TORONTO, ONTARIO, Jul 09 (MARKET WIRE) —
Vena Resources Inc. (TSX: VEM)(LIMA: VEM)(FRANKFURT: V1R)(OTCBB: VNARF),
a Company with strong partnerships with four of the world’s largest
mining companies, is pleased to announce that Henkle and Associates has
completed the resource estimate for Vena’s Azulcocha mine. The updated
estimate significantly upgrades the tonnage available for production in
the near term. Henkle’s report will be published within 45 days and will
include a resource estimate for the Manganese mineralized portions of the
Azulcocha Cuerpo as well.
In February 2008, Vena reported an “indicated resource” of 865,132 tonnes
containing 10% Zinc at a cut-off of 5%. Based on the ongoing underground
work that has been undertaken since 2008, Vena can now report that it has
upgraded more than 900,000 tonnes to a “measured resource” category as
well as additional indicated and inferred tonnage as the following table
% Cut-Off Measured % Zinc % Mn Indicated % Zinc % Mn Inferred % Zinc % Mn
5.00 902,457 8.40 11.60 771,941 7.90 9.90 320,310 8.10 6.00
4.00 1,023,094 7.90 11.70 978,808 7.20 12.10 424,832 7.30 10.80
3.00 1,381,083 6.70 12.80 1,299,343 6.20 12.90 570,292 6.30 12.50
2.50 1,417,811 6.60 12.80 1,358,573 6.10 12.70 627,780 6.00 12.60
Juan Vegarra, Chairman and CEO of Vena commented:
“We are pleased to report more than 900,000 tonnes of measured resources
as well as a significant upside in the indicated/inferred category. We
are confident that the final NI 43-101 report will contain significant
credits in the Manganese mineralized portions of the Cuerpo to make
Azulcocha a viable mine given current market prices.”
This report was prepared by William R. Henkle, Jr., P.Geo., Vena’s
Qualified Person as defined by NI 43-101.
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, Gold Fields, Glencore and Trafigura, Vena
will advance its significant portfolio of almost 75,000 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: 88,429,910
The TSX does not accept the responsibility for the adequacy or accuracy
of this release.
Vena Resources Inc.
Chairman & CEO
(416) 364-7739, ext. 120
Vena Resources Inc.
Chief Financial Officer
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