March 21, 2005--Toronto, Ontario--Vena Resources Inc. (TSX.V : VEM) is pleased to announce the formation of an advisory board to assist Vena management with its exploration and development projects in Peru.
The founding members of this Advisory Board are:
Leonard Harris who has been appointed the Chairman of Vena’s Advisory Board is a 1949 Graduate Metallurgist from the Mount Morgan Technical College (Australia). After graduation, he worked at Mount Morgan, Mount Isa, and Radium Hill in Australia and at Taquah & Abosso in Ghana. He spent 18 years with Cerro de Pasco Corporation in Peru and New York as Senior R&D Metallurgist and Director of Metallurgy, two years as Mine Manager at Texada Mines in Australia and 21 years with Newmont Mining Corporation in New York, Denver and Peru as Vice President R&D, Vice President Metallurgical Operations, General Manager of Minera Yanacocha (the first GM), President and General Manager of Newmont Peru and Vice President and General Manager of Newmont Latin America. He was Chairman of the Peruvian International Gold Symposium on two occasions in 1994 and 2002, Chairman of the INFOMINA Conference in 2000 and Chairman of the 4th International Congress on Environmental Protection in Mining and Metallurgy in 2005. Mr. Harris was the chairman of the advisory board of Glamis Gold before joining their board.
David Coffin has been active in prospecting, resource calculation, and feasibility studies for resource companies for 29 years. He attended the Haileybury School of Mines, has authored numerous qualifying reports for resource companies, and managed and designed field programs for over 15 years. He was one of the first to promote the use of detailed mineral studies early in the exploration cycle, and is a strong believer in using a varied sampling program to tie geophysical and geochemical studies to local geology. He was also one of the first to urge a return to high grade underground mining which was the saving grace for many companies during the bear market in the late 1990’s. David is a regular speaker at Cambridge House and various American conferences, and has been interviewed numerous times on radio and TV and in third party news articles for his opinions on the gold sector and resource stocks in general. David logs literally tens of thousands of miles every year, visiting exploration sites on six continents.
Rafael Romero is an experienced and respected executive in the financial services industry in Peru who brings over 20 years of banking and financing expertise as well as knowledge of the import/export business. Mr. Romero currently manages the private banking group of the largest commercial bank in Peru - Banco de Credito. His experience in the financial services industry as well as the import/export business in Peru will help Vena in its efforts to expand its presence in the Latin American markets.
Shahé Sabag brings over 25 years of active experience from a diverse mining industry background in management and technical capacities. He has launched numerous exploration and development campaigns for a variety of commodities throughout Canada and the USA, including base metals, uranium, precious metals, industrial minerals, diamonds, placer gold, and peat. He has served as a senior officer and director of a number of private and public corporations including being the current President & CEO of Dumont Nickel Inc. (TSXV: DNI), the former President & COO and Director of Tintina Mines Limited (TSE), NSR Resources Inc. (TSE), a Director of Canspar Resources Inc. (MSE), the President of Algomin Inc., a Director of Algonquin Capital Corporation, a Vice President of Aurogin Resources Ltd. (TSX: VEN), a Director of Cleanair Canada Inc. and Mineral Steering Committee Member of the Alberta Chamber of Resources.
In making these announcements, Juan Vegarra, Vena’s Chairman & CEO said:
“I look forward to working closely with the Vena advisory board. Their experience and industry background will help us to more aggressively expand our exploration and development opportunities in Peru.
No one is more qualified to talk about Peru and its mining richness than Mr. Harris. His years running Newmont – Latin America, specifically managing one of the largest gold mines in the world – Yanacocha in Peru will assist Vena with its exploration and development efforts.
David Coffin is an acknowledged industry analyst, his independence and hard-core feedback will help Vena assess new opportunities and present a strong perspective to the technical team.
Rafael Romero understands the financial services industry in Peru extremely well. His knowledge and access to key institutions will help Vena establish a strong presence within the investment community in Peru. We look forward to working with another Peruvian to make Vena the premier junior exploration and development company in Peru.
As we get the Azulcocha mine back into production, I expect to rely on Mr. Sabag’s operational skills with base and precious metal projects to define the team we must put in place to maximize our investment once we complete the pre-feasibility study of Azulcocha currently underway.”
For their time and efforts, each member of the advisory group will receive 75,000 options priced at $0.60 for a period of 5 years.
Len De Melt Resigns - The Company is also announcing that Mr. Leonard De Melt has resigned as President of Vena. The Company wishes to thank Mr. De Melt who has resigned to focus his attention on his other extensive business interests. Mr. De Melt will remain on Vena’s board of directors and will continue to contribute to Vena’s Peruvian operations. The board of directors thanks Mr. De Melt for his significant contributions to date. “Len and I started this venture almost 2 years ago, and his knowledge and operational skills will be leveraged as the Azulcocha mine re-opens. I know I’ll continue to count on his guidance” – said Juan Vegarra who is assuming Mr. De Melt’s responsibility as President of Vena.
European Investor Relations - Vena is also pleased to announce that it has hired Vicarage Capital of London, England to perform investor relations duties for the European market. Vicarage will be paid a quarterly retainer of $5,000 for a one-year contract. In addition, Vena has granted 75,000 options priced at $0.60 for a period of five years.
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 achieved 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 currently has a portfolio of projects currently encompassing 20,000 hectares of strategically located and highly prospective ground in all regions of the country. 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.
The Aucapampa copper-gold property is in planning for a second drill campaign; the Las Princesas gold property is completely encircled by Barrick Gold and PanAmerican Silver claims and is immediately adjacent to Barrick’s Alto Chicama property; a pre-feasibility study of the Azulcocha zinc-manganese property is soon to be completed; and the company has recently announced a technical joint venture with the Peruvian atomic energy commission for the exploration of the extensive Vena uranium concessions.
For further information please visit the Company website at www.venaresources.com .
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
Tina Cameron - tcameron@renmarkfinancial.com
Henri Perron - hperron@renmarkfinancial.com
IR Europe: Vicarage Capital
T: +44-20-8715-3271
Martin Wood - martin@vicaragecapital.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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