April 21, 2010
TORONTO, ONTARIO -- (MARKET WIRE) -- 04/21/10 -- Vena Resources Inc. (TSX: VEM)(LIMA: VEM)(FRANKFURE: V1R)(OTCBB: VNARF) is pleased to announce that Empresa Los Quenuales (LQ), a Peruvian company owned by Glencore of Switzerland has agreed to extend the joint venture agreement scheduled to expire next month for an additional 18 months.
Under the previous terms, LQ was to invest US$2,750,000 in exploration expenditures, provide a feasibility study and pay Vena US$1,000,00 to acquire a 51% interest in the Azulcocha West exploration claims. Under the new terms, LQ will acquire 30% of the joint venture immediately and they commit to: (1) pay Vena US$300,000 when the joint venture is registered; (2) drill an additional 10,000 meters; (3) complete a series of tests required for a feasibility study; (4) pay Vena's overhead costs to support the joint venture; and (5) pay Vena US$700,000 in 18 months to increase their ownership to 51% in the Azulcocha West exploration claims.
The Company would like to emphasize that Azulcocha West (to become Minera Zincocha) is an exploration area six kilometres west of the main Azulcocha zinc mine that is completely independent from this joint venture as outlined in the map below.
In other news, Vena is pleased to welcome Mr. Enrique Winkelried as the new general manager of Peruvian operations. Mr. Winkelried is a mining engineer with an advanced management degree. He has in excess of 30 years experience in diverse aspects of mining including operations, planning, exploration, projects, mine commencement, cost control, security, environment and community relations in both underground and surface operations of polymetallic, gold, non-metallic, iron and coal mining.
Mr. Winkelried has worked for important mining and service companies in Peru such as Minera Santa Rosa, Grupo Minero Atacocha, Minera Yanacocha, Compania de Minas Buenaventura, Siemens, Zublin, Minera Bariben, Grupo Huampar, Hierro Peru and Cerro Verde.
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, Goldfields, Glencore and Trafigura, Vena will advance its significant portfolio of almost 90,000 hectares this year. Through its board of directors and advisors, Vena Resources possesses a unique quality of skills and experience in management, mining and finance globally.
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.
Shares Outstanding: 88,264,576
Fully-Diluted: 104,088,610
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
Contacts:
Vena Resources Inc.
Juan Vegarra
Chairman & CEO
(416) 364-7739, ext. 120
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Vena Resources Inc.
Andres Tinajero
Chief Financial Officer
(416) 361-2838
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www.venaresources.com