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

Vena Resources Inc.

May 03, 2011 02:00 ET

Vena Fast-tracks Azulcocha Construction after Obtaining EIA Approval

TORONTO, ONTARIO--(Marketwire - May 3, 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 announce that the Azulcocha Environmental Impact Assessment (EIA) has been approved by the Peruvian government.

Juan Vegarra, Chairman and CEO states: "We are thankful for the positive response provided by the Ministry of Mines in Peru. Obtaining EIA approval is a significant milestone in the Company's development. Together with Trafigura we can now focus our technical and financial resources on the build-out phase and strive for completion late this year."

Vena and Trafigura have agreed in principle to invest US$10 million commencing this month and to finance, through a leasing program, the remainder of the capital expenditures to begin production later this year.

Funds will be invested in preliminary work on processing plant, tailings dam, completing infrastructure facilities and purchasing long lead mill components (e.g. crusher, ball mill, filters). Concurrently, Vena will be drilling several previously disclosed targets to add resources and to complete a National Instrument 43-101 compliant pre-feasibility study over the next quarter.

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

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.com.

Shares Outstanding: 123,601,658

Fully-Diluted: 158,641,664

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

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