Vena Resources Inc.
OTC Bulletin Board : VNARF

Vena Resources Inc.

May 03, 2010 02:00 ET

Vena and Trafigura Partner to Put Azulcocha Zinc Mine in Production

TORONTO, ONTARIO--(Marketwire - May 3, 2010) - Vena Resources Inc. (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R)(OTCBB:VNARF), a Company with strong partnerships with four of the world's largest mining companies, is pleased to announce that it has entered into an agreement with Trafigura Beheer B.V. ("Trafigura"), a privately-held international commodity trader, to negotiate a transaction in which Trafigura will invest US$5 million to acquire a 30% minority interest given a pre-production valuation of US$17 million in a Peruvian subsidiary of Vena to be formed which will hold the Azulcocha project (mine, tailings and Azulcocha West) and would support Vena's efforts to fully finance an initial 1,000 tpd mining operation. As part of the transaction, Vena and Trafigura will negotiate a life of mine offtake agreement for the full concentrate production at international market terms agreed annually.

Given the current development stage of Azulcocha with its known NI 43-101 compliant indicated resources and the NI 43-101 compliant reserves from the tailings deposit (both reports filed on SEDAR) as well as exceptional exploration upside underground and at Azulcocha West, Vena and Trafigura have agreed to work together towards achieving full financing of the project to put this project in production.

Juan Vegarra, Chairman and CEO of Vena commented:

"We believe that together with Trafigura we can substantially increase the amount of known resources/reserves in a short term. It is important to emphasize that less than 1.0 million tons out of the 3.2 million tons of historical resources have been confirmed at the Azulcocha Mine to date. Given the enhanced joint venture with Glencore only 6 kilometres to the west of the Azulcocha mine, the potential to find incremental resources is likely and if confirmed, should enable us to double the initial 1,000 tpd mill capacity quickly."

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 90,000 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.

About Trafigura Beheer B.V.

Trafigura Beheer B.V. is one of the world's leading international commodity traders, specializing in the oil, minerals and metals market, with 67 offices in 44 countries in Europe, Africa, Asia, Australia, and North, Central and South America. Its principal corporate offices are in Amsterdam, London and Lucerne. Trafigura's primary trading businesses are the supply and transport of crude oil, petroleum products, renewable energies, non-ferrous concentrates and refined metals. It is the world's second largest independent non-ferrous trading company and the third largest independent oil trader. Founded in 1993, the company is owned by its founding shareholders and senior management. It has achieved substantial growth in the last five years, growing turnover from US$18 billion in 2004 to US$47 billion in 2009.

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: 88,429,910

Fully-Diluted: 104,103,944

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

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