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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (17556)	4/10/2008 9:44:24 PM
From: LoneClone	Read Replies (1) \| Respond to of 194001

Vena Resources Provides Update on Corporate Developments Thu Apr 10, 10:03 AM ca.news.finance.yahoo.com TORONTO, ONTARIO--(Marketwire - April 10, 2008) - Vena Resources Inc. ("Vena" or the "Company") (TSX: VEM.TO)(LIMA: VEM)(FRANKFURT:V1R) is pleased to provide an update on its exploration activities underway in Peru including recent developments and next major milestones: Azulcocha Polymetallic Mine: - Vena released a NI-43-101 compliant report as part of its confirmation program for the historical underground mine, which highlighted approximately 200 million pounds of recoverable Zinc in the indicated resource category. - An Environmental Impact Assessment (EIA) has entered the final stages. The Company hosted two very encouraging and critical public hearings last month as part of the EIA process. Vena expects to hear from the Government later this month with results/observations, at which time it will move forward to complete the EIA process and proceed with submitting mill construction permits. - A 500 tpd mill is undergoing a maintenance program in Lima before being shipped to the mine site. Based on the new permitting regulations in Peru, construction permits for the mill are to be submitted after an EIA has been approved. - The Company has submitted a request for a 100 tpd mill approved. Vena plans to quickly expand the pilot mill that was operational until last December while permit approval for the upgradable 500 tpd enters the final stages. - Infrastructure investment is on-going, a 3 MvA electrical sub-station is fully operational, an ISO certified lab is on-site and the mine camp for 500 employees has been rehabilitated. Road and bridge upgrades are in process as the Company expects to be in operation later this year. Azulcocha West - Exploration Project (joint-venture with Glencore): - Vena is reporting Silver and Copper grades for the first time in Azulcocha. Initial positive drill results on Azulcocha West, including a previously announced skarn discovery, compelled us to re-evaluate the 8,000 metre drill program and an application for a new drill permit has been submitted to further test this skarn area as well as two new polymetallic target areas that contain Zn, Pb, Ag, and Cu. A new drill program will test these new areas (Recuperada and Cantagallo) more extensively: - Recuperada Vein - This mineralized structure outcrops for more than 500 metres and appears to extend well beyond 2000 metres. Recuperada includes brecha zones and stockworks together reaching 10 to 12 metres in width. Sampling has been systematically carried out every 4 metres over two trenches (135m and 150 m long) and assay results range from insignificant to Zn equals 2.3%, Pb equals 2.8%, Ag equals 329.0 g/t and Cu equals 1.23%. - Cantagallo Brecha - Rehabilitation of the Cantagallo historical area is on-going. The upper levels are intensively oxidized, thus Vena geologists have focused their sampling efforts in the lower "reachable" sulfides levels, 19 samples taken throughout generated the following results: ------------------------------------------------------- Cantagallo Brecha ------------------------------------------------------- Sample % Zinc % Pb Ag g/t % Cu ------------------------------------------------------- 19270 36.08 0.46 10.48 0.25 ------------------------------------------------------- 19271 4.16 2.06 48.07 0.31 ------------------------------------------------------- 19272 2.07 2.96 104.23 0.36 ------------------------------------------------------- 19273 15.19 4.06 53.65 0.26 ------------------------------------------------------- 19286 2.15 5.30 51.12 0.45 ------------------------------------------------------- 19287 22.71 5.74 80.74 0.82 ------------------------------------------------------- 19288 12.26 7.99 99.14 0.45 ------------------------------------------------------- 19289 17.08 2.46 37.44 0.28 ------------------------------------------------------- 19290 25.57 12.86 85.40 0.32 ------------------------------------------------------- 19291 8.37 2.95 28.37 0.21 ------------------------------------------------------- 19292 3.84 11.20 102.98 0.24 ------------------------------------------------------- 19293 9.89 10.72 99.58 0.89 ------------------------------------------------------- 19294 11.97 9.15 88.04 0.20 ------------------------------------------------------- 19295 29.46 9.80 114.97 0.73 ------------------------------------------------------- 19296 14.90 9.54 155.17 1.56 ------------------------------------------------------- 19297 17.96 5.32 154.16 1.21 ------------------------------------------------------- 19298 20.18 8.27 135.71 1.01 ------------------------------------------------------- 19299 12.52 14.93 294.53 1.49 ------------------------------------------------------- 19300 39.80 4.16 75.88 0.90 ------------------------------------------------------- Average 16.11 6.84 95.77 0.63 ------------------------------------------------------- - Given that Azulcocha West is next to a protected national park, permits tend to take longer than usual. Vena is encouraged by the strong collaboration it is receiving from the energy and mining ministry and expects to be drilling Azulcocha West again very soon. Uranium Program in Macusani, Munani and Lagunillas (Strategic Alliance with Cameco): - Vena is exploring for uranium in a number of project areas in southeast Peru with the technical support of Cameco geologists. - Assays from the first platform (seven holes) in Macusani were reported recently with encouraging initial geochemical and drill results that indicate the presence of strong near surface uranium mineralization. - Five more platforms, using two rigs, have been completed and are being assayed. Two properties (Corani and Tantamaco) are being drilled and a third rig for Macusani is expected by mid-April. - Cameco and Vena have agreed to double the exploration budget for this year based on encouraging results so far. - Drill permits have been submitted for the southern area of Lagunillas where a large (2,500 metre by 400 metre) geochem/geophysical target near the surface was previously reported. A fourth rig is being contracted for this upcoming drill program. - Systematic exploration continues around the Munani area with drill targets expected to be set in the next two months. Pucara Polymetallic Project: - A 4,538 metre drill program has been completed with encouraging results along the central and northern portions of the property. The northern veins have reported significant silver/lead mineralization and the "gladys pit", a stockwork structure near surface along the centre of the property, has provided significant gold/copper results. - The Company is waiting for a COM permit (so explosives can be used) to commence an underground program. The plan includes a 1,800 metre drifting/sampling program to better delineate the multiple veins and with a "round by round" sampling protocol, provide a much superior knowledge and data base for the Pucara property. - A NI-43-101 compatible report will be completed following the planned underground development program. - Additional metallurgical studies will be made on the bulk sample of Pucara's mineralization in order to better understand any future plant requirements. As previously reported, initial metallurgy studies indicated a normal floatation plant will be adequate and that no special aspects of the benefication process need to be considered. Coal Business - Investment in Sudamericana de Carbon (SDC): - Vena recently announced an investment in SDC, a company focused on the exploration, development and refining related to the anthracite - coal business in Peru. Vena's investment will be used to speed up a scoping study for an anthracite wash plant, explore Vena's northern Peru properties where anthracite is known to exist with the goal of identifying a NI 43-101 complaint coal resource, and to purchase an anthracite wash plant based on the results from the scoping study. This update was prepared by Rod Ogilvie P.Geo., Vena's Vice President of Engineering and Qualified Person as defined by NI 43-101. For further information 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 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