August 14, 2008
Toronto, Ontario – Vena Resources Inc. (“Vena” or the “Company”) [TSX: VEM, Lima: VEM, Frankfurt: V1R] filed its third quarter financial and operating results today for the nine months ended June 30, 2008.
Highlights for the quarter include:
"Over the quarter, we have made significant progress in advancing our exploration and development programs, particularly in Macusani where three rigs completed 14,000 metres of diamond drilling with significant results announced already. Heavy infrastructure investment has taken place in Azulcocha and we expect to receive permits to install a 100 tpd and a 500 tpd mill in the near term,”" said Juan Vegarra, Chairman and CEO of Vena.
Financial Review:
The Company incurred a net loss of $5,460,220 for the nine months ended June 30, 2008 compared to $6,722,119 in the same period of 2007. The decrease in loss was primarily due to lower transactions during the quarter. Vena had sales of $83,052 from its Azulcocha property for the three month period ended June 30, 2008 compared to $426,186 in the same period of 2007.
The Company’s working capital was $4,074,431 as at June 30, 2008, which is a decrease of $11,417,579 from September 30, 2007 working capital of $15,492,010. This decrease is due to the extensive exploration and development activities undertaken in the Azulcocha and Pucara properties, related to the drilling programs, mill purchase and supporting infrastructure construction.
During the nine month period ended June 30, 2008, the Company had capital assets of $5,882,510 compared to $1,145,363 in September 30, 2007. This increase of $4,737,147 is due to the acquisition of milling equipment for the Azulcocha property. Details of the Company’s financial results are described in the unaudited consolidated financial statements and Management’s Discussion and Analysis for the nine months ended June 30, 2008 and available on SEDAR – www.sedar.com.
About Vena Resources
Vena Resources Inc. is a Canadian mining company focused on the exploration and development of Peru's mineral potential. Employing a model of diversification across metals and regions in Peru to mitigate investment risk, the Company consists of four divisions: Mining, Energy, Precious Metals and Base Metals. Vena's zinc project, Azulcocha, with an initial NI 43- 101 resource estimate of almost 200 million pounds is scheduled to commence production in the fall of 2008. Together with the Company’s strategic partners, Cameco and Glencore, Vena will advance its significant portfolio of almost 100,000 hectares this year. Through its board of directors, Vena Resources possesses a unique quality of skills and experience in management, mining and finance relating to Peru and Canada.
For further information on Vena Resources, please visit the Company website at www.venaresources.com or contact:
Juan Vegarra – Chairman & CEO - (416) 364-7739, ext. 120 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Andres Tinajero – CFO – (416) 364-7739, ext. 116 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Joanna Longo – Equicom Group - (416) 815-0700, ext. 233 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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.