Vena Resources Inc.
FRANKFURT : V1R
TSX : VEM

Vena Resources Inc.

November 13, 2009 20:12 ET

Vena Reports 2009 Third Quarter Financial Results, Closes Private Placement and Updates Operations

TORONTO, ONTARIO--(Marketwire - Nov. 13, 2009) - Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R) today filed its third quarter financial and operating results for the nine months ended September 30, 2009. Discussion on the results is included in this press release under Financial Review below and the Interim Consolidated Financial Statements and Management's Discussion and Analysis may be viewed under the Company's profile at www.sedar.com

Private Placement Closing
The previously announced private placement with Bryon Securities Limited ("Byron Securities") has closed and the Company has raised gross proceeds of $2,269,400 through the issuance of 7,564,668 units at a price of $0.30 per unit of which 266,000 units were purchased by insiders of the Company. Each Unit is comprised of one common share and one-half common share purchase warrant with each full warrant entitling the holder to purchase one common share at $0.45 per share for a period of 18 months from the closing date. As compensation for services, Byron Securities, the selling group and a finder were paid cash commissions of $147,511 and were issued an aggregate of 491,703 broker warrants exercisable at $0.36 per common share for a period of 18 months. The securities issued are subject to a four month hold. 

The net proceeds of this private placement will be used for two drill programs (Esquilache gold/silver project and Azulcocha underground zinc mine) as well as M&A opportunities and general working capital. These new funds will complement the current funding already agreed by Cameco of $10 million dedicated to Uranium exploration and by Glencore's of $2.75 million for the drill program at Azulcocha West.

Financial Review
For the nine month period ended September 30, 2009, Vena incurred a loss of $1,477,485 or $0.018 per share compared to a loss of $2,647,082 or 0.035 per share for the corresponding period in 2008. This difference is mainly attributed to a lower unrealized foreign exchange, sale of assets, and reclassification of expenses. Vena did not record any sales from its Azulcocha property for the nine month period ended September 30, 2009 compared to $38,302 in the same period of 2008. 

Vena's working capital was $402,013 as at September 30, 2009 (2008 - $1,298,794), a decrease of $440,340 from December 31, 2008 working capital of $1,298,794. This decrease is mainly due to a more aggressive exploration campaign. 

The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at September 30, 2009, the Company had current assets of $2,558,463 (2008 - $12,809,966) and current liabilities of $2,156,450 (2008 - $11,510,872). All of the Company's financial liabilities and receivables have contractual maturities of less than 90 days and are subject to normal trade terms.

From an operational point of view, Vena has been actively exploring for Uranium in a number of project areas in southeast Peru with the technical support of Cameco and Vena has agreed with Cameco that both companies will invest a total of $2.5 million this year in two major drill programs (Laguñillas and Macusani) with the goal of delineating a NI 43-101 compliant Uranium resource in the near term. Vena is now ready to drill several gold/silver targets at Esquilache this year. Azulcocha West will be drill by Glencore and Vena is investing again in the underground mine to increase the known resources as well as moving the tailings deposit to feasibility stage. Sudamericana de Carbon (SDC), Vena's wholly-owned subsidiary focused on the coal business, is advancing the permitting process for Oyón to increase sales to the local cement manufacturers and to purchase land and existing mines in northern Peru to stockpile and calibrate/classify anthracite coal. Coal demand is forecast to increase in the near term and these sales will generate cash flow in the near term for Vena.

"We are focusing our resources on key projects to enhance value as metal prices recover, monetizing non-core assets and building new partnerships. We will begin four drill programs over the next quarter – Macusani (U), Esquilache (Au/Ag), Azulcocha (Zn/Au) and Azulcocha West (Zn/Ag) and complete an extensive testing program on the Azulcocha tailings to update its economic viability" said Juan Vegarra, Chairman and CEO of Vena.

Details of the Company's financial results are described in the unaudited consolidated financial statements and Management's Discussion and Analysis for the nine months ended September 30, 2009 which is available online on Vena's SEDAR profile at www.sedar.com

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

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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