Mena Resources Inc.

Mena Resources Inc.

October 24, 2005 12:49 ET

Mena to Enter JV with Teck Cominco on Vaquillas Project in Northern Chile

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 24, 2005) - Mena Resources Inc. (TSX VENTURE:MEA) is extremely pleased to announce that it will enter into a joint venture agreement with Minera Teck Cominco Chile Ltda, ("Teck Cominco") a subsidiary of Teck Cominco Limited, at Mena's 100% owned Vaquillas project located 110 km east of Taltal in the Antofagasta Region of northern Chile. The project covers an area of 60km in length and up to 15km wide and lies along the Domeyko-West Fissure Fault Zone between BHP Billiton's La Escondida mine to the north and CODELCO'S El Salvador porphyry copper mine to the south. The project, like the region, is prospective for porphyry copper, gold and silver as detailed in the Company's previous news release (February 25, 2005), which outlined results from the reconnaissance work and limited drilling done to-date. The following terms form the basis of a binding letter agreement that will govern the affairs of the parties during the earn-in periods and form the terms of the joint venture agreement.

Under the agreement, Teck Cominco shall have the option during the Initial Earn-In period to earn a 55% interest in the Property by incurring US$4 million in expenditures by September 30, 2008. Minimum cumulative project funding in the initial three years shall be as follows:

US$800,000 by September 30, 2006

US$2,000,000 by September 30, 2007

US$4,000,000 by September 30, 2008

During the Initial Earn-In period, Teck will guarantee to spend a minimum of $300,000 in exploration expenditures by March 31, 2006 with further expenditures at Teck's option within the parameters of the overall agreement. Any shortfall in minimum expenditures can be made up in cash to Mena. Teck Cominco can relinquish portions of the Property or terminate the option with 30 days' notice. It is contemplated that the binding letter agreement will be replaced by a definitive agreement by the end of the first year of the Initial Earn-in period.

Upon earning a 55% interest in the Property, Teck Cominco may, at its option, earn a further 15% interest in the Property for a total 70% interest by completing a feasibility study and paying Mena US$2 million before September 30, 2011, while incurring a minimum annual expenditure of US$500,000 during this period (the "Second Earn-in" period). Teck Cominco may extend the September 30, 2011 date to September 30, 2015 by making annual additional cash payments to Mena of US$500,000 due before the September 30 anniversary date for each year of extension beginning September 30, 2011.

Upon Teck Cominco completing the Second Earn-In or in the case where Teck Cominco completed the Initial Earn-In and elected not to exercise its rights to the Second Earn-In, the parties shall commence a joint venture. Initial interests in the joint venture will be 55% Teck Cominco, 45% Mena if Teck Cominco elects not the exercise the Second Earn-in. If Teck Cominco elects and earns its additional interest under the Second Earn-in, the parties initial joint venture interest will be 70% Teck Cominco, 30% Mena. The parties shall enter into appropriate agreements to govern the business and affairs of the project and the joint venture vehicle. Teck Cominco will be the operator of the project and provide all the necessary personnel and support to execute the exploration programs.

Management looks forward to working with Teck Cominco in furthering the Vaquillas project and will supply progress up-dates in a timely manner as material information becomes available. Mena is a junior mining company focusing on gold and base metal exploration in Latin America. The Company currently has projects in Venezuela, Chile, and Honduras and is listed on the TSX Venture Exchange under the symbol MEA.


Mario Szotlender, President

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.

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