce that it has entered into an agreement with Troland Resources Inc. ("Troland") to acquire 100% of its right, title and interest (collectively the "Interest") in, to and under a certain "Letter of Intent for The Cooperation on Exploration and Development of CBM" (the "Zhengzhou JV Agreement") between Zhengzhou Coal Industry (Group) Limited Company ("Zhengzhou") of the People's Republic of China and Troland together with Troland's right and entitlement to participate in a joint venture or profit sharing arrangement (the "Joint Venture") with Zhengzhou and to establish a joint venture or cooperative corporation (the "JV Corporation") with Zhengzhou for the exploration, development and exploitation of coal bed methane within the lands comprising the Zengzhou Coal Group and Yinggong coal field (collectively the "Properties") located in Henan Province, People's Republic of China. The Zhengzhou JV Agreement covers exploration, development and production of coal bed methane resources within a 2,560 square kilometer cooperation area and includes the Yinggong coal field, a 600 square kilometer area previously tested for coal bed methane by Zhengzhou which will be the initial focus of exploration. Under the terms of the Zhengzhou JV Agreement, Troland (Verona) and Zhengzhou will jointly explore and develop the property on a 60% - 40% basis, whereby Troland (Verona) will contribute 60% of the exploration and development costs and Zhengzhou will contribute 40%. In addition Troland (Verona) will be responsible to pay training fees of at least $50,000 during the exploration phase and at least $100,000 in the development and production phases. Under the Letter Agreement, and subject to successful completion of its due diligence, Verona may acquire all of the rights to the Zhengzhou JV Agreement from Troland in exchange for 2 million common shares to be issued on the later of: the date Verona receives final acceptance from the TSX Venture Exchange for this agreement and any others relating to the Joint Venture; or the date on which the joint venture corporation is established pursuant to a binding agreement between Verona and Zhengzhou in respect to the Properties and the Project. On behalf of: Verona Development Corp. Juraj Adamec, President For further information, please contact Verona Development Corp. at 604-688-2008. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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