May 5, 2005-- Toronto, Ontario --Vena Resources Inc. (TSX.V : VEM) is pleased to announce that Dr. Richard L. Nielsen has agreed to lead the Uranium exploration division in Peru. Dr. Nielsen has a masters degree from Caltech and a PhD from Berkely and has published over 15 technical articles. He will be directing Vena’s efforts to confirm the historical Uranium exploration data that had been collected by IPEN (Peruvian Institute of Nuclear Energy) over the last three decades. Vena Resources and IPEN signed a joint exploration agreement earlier this year.
Dr. Nielsen has over 45 years of Uranium and Precious/Base Metals exploration experience and specializes in geologic field evaluation, ore target and model definition, exploration planning, geochemical surveys, and drilling programs. As a consulting geologist his clients include Hecla, Billiton, Homestake, Noranda, Queenstake Resources, Anglogold, Newmont Mining, and Teck.
“Dr. Nielsen is an outstanding addition to our exploration team in Peru. As a district geologist for ARCO/Anaconda he managed a major uranium exploration program that resulted in the discovery of a large uranium resource at Green Mountain WY [1] . His work as a consultant for Newmont in Yanacocha demonstrated his extensive knowledge of Au/Ag and copper porphyry systems. We expect Dr. Nielsen to help further define Vena's uranium potential as well as to provide insight into designing an optimum exploration campaign for the Aurora Cu/Mo porphyry system. We look forward to utilizing Dr. Nielsen's expertise in exploration technologies and prospect evaluation to move these projects ahead” said Juan Vegarra, Chairman and CEO of Vena Resources.
Peru has a history of Uranium exploration dating back to the 1950s under the authority and control of IPEN. Exploration efforts were halted due to budget constraints in the early 90s. During the three decades of exploration efforts, IPEN identified 78 target areas.
The Macusani district in southern Peru is the most studied area and IPEN historical reports from September 1983 refer to the areas of Chapi, Corani, Tantamaco, Huiquiza, Calvario, Concha Rumio, Huachanne, Chilcuno, Chacaconiza and the surrounding area to the town of Macusani as potentially having in the order of 200,000 tons of Uranium carrying ore with average grades from 0.2% to 12% of U3O8 (Bulletin 71 – Peruvian Geological Society – Sept 1983). It should be noted that this data is based on IPEN’s historical reports and such estimates should not be relied upon or considered a defined resource according to NI 43-101 nor is the resource verified by the Qualified Person .
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
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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.
[1] The Green Mountain uranium deposit is located near the center of Wyoming and about ten to twenty miles east of Crooks Gap uranium district. In 1989, L.M.L. Klingmuller published a paper in a volume published by the International Atomic Energy Commission entitled “Uranium Resources of North America”. In this paper he states the resource is 70 million pounds of U308, ranging in grade from 0.20% to 0.23% and this is diluted to mineable widths.
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