June 17, 2005-- Toronto, Ontario – Further to Vena’s news release dated April 20, 2005, the Company, at the request of the TSX Venture Exchange, is pleased to provide additional information about the historical resource estimate for the Azulcocha project.
Vena has also located and purchased the complete and original geology, mine plan and exploration data for the original Minera Gran Bretana mine, which operated from 1971 to 1985. This purchase will sharply focus and greatly reduce the planned exploration program costs to confirm the historically reported 3.3 million tons of remaining ore. The remaining ore estimate is based on a PhD dissertation based from the original mine owners/operators. This historical estimate should not be relied upon as Vena has not completed the work necessary to verify the classification of the resource and therefore the historical estimate should not be relied upon as Vena is not treating them as a NI 43-101 defined resource nor is the reserve verified by the Qualified Person. Work is underway to confirm the mine reports on which this estimate is based.
About Vena Resources Inc.
Vena Resources (TSX.V : VEM) is dedicated to building capital appreciation and creating long term shareholder value by developing the mineral and social capital of Peru. This will be done by deploying its financial resources so that its uniquely “Peru savvy” management team can aggressively acquire and advance high quality projects and people throughout the country.
Vena Resources is structured into four strategic business units:
· The Uranium Division controls 14,000 hectares of Uranium projects and manages the technical joint venture with IPEN for the exploration and confirmation of all 78 uranium targets found by IPEN during three decades of exploration throughout Peru;
· The Mining Division is responsible for bringing the Azulcocha poly-metallic project to fruition, potentially generating cash flow to fund the exploration activities of the other units;
· The Precious Metals Division is about to start second phase drilling of the Aucapampa project. It is performing extensive geochem and geophysics on the Tantar H.S. project. It also controls the strategically located “Las Princesas” gold property that is completely encircled by Barrick Gold and Pan American Silver claims and is immediately adjacent to Barrick’s Alto Chicama property, and has just purchased a set of properties from Inca Gold in the highly regarded Alto Chicama – Yanacocha belt;
· The Base Metals Division is responsible for developing all copper/moly systems including the recently acquired Aurora project - a large copper-molybdenum system that is going through a confirmation study.
A key risk mitigation strategy is to maintain the corporate development portfolio open to all types and classes of mineral wealth and keep the new project “pipeline” full.
For further information please visit the Company website at www.venaresources.com.
John Cullen, Director (416) 364-7739 -- e-mail jcullen@venaresources.com
Denis Clement, Director (416) 364-1909 -- e-mail dclement@venaresources.com
Bryce Bradley, Corporate Development (416) 666-0519 -- e-mail bbradley@venaresources.com
IR Canada: Renmark Financial Communications Inc.
T: (514) 939-3989 F: (514) 939-3717
Tina Cameron - tcameron@renmarkfinancial.com
Henri Perron - hperron@renmarkfinancial.com
IR Europe: Vicarage Capital
T: +44-20-8715-3271 or +44-(0)-7880-787-080
Martin Wood - martin@vicaragecapital.com
The TSX Venture Exchange does not accept the responsibility for the adequacy or accuracy of this release.
Statements in this press release regarding the Company’s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
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