Vena Resources Inc.

Published : August 13th, 2015

Vena Resources Provides Corporate Update

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Keywords :   Ecuador | Germany | Gold | Gold Mine | Justice | Lead | Peru | Sac | Silver |

Vena Resources Provides Corporate Update

Vena Resources Provides Corporate Update

Created on Thursday, 13 August 2015 15:06

Toronto, Ontario - Vena Resources Inc. (the "Company" or "Vena") (TSX: VEM, Peru: VEM, Germany: V1RA, USA: VNARF) would like to provide a corporate update including the announcement of Juan Vegarra's resignation as Chief Executive Officer and the appointment of Nick Appleyard as interim Chief Executive Officer and other matters related to the outstanding legal matters between Vena and Empresa Minera Los Quenuales S.A. ("LQ"), a Peruvian subsidiary of the Glencore group. The Company is also providing an update related to the US$2.2 million owing from Catalina Huanca Sociedad Minera S.A.C. (a subsidiary of Trafigura Beheer B.V.) to the Company related to the sale by Vena of its 70% interest in Azulcocha Mining S.A. ("Azulcocha Transaction"), (the "Trafigura Receivable").

Management Update

The Company announces that the board of directors has accepted the resignation of Mr. Juan Vegarra as Vena's Chief Executive Officer, to pursue other ventures. Mr. Vegarra will continue to be Chairman of the board for the Company. Mr. Nick Appleyard has been appointed Interim Chief Executive Officer and Director. Mr. Appleyard has served on the Company's Board of Directors since November 2014 providing technical and strategic skills and significant expertise in Peru. Mr. Appleyard was most recently the Chief Executive Officer of Chaparral Gold Corp. since its formation until it was sold in February 2015 to a subsidiary of Waterton Global Resource Management, Inc. Prior to Chaparral, Nick was the Vice President of Corporate Development for International Minerals Corporation ("IMZ"), where he was responsible for the technical management of all IMZ's exploration and development projects in Ecuador, Peru and Nevada including the oversight and development of the Pallancata silver/gold mine in southern Peru. Mr. Martin Walter will continue his role as President and as a director and the Company has commenced a search to fill the Chief Executive Officer position.

Juan Vegarra, Chairman and former CEO stated, "My resignation as CEO forms part of the management transition that commenced with the Company's amalgamation with Forrester Resources Corporation in September 2014. As the founder of Vena, I am pleased to remain involved as Chairman of the Company and having worked with Nick Appleyard on the Board, I have full confidence in his ability to lead Vena on an interim basis whilst a new permanent CEO is sought. As we near the conclusion of the legal issues that have been ongoing for a number of years, a renewed team will be a positive step to move forward."

Trafigura Receivable

Under the Azulcocha Transaction, completed in November 2012, Catalina Huanca Sociedad Minera S.A.C. agreed to pay US$2.5 million in monthly installments (of which three $100,000 installments were paid in 2013) but payments were suspended until certain registrations with the Peruvian Public Registry and administrative matters were completed by Vena. The Company is working prudently to satisfy requirements that are necessary to allow for payments to resume.

Outstanding Legal Matters

As previously reported, the Company commenced an annulment application in the Peruvian courts, seeking to set aside the Arbitral Award to pay US$2.34 million (the "Vena Application") related to the ongoing contract dispute between LQ and Vena in connection with a joint venture agreement on the Azulcocha West Polymetallic Project. It is anticipated that a decision will be delivered shortly (see press release dated February 6, 2015 for further details).

As reported on July 31, 2015, LQ applied to enforce the Arbitral Award against Vena in Ontario in December 2014. In July 2015, Justice Hood, of the Ontario Superior Court of Justice, adjourned (postponed) the enforcement application (the "Adjournment") pending the outcome of the Vena Application. As a condition of the Adjournment, the Company was ordered to pay C$250,000 by August 7, 2015 as security to be held in trust. The Company reports that it did not pay the C$250,000 security at this time. Vena is actively pursuing a number of discussions on these outstanding legal matters and further updates will be provided.

For further information on Vena Resources, please visit the Company website at, or contact Dennis Gibson, Chief Financial Officer, at 416 599 7363 or [email protected]

The TSX does not accept the responsibility for the adequacy or accuracy of this release.

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Vena Resources Inc.

ISIN : CA9225893044
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Vena Res. is a zinc producing company based in Canada.

Vena Res. produces zinc, manganese in Peru, and holds various exploration projects in Peru.


Vena Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 115.7 millions as of today (US$ 110.3 millions, € 82.0 millions).

Its stock quote reached its lowest recent point on December 24, 2004 at CA$ 0.20, and its highest recent level on February 23, 2007 at CA$ 1.91.

Vena Res. has 86 970 000 shares outstanding.

