February 18, 2008
Toronto, Ontario – Vena Resources Inc. (TSX: VEM, Lima: VEM, Frankfurt: V1R) and strategic partner Cameco, have agreed to increase Minergia’s Uranium exploration budget for late 2007 and 2008 from US$2.5 million to almost US$4.0 million across all three regions Minergia is exploring in Puno, Peru. Minergia’s Joint Technical Committee decided to increase the annual exploration budget based on positive results from exploration work completed to date, including the ongoing drill program at Macusani as well as geochemical and geophysical studies completed at Muñani and Lagunillas. Drill results for the first drill target in Macusani (Tantamaco) should be released within the next ten days.
The exploration work at Lagunillas has provided encouraging results, including the discovery of a uraniferous sedimentary formation. Systematic scintillometer readings ranging from 800 to 5,000 cps plus positive geochemical sampling results have been recorded over an area covering approximately 2,500 metres long by 400 metres wide. The anomalous radioactivity appears confined to a stratigraphic unit approximately 25 metres thick as displayed in the picture below.
This sedimentary unit is a carbonate sequence containing chert and organic material. There is also evidence of anomalous radioactivity in underlying sequences that vary between 1 and 1.5 meters in thickness with average scintillometer readings of 1300 cps. Visible uranium minerals identified as autunite and gummite have been observed in this unit.
Drilling permits have been initiated for Ixsuya and drilling should commence in about two month’s time. There has been no drilling on this property to date and 1,500 metres of diamond drilling has been planned as immediate, first phase follow-up to the positive geochemical and radiometric surface results.
The drilling program will be under the supervision of Rod Ogilvie P.Geol., Vena’s Qualified Person as defined by NI 43-101. The drill program is designed to include a comprehensive assay quality control routine comprising the systematic use of standards, blanks and field duplicates samples. Secondary labs will be used for check assaying.
Vena is exploring for uranium in numerous project areas 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 with uranium claims having an aggregate area of over 40,000 hectares, in three regions of the Departments of Puno and Moquegua, Peru. Cameco can increase its stake in Minergia to 60% when a feasibility study is completed and to 70% when mine development commences.
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.