Vena Resources Advances Esquilache Polymetalic Project in Puno Peru
Mon Apr 14, 3:00 AM
ca.news.finance.yahoo.com
TORONTO, ONTARIO--(Marketwire - April 14, 2008) - Vena Resources Inc. ("Vena" or the "Company") (TSX: VEM.TO)(LIMA: VEM)(FRANKFURT:V1R) is pleased to announce that the Company has signed a joint venture agreement with Apex Silver adding the historical Esquilache underground silver mine (1,000 hectares) to the 24,000 hectare package 100% already owned by Vena in Puno, Peru.
Vena has committed to pay US$300,000 over three years and to invest US$1.5 million in exploration activities to earn 60% of the JV project. The Company can increase its ownership of the JV project to 70% when a feasibility study is completed. Vena has an additional two years to complete this study.
Esquilache is a very large (25,000 hectares) exploration project in Puno, Peru. For the last six months Vena has been exploring Esquilache while staking additional areas. A large geophysics program was completed (130,000 metres) last year and an extensive geochem program is on-going to define the drill program with the permit process to commence shortly thereafter.
The mineralized structures are stockworks and rosary-type veins with varying dimensions from centimeters to over five meters in width and outcropping over 1.2 km in length. The oxide part in some of these structures had been exploited since the colonial days as previously reported in the Creston zone.
Thus far Vena is pleased to report that seven new significant polymetallic drill targets have been identified in the Mamacocha zone (Carmen, Candelaria, Silvia, San Martin, Santa Elena, Mamacocha, and Veronica) where 920 geochem samples have been gathered including a systematic channel sampling program that has returned values ranging as follows:
- Gold 0.3 g/t - 5.9 g/t Copper 0.14% - 3.0%
- Lead 1.2% - 5.2% Zinc 1.5% - 6.5%
- Silver 0.5 oz/t - 23.0 oz/t
This press release was reviewed by Rod Ogilvie P.Geo., Vena's Vice President of Engineering and Qualified Person as defined by NI 43-101.
To view "Vena Resources: Esquilache Pichancani Andamarca" map, please visit the following link: media3.marketwire.com
To view" Esquilache-Pichacani Project Cross Section Vein System" map, please visit the following link: media3.marketwire.com
To view "Sampling Cu San Antonia De Esquilache" map, please visit the following link media3.marketwire.com
To view "Esquilache-Pichacani Project Geophysical Anomalies" map, please visit the following link: media3.marketwire.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
Fully-Diluted: 92,735,644
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
Contacts
Juan Vegarra
Vena Resources Inc.
Chairman & CEO
(416) 364-7739, ext. 120
(416) 364-5400 (FAX)
Email: jvegarra@venaresources.com
Website: www.venaresources.com
Michael Joyner
Equicom Group
(416) 815-0700, ext. 275
Email: mjoyner@equicomgroup.com |
