July 2, 2008
Toronto, Ontario – Vena Resources Inc. (“Vena” or the “Company”) [TSX: VEM, Lima: VEM, Frankfurt: V1R] today announced further uranium drill results from the Macusani region. Assays from the Tantamaco and New Corani projects are continuing to exceed expected grade levels. Drilling at Tantamaco is completed for phase one of the program. The Amariza, Tuturumani and Nueva Corani projects are currently being drilled.
This press release contains information from 17 drill holes, five from the Tantamaco area and 12 from the New Corani area. All drill intercepts mentioned are down-hole lengths - not true widths. Drill data for the entire program will be posted on www.venaresources.com when the drilling program is completed. The following table shows the results from the recent drilling using a 200 U ppm cutoff:
Nueva Corani Drill Program – Highlights (Composited Samples)
Tantamaco Drill Program – Highlights (Composited Samples)
"Vena's current drilling program in the Macusani region continues to yield results that exceed our expectations," said Juan Vegarra, Chairman and CEO of Vena Resources. "We are very encouraged by the results achieved thus far at Tantamaco and Nueva Corani which are nine kilometres apart and we look forward to the drilling results on Amariza, which is located between Tantamaco and Nueva Corani, as these results will highlight the regional extent of uranium mineralization."
The drilling program is supervised by Rod Ogilvie P.Geo., Vena’s Vice President of Engineering and 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 sample preparation laboratories in Juliaca, 800 km southeast of Lima. Following the preparation stage, the sample pulps are sent to analytical laboratories in Lima. CIMM Peru and SGS are ISO certified assay laboratories. 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.
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, Clean Energy, Precious Metals and Base Metals. 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
Michael Joyner - Equicom Group - (416) 815-0700, ext. 275 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.