February 1, 2008
Toronto, Ontario – Vena Resources Inc. (“Vena” or the “Company”) [TSX: VEM, Lima: VEM, Frankfurt: V1R] is pleased to announce that MINERGIA, a company jointly-owned by Vena and CAMECO in Peru, has commenced a major drill program in the Department of Puno, in the southeast part of the country, after receiving a Class-C exploration permit, which allows for a comprehensive drilling campaign as well as the development of underground workings for bulk sampling (if the company should so decide). The purpose of the drilling program is to establish the distribution of U3O8 grade, and the continuity and extent of mineralization in some of the known uraniferous areas. In addition, some strategic holes will be drilled to test the prospectivity of deeper stratigraphic units.
The multi-phase drill program commenced recently and it is anticipated that approximately 3,000 metres will be drilled in Phase-1 with a follow-up program in Q2/2008. Geotecnia del Peru SAC has been engaged to deploy Diamec 262 diamond drill rigs. Additional rigs will be mobilized as they become available, to speed up drill programs in Macusani, Munani and Lagunillas. Assay results will be known in two to three weeks.
The initial drilling campaign (see attached map) will focus on the Macusani district. Drill collar locations for this initial campaign have been determined jointly by Vena and CAMECO geologists.
The drilling programs will be under the supervision of Dr. James W. Stewart P. Geo., Vena’s Qualified Person as defined by NI 43-101. Core samples will be 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 kilometres 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 to 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. (“MINERGIA”), a Vena subsidiary that controls Uranium claims with an aggregate area of 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.
DRILL TARGETS IN THE MACUSANI DISTRICT
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