August 14, 2008
Vena Resources Reports 2008 Third Quarter Financial Results
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:- Exceeded expected grade levels in the Macusani Uranium drill program, including an intersect of 5.8 metres of 0.452% near surface.
- Completed phase one drill at Tantamaco, to be followed by drilling at the Amariza, Tuturumani and Nueva Corani Uranium projects with partner CAMECO.
- Commenced underground development at Pucara Copper/Gold project in the Puno District of Peru after completing an encouraging drill program.
- Significant progress made in advancing the permitting process for two other Uranium regions, with respect to the Azulcocha mill start-up, and finally in Esquilache (Au/Ag/Cu) with drill target definition.
- Subsequent to the quarter end, Vena initiated the second phase 8,000 metre drill program at Azulcocha West with partner Glencore and increased its interest in the coal industry through the 100% acquisition of Sudamericana de Carbon.
"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.
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.
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: 71,648,073
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 Email: [email protected] Vena Resources Inc. Andres Tinajero CFO (416) 364-7739, ext. 116 (416) 364-5400 (FAX) Email: [email protected] Website: www.venaresources.com Equicom Group Joanna Longo (416) 815-0700, ext. 233 Email: [email protected]
SOURCE: Vena Resources Inc.