Vena Resources Inc.

Vena Resources Inc.

February 19, 2007 14:06 ET

Vena Resources Acquires "Granja Nueva" Copper/Gold Project in Peru and Provides Update on Azulcocha and Uranium Exploration

TORONTO, ONTARIO--(CCNMatthews - Feb. 19, 2007) - Vena Resources Inc. (TSX VENTURE:VEM)(PINK SHEETS:VNARF)(FRANKFURT:V1R)(LIMA:VEM) is pleased to announce that it has acquired the Granja Nueva cooper/gold mineral concessions totaling 2,800 hectares from the Ministry of Energy and Mines of Peru. The Company is waiting for formal title documentation, however in the meantime it is in the process of assembling an exploration team to confirm the historical data and expand our geological knowledge of Granja Nueva leading to a drilling campaign. Previous geological work performed by Cambior identified five targets within the area: El Pozo; Rumichaca; El Rejo; Totoral; and La Chonta. Further technical updates related to project developments will be reported after field confirmation programs.

Granja Nueva is adjacent to Rio Tinto's world-class La Granja project in northern Peru. Rio Tinto acquired La Granja in December 2005 from the Peruvian government via an open bid process. Prior to Rio Tinto's ownership, La Granja was owned by Cambior which reported several billion pounds of copper in-situ.

Granja Nueva is an early stage exploration project in an area of northern Peru where some of the largest copper porphyries and/or high sulfidation gold deposits have been found to date in Peru. This area is actively being explored and developed by several multi-national companies including Rio Tinto, Newmont, Buenaventura, Goldfields, CVRD, and Southern Copper. Michiquillay a world class copper/gold project is also located in this region of Peru and is in the process of being auctioned by the Peruvian government prior to April 30th. A number of junior companies have advanced exploration projects in this region including Candente's Canariaco, Northern Peru Copper's Galeno as shown in the regional map on the following page.

Juan Vegarra, Chairman and CEO of Vena states:

"We now have three significant copper/gold or copper/moly exploration projects in Peru and we look forward to aggressively exploring Granja Nueva in 2007. Given its proximity to a world class project owned by Rio Tinto and the historical information available for the area showing five potential targets within the concession area, we are excited about its potential for the long term."

To view the map accompanying this release, please click on the following link:


In other news, the Company has received a draft report from MineFill Engineering regarding the scoping study of the Azulcocha Zinc mine. Vena expects to release the final version later this month. To speed up the drilling program, a second drill rig is now in place.

Uranium Exploration

Also, the Company is pleased to announce that it has come to an agreement with the community of Isivilla in the Macusani district enabling exploration and drilling to commence on this prospective Uranium ground as part of Vena's agreement with Cameco Corporation. Vena will now submit its application to the Government for the required drilling permits.

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: 55,583,835

Fully-Diluted: 61,388,835

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

Contact Information

  • Vena Resources Inc.
    Juan Vegarra
    Chairman & CEO
    (416) 364-7739, ext. 120
    (416) 364-5400 (FAX)
    Pro-Edge Consultants Inc.
    Tracy Weslosky
    Managing Partner
    (866) 544-9622 or (416) 581-0177
    Pro-Edge Consultants Inc.
    Fred Cowans
    Managing Partner
    (866) 544-9622 or (416) 581-0177