Stock Quote: TSE

Stock Quote - VEM
Last Traded Price 0.20
$ Change +0.00
Volume 14,000
% Change +0.00%
Intraday High 0.20 52 Week High 1.04
Intraday Low 0.16 52 Week Low 0.10
Today's Open 0.17 Previous Close 0.20
Nov 20 2008 03:57 PM 20 Minute Delay


Acquisition and Share Consolidation Completed

12/08/2004


December 8, 2004--Toronto, Ontario-- Vena Resources Inc. (formerly, Oceanus Water Purity Inc.) (the “Company”) is pleased to announce the successful completion of its previously announced acquisition of Vena Resources (2004) Inc. (“Vena”). As of the date hereof the Company has acquired over 86% of the issued and outstanding common shares of Vena. The Company intends to continue its share exchange offer and acquire all of the outstanding shares of Vena in the next two weeks. Vena owns a 99% interest in Las Dunas de Oro SA, a Peruvian company holding the interests in four gold exploration properties located in Peru. Vena also has approximately $1,600,000 in cash raised through a private placement which was completed in March, 2004 prior to the Company’s share exchange acquisition of Vena. The acquisition of Vena was negotiated at arm’s-length with the principal shareholders of Vena and completed pursuant to a share exchange offer mailed to all shareholders of Vena on April 8, 2004.

As a condition of the transaction, the common shares of the Company were consolidated on a three (3) for one (1) basis and the Company changed its name to “Vena Resources Inc.”. Prior to the completion of the acquisition, consolidation and name change, the Company had 6,999,000 common shares outstanding.

As of the date hereof, the former shareholders of the Company hold 2,333,000 post-consolidation shares of the Company (representing approximately 10% of the share capital) and the shareholders of Vena hold 20,967,000 post-consolidation shares (representing approximately 90% of the share capital) and 2,500,000 warrants to purchase post-consolidation shares of the Company for a total of 25,800,000 shares outstanding on a fully diluted basis. Assuming the Company is successful in acquiring the balance of the shares of Vena, the Company will issue an additional 3,200,000 post-consolidation shares of the Company for a total of 29,000,000 shares outstanding on a fully diluted basis.

Vena, indirectly through its subsidiary, holds interests in the following exploration properties located in Peru:

1. Aucapampa Project

· Option to acquire a 100% interest.

· Comprised of 3 contiguous concessions in the department of Apurimac in Southern Peru.

· Total of 2,970 hectares (29.7 sq km).Grab samples have returned gold assays ranging from 0.5 to 79 grams.

· Current work program underway; dozer roads being cut and a surface sampling program being performed.

· Four significant exploration zones:

- Barrick drilling zone (gold mineralization in drill holes)

- Three vein structure (parallel veins traced for 1,000 metres)

- Five vein swarm

- Deep Spanish workings from 16th and 17th centuries

- Property hosts the potential for a significant gold/copper discovery.

2. Las Princesas Project

· Owns 80% interest with option to acquire remaining 20%.

· Located on the prolific Quiruvilca trend in Northern Peru.

· Northern boundary of the property abuts and is contiguous to American Barrick ’s Alto Chicama new open pit gold mine.

· To the South, abuts and is contiguous to Panamerican Silver ’s Quiruvilca silver mine.

· Comprised of 2 licences totalling 1,200 hectares (12 sq km).

· Prior drilling programs returned significant gold, silver, copper assays in most drill holes, comparable to grades/composition of area mines.

3. Derrick Project

· Owns 60% interest with option to acquire remaining 40%.

· 50 km from Newmont ’s Yanacocha mine (the second biggest gold producer in the world).

· 3,100 hectares (will expand to 6,000); gold/copper potential.

· Old Spanish workings with substantial slag from these workings on the property confirming the exciting things expected from this property.

4. Karmaykel Project

· Owns 60% with option to acquire remaining 40%.

· In the vicinity of Noranda, Teck-Cominco ’s huge Antamina Mine (built at a cost of 2.5 billion dollars).

· 3,000 hectares (will expand to 6,000);gold/copper potential.

· Substantial, old Spanish workings on the property confirming the exciting things expected from this property.

The Company is also negotiating the acquisition of additional properties in Peru which management believes have significant potential. The current directors of the Company are Juan Vegarra, John Cullen, Denis Clement and Len De Melt. The current senior officers of the Company are Juan Vegarra (Chairman), Len De Melt (President), John Cullen (Secretary) and James Fairbairn (CFO).

Copyright © 2007 Vena Resources Inc.