Uranium Division
Vena's Uranium Division currently operates on 40,000 hectares of land in the Puno region of Southern Peru, 14,000 of which were initially acquired from IPEN (Peruvian Institute of Nuclear Energy). IPEN's historical estimates document a potential resource of 200,000 tonnes with average grades from 0.2% to 12% of U3O8 (a mixture of uranium oxides).
Vena is exploring for uranium in a number of project areas in southeast Peru with the technical support of Cameco geologists. Cameco has the option to invest $10 million over the next four years to obtain up to 50% of Minergia S.A.C., a Vena subsidiary that holds the uranium claims. Cameco can increase its stake in Minergia to 60% when a feasibility study is completed and to 70% when mine development commences.
Following is a link to a map illustrating the current drilling program in Macusani
Macusani Drilling - 06-20-08.jpg