Toronto, Ontario –Vena Resources Inc. (TSX.V : VEM) is pleased to announce that it has staked an additional 4,300 hectares of uranium properties in Peru. These properties are in addition to the 9,600 hectares announced in Vena’s press release dated February 18th, 2005, bringing Vena’s total uranium holdings to 13,900 hectares -- the largest Uranium land position in Peru.
This additional acreage was staked as a result of the combined ongoing efforts of VENA’s exploration group and the Peruvian Institute of Nuclear Energy technical experts (IPEN – www.ipen.gob.pe ), which through evaluation of historical IPEN data identified these additional high priority Uranium targets. Vena intends to further expand its Uranium land-holdings as they are qualified through the continuing analysis of this extensive IPEN database.
The Peruvian Institute of Nuclear Energy (IPEN) is a decentralized public institution in the energy and mining sector with the fundamental mission to promote, manage and supervise the development of nuclear energy.
Peru has a history of Uranium exploration dating back to 1950s under the authority and control of IPEN. Exploration efforts were halted due to budget constraints in the early 1990s. During the three decades of exploration efforts, IPEN identified 78 target areas which were classified as high, medium and low priority. IPEN’s 1981 map of uranium targets is shown at right.
Non-Brokered Private Placement
Vena is also pleased to announce a non-brokered private placement for up to C$2,000,000. The private placement will consist of units priced at C$0.45 per unit. Each unit will consist of one common share and ½ common share purchase warrant. Each full warrant entitles the holder to purchase an additional common share at a price of C$0.65 per share for a period of 18 months from closing of the private placement. The securities issued on closing of the private placement will be subject to a four-month hold period. The private placement is subject to regulatory approvals. A finder’s fee may be paid to certain parties at the discretion of the Company.
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 develop high quality projects and people throughout the country.
Vena has a portfolio of projects currently encompassing 30,000 hectares of strategically located and highly prospective ground in all regions of Peru. A key risk mitigation strategy is to keep the corporate development portfolio open to all types and classes of mineral wealth with a proven capacity to keep the new project “pipeline” full. For further information please visit the Company’s website at http://www.venaresources.com/ .
FOR FURTHER INFORMATION CONTACT:
John Cullen, Director (416) 364-7739 or by e-mail jcullen@venaresources.com
Denis Clement , Director (416) 364-1909 or by e-mail dclement@venaresources.com
IR Canada: Renmark Financial Communications Inc.
T: (514) 939-3989 F: (514) 939-3717 www.renmarkfinancial.com
Tina Cameron tcameron@renmarkfinancial.com
Henri Perron hperron@renmarkfinancial.com
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
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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