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

Vena Resources Inc.

November 16, 2009 03:00 ET

Vena Provides Update on Azulcocha Mine and Announces Polymetallic Discovery at Azulcocha West

TORONTO, ONTARIO--(Marketwire - Nov. 16, 2009) - Vena Resources Inc. (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R)(OTCBB:VNARF) is pleased to announce that after an internal review on the Azulcocha West joint venture, an initial tonnage estimate from the 7,000 meter drill program completed at the end of last year can be projected. The review, by the project's geologists, estimate a portion of the Azulcocha West property may contain in excess of 785,000 tonnes of polymetallic mineralization. (non - NI 43-101 compliant resource).



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Area Pot (m) Metric Tons % Zn % Pb % Cu Oz Ag
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Recuperada 2.13 83,070.00 0.56 0.68 0.14 5.74
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San Pablo Alto 4.60 547,000.00 3.49
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San Pablo Bajo 1.73 155,250.00 6.72
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Total 785,320.00
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Given the importance of this positive review and the normal delays in completing the drill permitting process, Vena and Empresa Los Quenuales (a Glencore company in Peru) have agreed to extend the option for a final six month period to fully test the very encouraging San Pablo and Maria Fe skarn zones. At the end of extension (May 2010), Empresa Los Quenuales must exercise the option and pay Vena US$1,000,000 to acquire 51% of the joint venture property or the option will expire.

Azulcocha West is an exploration project 100% owned by Vena under option to Empresa Los Quenuales, part of the Glencore Group of Switzerland and is located six kilometers from Vena's main project, the Azulcocha polymetallic mine.

The Azulcocha West drill program will be supervised by Glencore geologists and David Bent. P.Geo., Vena's Vice President of Exploration who will act as the Qualified Person as defined by NI 43-101. Core samples will be cut with a diamond saw, with one-half of the core placed in sealed bags and shipped to ALS Chemex in Lima, Peru, an ISO certified assay laboratory. The program will employ an extensive quality control program for assaying which will include the systematic use of standards, blanks, and field duplicate samples. Secondary laboratories will also used for check assaying.

Azulcocha Mine

Vena has contracted Golder and Associates to conduct metallurgical tests on the sandstone hosted gold mineralization discovered during a previous drill campaign at the Azulcoca mine (see press release of May 19, 2009). The metallurgical study is designed to determine the recoverability of the gold hosted in the sandstone and lesser sub-volcanics in the footwall of the mine. A composite sample of core from 10 surface drill holes over a strike length of 240 meters complemented by additional material from accessible underground workings will be used for this metallurgical study. The head grade for the metallurgical sample will be approximately 4 grams Au/t. Concurrently, a test for recovery of the approximately 1 g/t gold in the zinc-manganese ore body will be conducted on a 50 kg sample from the 115 mine level.

A surface exploration program will be implemented immediately to search for additional resources in an area of approximately 2 km by 4 km around the the Azulcocha mine. A combination of detailed geological mapping, rock geochemical sampling and ground geophysics will be used to search for mineralization associated with the Gran Bretana - Cochas fault and splays off the fault. Fortunately, considerable data including magnetic, IP/ Resistivity and gravity is available for reinterpretation utilizing the newest geophysical software programs and additional data will be collected in the field to corroborate and better define targets prior to drill testing.

An engineering study has been implemented to estimate the cost of rehabilitation of the -40 level of the Azulcocha mine and extend the level to the east for approximately 100 meters. Two cross cuts would be developed from the level to provide access for drill stations to explore for additional ore to the east and down plunge from the existing indicated resources. The only existing drill hole in the area is DDH-S29 that was drilled from surface in 2007 and intersected the Gran Bretana- Cochas structure at approximately Level 0 and about 100 meters east of the mine workings. The hole intersected 5.75 meters of 8% Zn and 14.8% Mn in the interval from 98.60 meters to 104.5 meters which strongly indicates a continuation of the ore body to the east of the existing indicated resources.

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: 88,098,949

Fully-Diluted: 100,121,907

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

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