February 2, 2005--Toronto, Ontario--Vena Resources Inc. (TSX.V : VEM) announces that it has signed an offer to purchase the Tantar concessions from its Peruvian owner, who is an employee of Las Dunas de Oro, S.A.C, a Vena subsidiary company. The deal includes the following terms and conditions:
50,000 shares of VENA when purchase option is registered in the Peruvian records
50,000 shares 6 months after contract registration.
The Tantar prospect is located in the district of Pausa, province Paucar, Department of Ayacucho, Peru approximately 600 km from Lima. The two concessions are located 15 minutes from the community of Pausa on the plateau overlooking the Luicho concessions and the previous operator reported significant gold resources.
The Company also announces the uncovering of significant additional mineral for its Azulcocha base-metals project. These previously milled ores were found in an adjacent valley which has been taken in concession by the Company. These resources will be drilled and assayed as part of the current pre-feasibility study program that was previously announced. Surface samples from the large stockpile indicate the presence of high values of zinc, manganese and gold. Based on this finding, Vena expects to significantly increase the tonnage of mineralized material. Tantar Geology
The tertiary volcanic units of the Tacaza Formation are intensely altered and covered partially by fresh tufas pertaining to the Barrozo Group. Four parallel and related structures, which are interpreted as diatremes from a high sulfidation gold system, have been mapped on the concessions. Their approximate dimensions are 250m by 60m and are of unknown depth. The forces which created the nearby Sara Sara volcano are also responsible for the development of a large regional fault which passes the Tantar, Luicho and Oyolo mineralized concessions and is likely the source for the mineralization which occurs on the three properties. Tantar enjoys a much better geographical disposition than the other two deposits with significant mining infrastructure immediately adjacent to the concessions. This includes abundant year round water, high voltage electricity and the services of Pausa, the regional capital.
In Tantar, the diatremes are comprised of breccias with fragments of chalcedon and opal within a matrix of steam-heated silica and rocks with advanced argillic alteration. Veins of anhydrite and minor amounts of barite have also been observed. Of more importance, the arsenic assay values range from 99 ppm to 237 ppm whereas the mercury assay values range from 53 ppb to 67 ppb.
The presence of steam-heated, highly altered rocks, the important values of arsenic and the weak values of mercury locate the concessions in the upper zone of an auriferous system as shown on the conceptual geologic model figure below.
The company is planning an exploration program of geochemistry sampling in dozer-cut trenches and geophysical studies preparatory to a drill campaign to confirm this model.
About Vena Resources Inc.
Vena Resources (TSX.V : VEM) is dedicated to aggressively acquiring, exploring and developing high quality projects throughout the country of Peru. Vena currently has a portfolio of six separate projects currently encompassing 16,500 hectares of strategically located and highly prospective ground. The Aucapampa property is currently being drilled; the Las Princesas property is completely encircled by Barrick Gold and PanAmerican Silver claims and is immediately adjacent to Barrick’s Alto Chicama property; and has commenced a pre-feasibility study of the Azulcocha property. For further information please visit the Company website at 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
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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