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Last updated on April 19, 2014 at 8:45 EDT

Vena Enters into Letter of Intent to Option the Esquilache, Pucara and Amantina Projects for a Minimum US$30 Million Investment in Exploration, Mine Development and Mill Construction

March 8, 2013

TORONTO, March 8, 2013 /CNW/ –  Vena Resources Inc. (“Vena” or the
“Company”) (TSX: VEM), (LIMA: VEM), (Frankfurt: V1RA), (OTC-BB: VNARF),
(Xetra®: V1RA.DE) announces that the Company has entered into a
non-binding Letter of Intent (“LOI”) with a private Peruvian mining
company (the “Optionee”) to earn up to a 75% interest in the Amantina,
Esquilache and Pucara projects (collectively, the “Projects”) located
in the department of Puno, Peru.

The basic terms of the LOI provide for an investment commitment by the
Optionee of US$13 million in exploration expenditures for a 65%
interest in Vena’s Projects and an additional amount of at least US$16
million to fully construct a scalable mill starting at 350 tonnes per
day  (“tpd”) as well as all required investments to prepare a 350 tpd
underground mining operation for an additional 10% interest in the
Projects. The LOI includes a provision for a sixty (60) day due
diligence period by the Optionee.  In addition, the Optionee has agreed
to participate with a lead order of US$1 million in a private placement
in Vena Resources to occur concurrently with the closing of this
transaction.

Juan Vegarra, Chairman and CEO of Vena Resources stated: “Now that
Esquilache is funded to production, Vena plans to advance its remaining
exploration portfolio that includes the largest NI 43-101 compliant
Uranium resource in Latin America with its partner Cameco Corporation
as well a significant number of polymetallic projects throughout Peru.”

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.

SOURCE Vena Resources Inc.


Source: PR Newswire