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TORONTO, ONTARIO--(Marketwire - Aug. 16, 2011) -
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Vena Resources Inc. ("Vena" or the "Company") (News - Market indicators)(LIMA:VEM)(FRANKFURT:V1R)(OTCBB:VNARF)(Xetra®:V1R.DE), a Company with strong partnerships with some of the world's largest mining companies, reports it has filed its unaudited financial statements and management's discussion and analysis ("MD&A") for the interim six month period ended June 30, 2011 and provides an update on operations outlining forward plans for the balance of 2011. Vena has filed the second quarter financial statements and MD&A with the Canadian securities regulatory authorities. Copies of these disclosure documents may be obtained under the profile of Vena on SEDAR.
Azulcocha Zinc Mine – With over 100 employees working on construction, significant progress has been made at the Azulcocha zinc mine including execution of long term community cooperation agreements, purchase of all mill components and construction of the tailings deposit. The plan includes the re-initiation of mine development in October preparatory to commencement of mining operations in early 2012. Assuming no additional unforeseen delays, it is anticipated that the mill will be operational by early January 2012. Vena has also received an updated National Instrument 43-101 ("NI 43-101") which has been posted under the profile of Vena on SEDAR. The report was prepared by William R. Henkle, P.Geo. and focuses on additional zinc resources with a 5% cut-off grade. The in-place Measured (average of 7.8% Zn) + Indicated (average of 7.0% Zn) tonnage has increased to 2,037,453 from 1,674,398 and the Inferred tonnage (average of 6.2% Zn) estimate has risen to 463,544 from 320,310. Significant additional tonnage is available if lower cut off grades are used.
Esquilache Polymetallic Project – The 2011 drill campaign provided very encouraging results as disclosed in the Company's press release of July 25th. The Company is currently working on finalizing a NI 43-101 report and will exercise its option with Silex to earn a 60% interest. An additional drill program as well as a drifting program in the "Franja de Oro" area are being planned.
Uranium Initiative – The Company is updating its NI 43-101 resource report following encouraging results from the recently completed Macusani drill program. The updated report should be available for filing on SEDAR by late September. Vena's uranium assets comprise 14,900 hectares which are held by Minergia S.A.C., a company jointly owned by Vena and Cameco.
Exploration Activities – Vena plans on advancing exploration activities on its gold and silver assets in the second half of 2011. Gianderi, a gold prospect in northern Peru, is undergoing first stage geological reconnaissance through a large sampling program as well as a planned geophysics campaign. Gold mineralization is hosted in Chimu sandstone similar to the geological setting at the nearby producing Santa Rosa mine. An 800 metre long vein - breccia structure has been identified on the property that is being explored as a potential conduit for disseminated gold mineralization in favorable sandstone horizons. The Company expects to have drill targets well defined before year end.
Juan Vegarra, CEO of Vena Resources Inc., stated, "We have made tremendous progress in all three of Vena's key projects and we're looking forward to delivering additional results in the coming months. Vena has sufficient cash in the treasury to complete the development of the Azulcocha mine as well as these exploration activities."
For further information on Vena Resources, please visit the Company website at www.venaresources.com, or its Facebook page.
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.com.
Shares Outstanding: 124,601,658