February 25, 2008
Toronto, Ontario – Vena Resources Inc. (“Vena” or the “Company”) [TSX: VEM, Lima: VEM, Frankfurt: V1R] today announced the initial results of a uranium exploration project in the Macusani district of southeast Peru where a 3,000 metre diamond drill program is underway. The first phase of drilling, due to be completed in mid-March, is taking place on the Tantamaco property, which is held by Minergia (a Peruvian company jointly owned by Vena and strategic partner Cameco).
The encouraging initial geochemical and drill results indicate the presence of strong near surface uranium mineralization. Evaluation of this mineralization will be an ongoing project during the year.
Seven holes were drilled, radiating from drill platform #1, the first of four drill sites designed to test grade and extent of uranium mineralization present in ignimbrites and associated rhyolitic tuffs. Highlights from the ongoing drill program are as follows:
Mineralized intervals have been established and reported using a geochemical cutoff of >200 ppm. No grades have been cut. The highest ppm individual sample value in each drill hole is located within a highlighted composite. Drill results for the entire program will be posted on the Company’s website at www.venaresources.com at the end of the Macusani drill program.
The drilling program is supervised by Dr. James W. Stewart P.Geo., Vena’s Qualified Person as defined by NI 43-101. Core samples are cut longitudinally with a diamond saw with one-half of the core placed in sealed bags and initially shipped to CIMM’s sample preparation laboratory in Juliaca, 800 km southeast of Lima. Following the preparation stage, the sample pulps will be sent to CIMM’s analytical laboratory in Lima. CIMM is an ISO certified assay laboratory. The program is designed to include a comprehensive assay quality control routine comprising the systematic use of standards, blanks and field duplicate samples. Secondary laboratories are used for check assaying.
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 holding uranium claims with an aggregate area of over 40,000 hectares, in three regions of the Departments of Puno and Moquegua. Cameco can increase its stake in Minergia to 60% when a feasibility study is completed and to 70% when mine development commences.
In other news, Vena has retained The Equicom Group (“Equicom”) to provide the Company with strategic investor relations and financial communications services. For further information, please visit www.equicomgroup.com.
For further information please visit the Company website at www.venaresources.com or contact:
The TSX does not accept the responsibility for the adequacy or accuracy of this release. 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.