Vena Resources Begins 3,000 Metre Uranium Drill Program at Lagunillas
TORONTO, ONTARIO–(Marketwire – Sept. 22, 2008) – Vena Resources Inc. (“Vena” or the “Company”) (TSX:VEM)(OTCBB:VNARF)(LIMA:VEM)(FRANKFURT:V1R) is pleased to announce that the Ministry of Mining and Energy of Peru has granted permission for Vena to commence a drill program in the Ixsuya prospect in the Lagunillas area of Puno, Peru. The objective of the drill program is to test via 12 platforms the extent of a volcanic sedimentary sequence covering an area of 2000 metres by 400 metres.
Locations for the drill program have been determined by Vena and Cameco geologists. Detailed geological mapping has been completed based on the radiometric exploration (3690 measurements), 263 emanometric readings (radon gas emissions) and geochemical study which comprised in excess of 60 samples that returned significant Uranium values. The drilling program is scheduled for completion in December and results will be posted on the Company’s web site at www.venaresources.com.
Vena has contracted Iguana Drilling SA to complete the 3,000 metres of core drilling. In addition Vena geologists are exploring three new prospects near Ixsuya in the Lagunillas area with encouraging initial results.
Vena is exploring for uranium in several project areas in southeastern Peru with the technical help of Cameco geologists. Cameco has an 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 up to 70% when mine development commences.
The drilling program will be supervised by Rod Ogilvie P.Geo., Vena’s Vice President of Engineering and Qualified Person as defined by NI 43-101. Core samples will be cut longitudinally with a diamond saw and one half of the core will be placed in sealed bags and initially shipped to preparation laboratories in Juliaca, 800 kilometres southeast of Lima. Following the preparation stage, the sample pulps will be 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.
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. 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.
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