Vena Resources Inc.
OTC Bulletin Board : VNARF
FRANKFURT : V1R
TSX : VEM

Vena Resources Inc.

March 05, 2010 10:22 ET

Vena Announces Significant Progress on Uranium Drill Program in Peru

TORONTO, ONTARIO--(Marketwire - March 5, 2010) - Vena Resources Inc. (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R)(OTCBB:VNARF) Minergia S.A.C. (a jointly held company whereby Cameco Corporation is earning a 50% interest in the Company's uranium properties) is pleased to provide an update on exploration of the Macusani uranium project located in south-eastern Puno department in Peru.

To February 28th, Minergia has completed 26 diamond drill holes totaling 5,085 meters on the Tantamaco prospect. The drilling program has been designed to test for continuity and grade of uranium mineralization within a near surface, sub-horizontal, 30 – 80 meter thick horizon of rhyolitic pyroclastics hosting fracture-filling and disseminated autunite/ torbernite. The Tantamaco drilling (8,400 meters in 46 holes) is part of a larger program of approximately 11,000 meters in 71 holes that will also include holes to test the Calvario Real, Isivilla and Tuturumani prospects along the prolific northern rim of the Macusani caldera. 

Lithology of drill hole MA-TA-MI-DDH 210-061 is included to illustrate the distribution of uranium within the mineralized horizon in a typical hole through the volcanic package.

To view map 1, please visit the following link: http://media3.marketwire.com/docs/VEM305a.pdf

The 2008 reconnaissance drill program indicated that the dominant mineralized structures strike approximately north-south and have a steep dip to the west. The Tantamaco drill program consists primarily of a series of holes drilling east at -45° on a regular 100 metre grid opening up to 200 metres as it progresses south. A series of five holes are being drilled to the north at -45° on line 8,460,700 N to test the importance of the secondary set of fractures that strike approximately east-west and have a steep dip to the south. Early Indications are that the east oriented holes give the more representative results for the deposit.

David Bent, Vice President of Vena Resources Inc commented "The results of the Tantamaco drill program to date are very encouraging. Upon completion of the 2010 drill program it is anticipated that sufficient data will have been generated to initiate the calculation of a preliminary uranium resource for the deposit."

Section 8,460,700 N is included to illustrate the geometry of the deposit and the potential for continuing to follow the mineralized horizon down dip to the west.

To view map 2, please visit the following link: http://media3.marketwire.com/docs/VEM305b.pdf

This press release has been reviewed and approved by David Bent, P. Geo., Vena's Vice President of Exploration and Qualified Person as defined by NI 43-101. Vena's exploration and development programs are being supervised by Mr. Bent. All core samples will be prepared and analyzed by CIMM Peru, an ISO certified laboratory in Lima, Peru. The program is designed to include a comprehensive analytical quality control routine comprising the systematic use of standards, blanks and field duplicate samples. A secondary laboratory will be used for check assaying.

The table below presents the calculated weighted averages of the more significant results to date. The broad horizons of uranium mineralization are given as well as some of the more robust intervals. All drill intercepts are down-hole lengths and not true widths.

Drill Hole From (m) To (m) Interval (m) U3O8 (%) U3O8 (lb/t)
MA-TA-MI-DDH-2009-041 80.30 145.75 65.45 0.007 0.149
including 100.70 145.75 45.05 0.009 0.200
including 139.85 145.75 5.90 0.032 0.706
           
MA-TA-MI-DDH-2009-042 16.50 140.80 124.30 0.008 0.169
including 87.90 140.80 52.90 0.014 0.318
including 127.30 140.80 13.50 0.041 0.906
           
MA-TA-MI-DDH-2009-043 22.30 146.15 123.85 0.003 0.077
including 22.30 44.80 22.50 0.008 0.182
           
MA-TA-MI-DDH-2009-044 1.60 149.45 147.85 0.007 0.161
including 119.00 149.45 30.45 0.027 0.603
including 127.50 137.65 10.15 0.031 0.676
including 133.15 137.65 4.50 0.051 1.119
including 146.95 149.45 2.50 0.180 3.960
           
MA-TA-MI-DDH-2009-045 68.05 98.50 30.45 0.034 0.757
including 80.80 86.80 6.00 0.128 2.831
           
MA-TA-MI-DDH-2009-046 16.20 131.95 115.75 0.006 0.122
including 96.10 103.50 7.40 0.033 0.719
including 96.10 117.30 21.20 0.020 0.447
           
MA-TA-MI-DDH-2009-047 94.15 142.40 48.25 0.022 0.479
including 126.60 130.50 3.90 0.099 2.181
including 126.60 136.10 9.50 0.046 1.010
           
MA-TA-MI-DDH-2009-048 30.00 148.65 118.65 0.007 0.148
including 108.90 148.65 39.75 0.015 0.327
including 144.35 148.65 4.30 0.068 1.509
           
MA-TA-MI-DDH-2009-049 31.88 208.10 176.22 0.005 0.104
including 142.95 208.10 65.15 0.009 0.194
including 184.00 208.10 24.10 0.016 0.348
including 193.95 203.20 9.25 0.026 0.566
           
MA-TA-MI-DDH-2009-051 105.45 133.90 28.45 0.008 0.169
including 127.40 133.90 6.50 0.021 0.458
           
MA-TA-MI-DDH-2009-054 140.25 151.85 11.60 0.037 0.824
           
MA-TA-MI-DDH-2009-055 81.30 148.15 66.85 0.020 0.447
including 81.30 105.35 24.05 0.012 0.263
including 112.70 148.15 35.45 0.029 0.645
including 128.00 132.40 4.40 0.091 2.005
including 136.50 140.90 4.40 0.087 1.912
including 136.50 148.15 11.65 0.042 0.921
           
MA-TA-MI-DDH-2009-058 105.45 149.00 43.55 0.024 0.532
including 110.50 113.90 3.40 0.083 1.823
including 121.70 126.85 5.15 0.058 1.285
including 139.10 142.65 3.55 0.068 1.505
including 139.10 149.00 9.90 0.033 0.731
           
MA-TA-MI-DDH-2009-059 188.60 220.30 31.70 0.039 0.865
including 194.45 212.30 17.85 0.067 1.476
including 205.80 207.45 1.65 0.268 5.913
including 210.00 212.30 2.30 0.281 6.198
           
MA-TA-MI-DDH-2009-060 96.50 128.40 31.90 0.01 0.29
           
MA-TA-MI-DDH-2009-061 25.30 201.30 176.00 0.010 0.225
including 159.45 201.30 41.85 0.036 0.798
including 169.30 187.80 18.50 0.049 1.070
including 169.30 201.30 32.00 0.044 0.960
including 195.05 197.60 2.55 0.109 2.411
           
MA-TA-MI-DDH-2009-062 107.60 165.30 57.70 0.007 0.161
including 143.95 165.30 21.35 0.016 0.354
including 160.55 165.30 4.75 0.052 1.148
           
MA-TA-MI-DDH-2009-068 166.75 197.00 30.25 0.045 0.996
including 173.55 175.10 1.55 0.172 3.796
including 173.55 197.00 23.45 0.058 1.267
including 181.20 187.05 5.85 0.123 2.717
including 182.50 185.90 3.40 0.206 4.534
including 191.00 194.40 3.40 0.092 2.021
including 191.00 197.00 6.00 0.057 1.252

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: 88,264,576

Fully-Diluted: 103,798,760

For further information on Vena Resources, please visit the Company website at www.venaresources.com

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

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