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TORONTO, ONTARIO--(Marketwire - Sept. 13, 2011) -
NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE US.
Vena Resources Inc. (News - Market indicators)(LIMA:VEM)(FRANKFURT:V1R)(OTCBB:VNARF), a Company with strong partnerships with some of the world's largest mining companies, is pleased to announce that an independent National Instrument 43-101 ("NI 43-101") compliant resource estimate for its Macusani Uranium Project located in Peru will be filed on SEDAR (www.sedar.com) and on the Company's website within 45 days. Henkle and Associates ("Henkle") has completed an updated resource estimate for Minergia S.A.C. ("Minergia"), a uranium exploration company owned jointly by Vena and Cameco. It should be noted that the NI 43-101 compliant resource estimate only encompasses five of the nine properties in the Macusani region. Minergia also owns uranium properties in the Muñani region where work is continuing.
The current resource numbers are based on 36,312 metres of Diamond drilling in 220 drill holes performed over five years covering a small portion of the prospective target areas and indicates an overall resource estimate for the Macusani region of 5,691,588 pounds of measured resources, 12,525,199 pounds of indicated resources and 17,422,031 pounds of inferred resources at 0.18 pounds per ton cutoff and 5,690,701 pounds of measured resources, 11,674,765 pounds of indicated resources and 15,321,050 pounds of inferred resources at 0.36 pounds per ton cutoff as outlined in the attached table.
Juan Vegarra, CEO of Vena, stated, "It is exciting to report an increase of almost 60% in resources at Macusani including 5.7 million pounds in the measured category. As an aggregate, we have over 35 million pounds of U308 resources from a small portion of our target area, encouraging us to continue to convert blue-sky potential to measured resources across the entire plateau."
This press release was reviewed by William R. Henkle, Jr., P.Geo., Vena's Qualified Person as defined by NI 43-101.
For further information on Vena Resources, please visit the Company website at www.venaresources.com, or its Facebook page.
Prospect |
0.18 Lb/Ton (90.72 ppm) U3O8 CUTOFF |
0.36 Lb/Ton (181.44 ppm) U3O8 CUTOFF |
|
Tons |
Lbs U3O8 |
Lb/Ton U3O8 |
ppm U3O8 |
% U3O8 |
Tons |
Lbs U3O8 |
Lb/Ton U3O8 |
ppm U3O8 |
% U3O8 |
Tantamaco |
10,330,124 |
5,679,526 |
0.550 |
277.200 |
0.025 |
8,617,933 |
5,690,701 |
0.660 |
332.640 |
0.030 |
Nuevo Corani |
0 |
0 |
0.000 |
0.000 |
0.000 |
0 |
0 |
0.000 |
0.00 |
0.000 |
Isivilla |
59,660 |
12,062 |
0.202 |
|
|
0 |
0 |
0.000 |
0.00 |
0.000 |
Tuturumani |
0 |
0 |
0 |
0.000 |
0.000 |
0 |
0 |
0.000 |
0.00 |
0.000 |
Calvario Real |
0 |
0 |
0 |
0.000 |
0.000 |
0 |
0 |
0.000 |
0.00 |
0.000 |
Totals |
10,389,784 |
5,691,588 |
0.548 |
276.000 |
0.025 |
8,617,933 |
5,690,701 |
0.660 |
332.640 |
0.030 |
Prospect |
0.18 Lb/Ton (90.72 ppm) U3O8 CUTOFF |
0.36 Lb/Ton (181.44 ppm) U3O8 CUTOFF |
|
Tons |
Lbs U3O8 |
Lb/Ton U3O8 |
ppm U3O8 |
% U3O8 |
Tons |
Lbs U3O8 |
Lb/Ton U3O8 |
ppm U3O8 |
% U3O8 |
Tantamaco |
25,763,442 |
10,337,676 |
0.401 |
202.232 |
0.020 |
17,281,599 |
9,757,963 |
0.565 |
284.581 |
0.028 |
Nuevo Corani |
3,530,769 |
706,660 |
0.200 |
100.872 |
0.010 |
1,524,868 |
528,681 |
0.347 |
174.740 |
0.017 |
Isivilla |
4,862,675 |
1,480,863 |
0.305 |
153.486 |
0.015 |
3,632,606 |
1,388,121 |
0.382 |
192.593 |
0.019 |
Tuturumani |
0 |
0 |
|
0.000 |
0.000 |
0 |
0 |
|
0.000 |
0.000 |
Calvario Real |
0 |
0 |
|
0.00 |
0.000 |
0 |
0 |
|
0.000 |
0.000 |
Totals |
34,156,886 |
12,525,199 |
0.367 |
184.815 |
0.018 |
22,439,073 |
11,674,765 |
0.520 |
262.225 |
0.026 |
Prospect |
0.18 Lb/Ton (90.72 ppm) U3O8 CUTOFF |
0.36 Lb/Ton (181.44 ppm) U3O8 CUTOFF |
|
Tons |
Lbs U3O8 |
Lb/Ton U3O8 |
ppm U3O8 |
% U3O8 |
Tons |
Lbs U3O8 |
Lb/Ton U3O8 |
ppm U3O8 |
% U3O8 |
Tantamaco |
14,538,576 |
5,617,586 |
0.386 |
194.500 |
0.019 |
9,347,770 |
4,105,393 |
0.439 |
221.349 |
0.022 |
Nuevo Corani |
8,088,525 |
3,437,884 |
0.425 |
214.200 |
0.021 |
5,011,462 |
3,099,041 |
0.618 |
311.669 |
0.031 |
Isivilla |
7,627,515 |
6,436,478 |
0.844 |
425.380 |
0.042 |
6,539,311 |
6,466,524 |
0.989 |
498.390 |
0.049 |
Tuturumani |
6,031,431 |
1,159,868 |
0.192 |
96.760 |
0.010 |
2,248,497 |
879,877 |
0.391 |
197.224 |
0.020 |
Calvario Real |
1,413,372 |
770,215 |
0.545 |
274.680 |
0.027 |
1,413,372 |
770,215 |
0.545 |
274.654 |
0.027 |
Totals |
37,699,419 |
17,422,031 |
0.462 |
232.850 |
0.020 |
24,560,412 |
15,321,050 |
0.624 |
314.401 |
0.031 |
Note: Based on Short Ton = 2,000 Lb |
Statements in this press release regarding the Company's business, plans, intentions, proposed Offering and use of proceeds thereof, 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. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. Information identifying risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's current Annual Information Form and its other filings with the various Canadian Securities Regulators, which are available online at www.sedar.
Shares Outstanding: 124,601,658
Fully-Diluted: 160,546,664 The TSX does not accept the responsibility for the adequacy or accuracy of this release.
Vena Resources Inc. Juan Vegarra Chairman & CEO (416) 364-7739, ext. 120 jvegarra@venaresources.com www.venaresources.com
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