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Financings of Vena Resources Inc.
5/12/2011Announces Board Changes and Extends Warrant Expiry Date
Financials of Vena Resources Inc.
8/16/2011Files Second Quarter 2011 Financials and Updates Operations
Project news of Vena Resources Inc.
7/31/2015(Azulcocha)Provides Update With Regards to the Arbitration Concerning t...
1/16/2015(Esquilache)Intersects 5.65 Metres of 304 g/t Ag Including 2.0 Metres of...
2/10/2014(Las Princesas)Enhances JV Agreement on Las Princesas Au/Ag Project
6/3/2013(Esquilache)Cancels Non=2Dbinding Option on Esquilache=2C Pucara and Ama...
1/15/2013(Esquilache)Announces Positive Results of Surface Sampling at the Esquil...
1/7/2013(Esquilache)Announces Positive Metallurgical Test Results from the Esqui...
10/19/2012(Compin)Options Compin Property for $1+ Million in Cash Payments and...
9/24/2012(Azulcocha)Provides Update on Azulcocha Mining Project
4/30/2012Junior Focus=3A Candelaria Silver =2D early=2Dstage Peruvian...
1/23/2012Urban Select Capital Corp. and Vena Resources Inc.
1/19/2012You are Invited! Come and Visit us at the Vancouver Resource...
6/23/2011(Azulcocha)and Trafigura Improve Strategic Agreement for Azulcocha Mine
5/5/2011(Azulcocha)Fast-tracks Azulcocha Construction after Obtaining EIA Appro...
3/14/2011(Macusani)Uranium Resource Expansion Program in Macusani Successfully ...
2/25/2008(Azulcocha)2008 Technical report
Corporate news of Vena Resources Inc.
6/13/2016Vena Resources Closes $360,000 Private Placement, Files Cont...
1/29/2016TSX Delisting Review - Vena Resources Inc. (Symbol: VEM)
1/18/2016Vena Provides Update on TSX De-Listing Review
1/15/2016TSX Delisting Review - Vena Resources Inc. (Symbol: VEM)
1/11/2016IIROC Trade Resumption - VEM
1/11/2016Vena Receives Peruvian Court Decision on Azulcocha West Arbi...
1/8/2016IIROC Trading Halt - VEM
12/17/2015TSX Delisting Review - Vena Resources Inc. (Symbol: VEM)
10/21/2015TSX Delisting Review - Vena Resources Inc. (Symbol: VEM)
8/13/2015Vena Resources Provides Corporate Update
8/13/2015Vena Provides Update with Regards to the Arbitration Concern...
7/31/2015IIROC Trade Resumption - VEM
7/31/2015Vena Provides Update With Regards to the Arbitration Concern...
7/31/2015IIROC Trading Halt - VEM
6/24/2015Announces Results of 2015 Annual General Meeting
2/26/2015/C O R R E C T I O N from Source -- Vena Resources Inc./
2/26/2015Vena Intersects 24.2 Metres of 131 g/t Ag and 0.4 g/t Au Inc...
2/26/2015Intersects 24.2 Metres of 131 g/t Ag and 0.4 g/t Au Includin...
2/9/2015Vena Clarifies and Retracts Certain Statements Made Related ...
2/7/2015Vena Clarifies and Retracts Certain Statements Made Related ...
1/16/2015Vena Intersects 5.65 Metres of 304 g/t Ag Including 2.0 Metr...
1/16/2015IIROC Trade Resumption - VEM; SVY; LYD
1/15/2015IIROC Trading Halt - VEM
12/30/2014TSX Delisting Review - Vena Resources Inc. (Symbol: VEM)
12/18/2014Vena Announces Positive High-Grade Results from Ongoing Dril...
12/18/2014(Esquilache)Announces Positive High-Grade Results from Ongoing Drill Pro...
11/29/2014Vena Announces Closing of Shares for Debt
11/26/2014TSX Delisting Review - Vena Resources Inc. (Symbol: VEM)
11/25/2014Vena Announces Closing of Private Placement Financing
11/10/2014Vena to Drill Major Veins at the Esquilache Polymetallic Pro...
1/16/2014Closes Sale of Uranium Assets to Azincourt Uranium
12/2/2013Improves Balance Sheet Significantly - Working Capital Incre...
11/22/2013Enters Agreement to Sell Uranium Assets to Azincourt Uranium
8/21/2013Issues Shares to Settle Debt and Provides Board Update
6/25/2013Announces Annual and Special Meeting Voting Results
4/26/2013Issues Shares to Settle Debt
12/12/2012(Esquilache)Obtains Community Permits to Advance Esquilache
11/8/2012(Azulcocha)Completes Sale of Azulcocha Mining to Trafigura
10/5/2012Consolidates Shares
7/3/2012Andr=C3=A9 Gauthier joins Vena Resources Board of Directors
3/15/2012(Azulcocha)Acquires Historical Drill Data Indicating Significant New Zi...
3/1/2012(Azulcocha)Confirms High-Grade Polymetallic Structures at Azulcocha Min...
2/23/2012You are Invited! Come and Visit us at the PDAC!
2/16/2012to Drill Promising Gold Target on its Gianderi Project, Peru
2/8/2012(Azulcocha)Partner Trafigura Invests US$7 Million to Move Azulcocha Zin...
1/16/2012Files NI 43-101 Report for Granja Gold on the Granja Nueva P...
12/19/2011Files NI 43-101 Technical Report on Pukara Property
12/14/2011Receives Shareholder Approval to Spin-Out Candelaria Silver ...
10/26/2011and Gold Fields to Commence Drilling on Amantina Property in...
10/11/2011(Esquilache)Registers 60% Ownership and Files NI 43-101 Report on Esquil...
9/13/2011(Macusani)Significantly Upgrades Resources at Macusani Uranium Project
7/25/2011Intersects 5.85 Metres of 506 gpt AG in Veta Mamacocha and E...
6/8/2011(Esquilache)Discovers High Grade Silver-Gold Zone at Esquilache Project,...
5/25/2011(Macusani)Discovers Higher Grade Zone at Isivilla-Macusani Uranium Pro...
4/7/2011and Gold Fields Identify Significant Targets on Amantina JV ...
2/24/2011Closes $12 Million Financing
2/22/2011Vena Resources Files Prospectus Supplement for $12 Million F...
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