Vena Acquires Coal Producing Property and Updates Corporate Structure
Wed Dec 17, 4:22 PM
ca.news.finance.yahoo.com
TORONTO, ONTARIO--(Marketwire - Dec. 17, 2008) - Vena Resources Inc. ("Vena" or the "Company")(TSX: VEM.TO)(LIMA: VEM)(FRANKFURT:V1R) is pleased to announce the acquisition of its first producing coal project with plans to increase tonnage deliveries to a large Peruvian cement manufacturer. The property is currently being mined at a very small scale; however the Company has received an order for a minimum of 2,000 MT of coal per month, with the option of increasing it up to 6,000 MT per month in the near term. The Company plans to confirm non-43-101 compliant resources and to continue to sell coal to local cement and steel manufactures.
Vena is also pleased to announce the appointment of Ing. Luis Moran as General Manager of Peruvian operations. Mr. Moran is a chemical engineer with an exemplary track record in the Peruvian mining industry. He has been on the board of directors of Centromin Peru as well as Minero Peru SA and held the position of general manager for San Ignacio de Morococha Mining Company, Castrovirreyna Mining Company as well as general manager and president of Hierro Peru (ex - Marcona Mining Company). Mr. Moran also held the position of Vice President of the Special Privatization Committee for several large Peruvian mining companies (Tintaya, Centromin, Minero Peru and Hierro Peru).
The Company also would like to extend its gratitude to James Fairbairn who recently resigned from the board of directors as well as to Rod Ogilvie who recently resigned as Vice President, Engineering.
The Oyon Coal Property - The formation containing the coal seams corresponds to the Oyon formation of the lower Cretaceous age. The main structure controlling the location of the identified coal seams corresponds to an asymmetric syncline with a north-south bearing; the coal seams outcropping along its west and east flanks. A number of coal seams have been identified within the mining concession with thicknesses that vary between less than one metre and exceptionally reaching four metres, all of them hosted in dark gray slates and gray sandstones of the Oyon formation.
The Alexia and Micaela seams are the most outstanding due to their geological characteristics and their relative continuity outcropping for over 670 metres, their average thicknesses being 4.0 metres and 2.0 metres, respectively. The Alexia seam has been partially exploited but the old workings are currently collapsed due to the inadequate mining method previously used.
The results obtained from chemical analyses of channel samples taken show that ash content ranges from 6.0% to 31.5%, volatile matter content is moderate to low, ranging between 8.8% and 16.0% and fixed carbon ranges between 58.3% and 82.5%, whilst sulfur contents are all below 1%.
Historical Resource Potential - Non 43-101 Compliant
A preliminary field evaluation and review of historical production and exploration records, including mine development plans and an EIA application submitted to the Peruvian government by the previous operator performed by Vena's consulting coal geologist, Dr. Rolando Carrascal PhD, has so far identified estimated historical coal resources in the range of 620,000 TM to 700,000 TM and a prospective additional tonnage ranging between 130,000 MT and 150,000 MT. The Company plans to conduct an exploration program based on Dr. Carrascal's guidance leading to a NI 43-101 complaint report in 2009.
Dr. Carrascal, PhD Geo is acting as Vena's qualified person for all coal related projects. He has not completed sufficient work to classify the historical estimate as current mineral resources, and it should be noted that Vena is not treating the historical estimate as current mineral resources and that the historical estimate should not be relied upon. The Company would like to caution readers that the potential quantity and coal quality is conceptual in nature as there has not been sufficient exploration to define a mineral resource and it is uncertain if further exploration will result in discovery of a mineral resource.
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 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: 79,350,324
Fully-Diluted: 102,573,146
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
Email: jvegarra@venaresources.com
Website: www.venaresources.com |
