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Friday, June 20, 2008
Vena Resources Continues to Find Higher Grades of Uranium Mineralization Than Expected at Macusani
Comtex
TORONTO, ONTARIO, Jun 20, 2008 (MARKET WIRE via COMTEX) ----Vena Resources Inc. ("Vena" or the "Company") (TSX: VEM)(LIMA: VEM)(FRANKFURT: V1R) today announced further uranium drill results from the Macusani region. Assays from the Tantamaco project are continuing to exceed expected grade levels. Drilling in Tantamaco is near completion for phase one of the program. An additional drill platform has been made following favorable geology and visual mineralization at platform 10.
"Results from the New Corani area are in line with expectations and continue to follow the geological trend of uranium mineralization from the Tantamaco area 9 km to the southeast of New Corani", said Juan Vegarra, Chairman and CEO of Vena Resources. "This further strengthens the regional aspect of the extent of uranium mineralization in the Macusani region."
Vena is currently using three drills in Macusani and should complete the phase one drill program in July. These properties are held by Minergia S.A.C. (a Peruvian company jointly owned by Vena and strategic partner Cameco). Once the program in Macusani is completed, the Company expects to move these three rigs to Lagunillas (Uranium) and Esquilache (Poly-metallic) projects in southern Puno.
This report contains information from ten drill holes, four from the Tantamaco area and six from the New Corani area. A total of 5,505 metres have been drilled in the Tantamaco area and 762 metres in the New Corani area. Drill locations can be found on the attached map of the region. The table on page 2 of this release shows the highlights from the recent drilling using a 200 U ppm cutoff:
Tantamaco and New Corani Drill Programs - Highlights (Composited Samples) ---------------------------------------------------------------------------- Coordinates Angle Total ---------------------------------------------------------------------------- Hole ID East North Inclination Direction Length (m) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- TA-04-01/08 334778.83 8460854.04 -45 80.00 195.20 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- TA-04-03/08 334775.63 8460853.87 -90 172.20 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- TA-04-04/08 334774.5 8460853.33 -45 260.00 243.20 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- TA-04-05/08 334778.53 8460850.55 -45 170.00 284.00 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- NC-01-01/08 327174.85 8464538.54 -30 255.00 120.40 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- NC-01-02/08 327175.14 8464539.22 -30 335.00 121.40 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- NC-01-03/08 327175.97 8464540.37 -30 355.00 120.50 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- NC-01-06/08 327179.47 8464537.89 -20 135.00 140.20 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- NC-01-07/08 327175.41 8464534.47 -20 180.00 139.40 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- NC-01-08/08 327173.40 8464536.11 -30 225.00 119.40 ---------------------------------------------------------------------------- ----------------------------------------------------------------------- U3O8 ----------------------------------------------------------------------- Hole ID From To Interval True Width % Lbs/t ----------------------------------------------------------------------- ----------------------------------------------------------------------- TA-04-01/08 134.55 141.10 6.55 4.63 0.06 1.24 ----------------------------------------------------------------------- 145.75 150.50 4.75 3.36 0.04 0.86 ----------------------------------------------------------------------- ----------------------------------------------------------------------- TA-04-03/08 122.90 128.05 5.15 5.15 0.05 1.19 ----------------------------------------------------------------------- ----------------------------------------------------------------------- TA-04-04/08 22.55 25.15 2.60 1.84 0.02 0.39 ----------------------------------------------------------------------- 142.95 144.10 1.15 0.81 0.10 1.96 ----------------------------------------------------------------------- ----------------------------------------------------------------------- TA-04-05/08 198.15 202.05 3.90 2.76 0.07 1.40 ----------------------------------------------------------------------- 213.34 221.16 7.82 5.53 0.05 1.01 ----------------------------------------------------------------------- 226.40 227.10 0.70 0.50 0.16 3.18 ----------------------------------------------------------------------- ----------------------------------------------------------------------- NC-01-01/08 14.05 18.28 4.23 2.12 0.02 0.42 ----------------------------------------------------------------------- ----------------------------------------------------------------------- NC-01-02/08 1.78 2.72 0.94 0.47 0.06 1.21 ----------------------------------------------------------------------- 9.50 12.30 2.80 1.40 0.04 0.87 ----------------------------------------------------------------------- 95.70 97.10 1.40 0.70 0.02 0.87 ----------------------------------------------------------------------- ----------------------------------------------------------------------- NC-01-03/08 11.15 12.45 1.30 0.65 0.03 0.65 ----------------------------------------------------------------------- ----------------------------------------------------------------------- NC-01-06/08 54.50 57.10 2.60 0.89 0.05 0.99 ----------------------------------------------------------------------- ----------------------------------------------------------------------- NC-01-07/08 15.20 17.50 2.30 0.79 0.09 1.85 ----------------------------------------------------------------------- 24.50 29.00 4.50 1.54 0.18 3.55 ----------------------------------------------------------------------- 57.30 59.20 1.90 0.65 0.06 1.11 ----------------------------------------------------------------------- ----------------------------------------------------------------------- NC-01-08/08 34.35 35.52 1.17 0.59 0.04 0.86 -----------------------------------------------------------------------
Additionally, all holes are being downhole gamma logged by VDG Geophysics. Results from three to four additional platforms are to be expected in July as well as the first reports from VDG Geophysics.
The following map of the Macusani region shows the extents of the regional uranium geology. The geological model is seen as having similar uranium grades throughout the Macusani area. Rhyolite tuffs host the uranium mineralization and contains abundant obsidian.
To view a map of the Macusani area showing distance between mineralization (Tantamaco to New Corani), please visit the following link: http://media3.marketwire.com/docs/macusani620map.jpg
The drilling program is supervised by Rod Ogilvie P.Geo., Vena's Vice President of Engineering and Qualified Person as defined by NI 43-101. Core samples are cut longitudinally with a diamond saw with one half of the core placed in sealed bags and initially shipped to sample preparation laboratories in Juliaca, 800 km southeast of Lima. Following the preparation stage, the sample pulps are 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. Vena's zinc project, Azulcocha, with an initial NI 43-101 resource estimate of almost 200 million pounds is scheduled to commence production in fall 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: 71,659,073
Fully-Diluted: 92,710,644
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 (416) 364-5400 (FAX) Email: jvegarra@venaresources.com Website: www.venaresources.com Equicom Group Michael Joyner (416) 815-0700, ext. 275 Email: mjoyner@equicomgroup.com
SOURCE: Vena Resources Inc.
mailto:jvegarra@venaresources.com http://www.venaresources.com mailto:mjoyner@equicomgroup.com
Copyright 2008 Market Wire, All rights reserved.
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