TORONTO, ONTARIO--(Marketwire - May 25, 2011) -
NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE US.
Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R)(OTCBB:VNARF)(XETRA®:V1R.DE), a Company with strong partnerships with some of the world's largest mining companies, is pleased to provide an update on the drilling campaign to increase the uranium resources on the Macusani properties of Minergia S.A.C. ("Minergia"), a uranium exploration company jointly owned by Vena and Cameco Corporation.
Since the initial release of results in the press release of March 10, 2011, an additional 24 drill holes totaling 5,702.7 metres have been completed bringing the total to date to 9,678.8 metres which includes 20 holes at the Isivilla prospect and 31 holes at the Tantamaco prospect. Two track mounted machines are being used to minimize environmental disturbance. The assay results included in this press release are from the most significant intersections during this latest phase of the 2011 drill program. Drilling will continue into June and it is anticipated that an updated resource calculation for the Macusani project will be available in September.
Step out hole IS-028 was added to the Isivilla drill program in March to test for the continuity of mineralization 200 metres to the west of holes IS-017and IS-027. Hole IS-028 intersected 24.6 metres of 0.069% (1.7 lb/t) U3O8 including 6.6 metres of 0.23% (4.7 lb/t) U3O8. As a consequence of the increase in grade in IS-028, an additional three holes were drilled to further expand the new zone that is developing to the west and north of the original 2011 drill grid. Assays are pending for the three recently completed holes but visual inspection and radiometric readings indicate that the zone continues to the north and west. The additional holes were considered essential to properly plan the next drill campaign that will focus on extending the new zone to the northwest as shown on the Isivilla drill plan that is attached to this announcement.
David Bent, Vena's Vice President of Exploration stated: "Our persistence in continuing to drill the Isivilla prospect has paid off. We are now exploring a new, higher grade zone that became apparent in the most westerly holes of the initial 2011 drill grid. The assays are pending for the last three additional holes but it is anticipated that they will justify a significant follow up drill program to test the zone to the west and north. The Isivilla West zone is a significant step in Minergia's strategy to explore for higher grade, near surface uranium resources on the Macusani plateau."
The drilling at Tantamaco has continued to extend the higher grade zone to the south and west of hole TA-2010-79 (54 metres of 1.4 lbs/t U3O8 including 9.7 metres of 5.9 lbs/t U3O8). In the latest phase of the 2011 drill campaign, the best hole has been TA-115 which intersected 65.7 metres of 0.044% (0.877 lb/t) U3O8; including 11.5 metres of 0.107% (2.1 lb/t) U3O8. The hole is located 100 metres south of TA-079. Drilling at Tantamaco will continue through the month of June.
|ISIVILLA (IS) TANTAMACO (TA) PROSPECTS 2011|
|Drill Holes||(Metres)||(Metres)||(Metres)||%||lb/ t|
|Drill Holes||(Metres)||(Metres)||(Metres)||%||lb/ t|
This press release has been reviewed and approved by David Bent, P. Geo., Vena's Vice President of Exploration and Qualified Person as defined by NI 43-101. Vena's exploration and development programs are being supervised by Mr. Bent. All core samples are being prepared and analyzed by CIMM Peru, an ISO certified laboratory in Lima, Peru. The program is designed to include a comprehensive analytical quality control routine comprising the systematic use of standards, blanks and field duplicate samples. A secondary laboratory will be used for check assaying.
For further information on Vena Resources, please visit the Company website at www.venaresources.com, its Facebook page.
To view "Figure 1", please visit the following link:
Statements in this press release regarding the Company's business, plans, intentions, proposed Offering and use of proceeds thereof, 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. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. Information identifying risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's current Annual Information Form and its other filings with the various Canadian Securities Regulators, which are available online at www.sedar.
Shares Outstanding: 124,601,658
The TSX does not accept the responsibility for the adequacy or accuracy of this release.