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

Vena Resources Inc.

August 23, 2010 02:00 ET

Vena Resources Files NI 43-101 Report on Azulcocha Zn/Mn Project-Increases Measured and Indicated Resources to 3.75 Million Tonnes

TORONTO, ONTARIO--(Marketwire - Aug. 23, 2010) - Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R)(OTCBB:VNARF) is pleased to announce that Henkle and Associates (Henkle) has completed the second phase of an ongoing program to confirm and enlarge the resource of the Azulcocha underground Zinc/Manganese mine in Junin, Peru. Vena has filed an updated NI 43-101 report on the Company's SEDAR profile.

Based on Henkle's work on this project over the past several years, an in–place Measured + Indicated tonnage estimate of 3,742,925 tonnes of mineralized rock containing 5.2% Zn/13.3% Mn (5% Zn + Mn cut off) has now been calculated. An additional Inferred tonnage estimate of 1,133,333 tonnes of mineralized rock containing 4.2% Zn/ 13.5% Mn has also been calculated, using the same cut off. Additional tonnages are available if lower cut off grades are used.

In comparison, in February 2008, 882,572 tonnes of in-place dry metric tonnage of mineral resources containing 10% Zinc was calculated for the indicated category. In addition the 2008 Henkle report noted an additional 18,238 tonnes of mineral resource containing 13.3% Zinc in the inferred category.

Test work to date, indicates that the Manganese mineralization at Azulcocha is amenable to dissolution in acid, particularly in the upper levels of the mine. This finding is important as confirms the possibility of low cost treatment of the mineralized rock.

Following are key excerpts from the Henkle report:

"The writer used the Cross – Section Area Method to arrive at an in-place geological resource estimate for the underground mine. One of the more interesting findings of this study is that considerable thicknesses of manganese oxide mineralization are mixed with lower grade zinc sulfide mineralization in the hanging wall portion of the Azulcocha Cuerpo. Inclusion of the manganese+ lower grade zinc mineralization (found in the hanging wall portion of the Cuerpo) with the higher grade zinc sulfide mineralization (found closer to the footwall of the Cuerpo), allows for significant thicknesses of potentially mineable mineralized rock in many portions of the Cuerpo.

This study is the first study of the mine, which focuses on both the zinc and manganese segments of the resource. Considerable future work will have to be undertaken which focuses on metallurgical recovery of the manganese, in order to turn this segment of the resource into a reserve. Much less future work will have to be undertaken to turn the zinc segment of the resource into a reserve. Most of the basic studies required for an economic assessment of the Azulcocha Project as a zinc producer have already been completed.

The in-place Resource Estimate for the Azulcocha Cuerpo was calculated for two cases. Case 1 assumes that zinc will be the only metal recovered. Case 2 assumes that both zinc and manganese will be recovered. The estimate was also calculated for four individual cut off grades; 5.0%, 4.0%, 3.0% and 2.5%. For Case 1, these cut off grades are for % Zn only. For Case 2, these cut off grades are for % Zn + % Mn. Reported tonnages are run–of–mine tonnages. Actual mining cut off grades will have to be calculated in the future, after a Preliminary Economic Assessment is prepared for the Azulcocha Project.

Case 1 - Zinc Only - In Place Resource  
% Cut-Off Measured % Zinc % Mn Indicated % Zinc % Mn   Inferred % Zinc % Mn  
5.00 902,457 8.40 11.60 771,941 7.90 9.90   320,310 8.10 6.00  
4.00 1,023,094 7.90 11.70 978,808 7.20 12.10   424,832 7.30 10.80  
3.00 1,381,083 6.70 12.80 1,299,343 6.20 12.90   570,292 6.30 12.50  
2.50 1,417,811 6.60 12.80 1,358,573 6.10 12.70   627,780 6.00 12.60  
                       
Case 2 - Zinc + Manganese - In Place Resource  
% Cut-Off Measured % Zinc % Mn Indicated % Zinc % Mn   Inferred % Zinc % Mn  
5.00 1,907,106 5.30 13.00 1,835,819 5.00 13.40   1,133,333 4.20 13.50  
4.00 1,929,108 5.30 12.80 1,835,819 5.00 13.40   1,133,333 4.20 13.50  
3.00 1,970,997 5.20 12.60 1,895,887 4.80 13.10   1,170,875 4.10 13.10  
2.50 1,980,143 5.20 12.60 1,907,211 4.80 13.10   1,178,714 4.10 13.00  

Since the above estimate is an in-place geological resource estimate and not a reserve estimate, it should not be materially affected by any mining, metallurgical, infrastructure or other factors. Likewise, the estimate should also be unaffected by any known environmental, permitting, legal, title, taxation, socioeconomic, marketing or political issues. The writer knows of no such adverse factors that might affect the future of the Azulcocha Mine project.

The report recommends a program estimated at US$ 1,796,875 and involving 4760 meters of both underground and surface drilling and construction of new workings to complete an exploration and development program in both the underground mine area and the Azulcocha Sur areas of the concessions. This estimate includes the cost of developing underground drill sites as well as the cost of drilling and analyzing the core. Also included is a modest budget to study both the metallurgical recovery of the manganese resource as well as potential markets for anticipated products."

This report was prepared by William R. Henkle, Jr., P.Geo., Vena's Qualified Person as defined by NI 43-101.

About Vena Resources

Vena Resources Inc. is a Canadian mining company focused on the exploration and development of Peru's mineral potential. Employing a model of diversification across metals and regions in Peru to mitigate investment risk, the Company consists of four divisions: Mining, Clean Energy, Precious Metals and Base Metals. Together with the Company's strategic partners, Cameco, Gold Fields, Glencore and Trafigura, Vena will advance its significant portfolio of almost 80,000 hectares this year. Through its board of directors and advisors, Vena Resources possesses a unique quality of skills and experience in management, mining and finance globally.

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.

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