Vena Resources Inc.
OTC Bulletin Board : VNARF

Vena Resources Inc.

November 20, 2006 17:38 ET

Vena Resources and Empresa Minera Los Quenuales SA, a Member of the Glencore Group, Sign Letter Agreement on Regional Exploration in Azulcocha West Zinc Project

TORONTO, ONTARIO--(CCNMatthews - Nov. 20, 2006) - Vena Resources Inc. (TSX VENTURE:VEM)(LIMA:VEM)(FRANKFURT:V1R)(OTCBB:VNARF) is pleased to announce that the Company has signed a letter agreement with Empresa Minera Los Quenuales S.A. ("Los Quenuales"), a member of the Glencore group on a portion of the Azulcocha zinc project.

Under the terms of the letter agreement, Los Quenuales has agreed to spend an aggregate of $2,750,000 in exploration and development expenditures, US$750,000 to be completed one year after the date of the letter agreement and US$2,000,000 two years after the date of the letter agreement in the Azulcocha West area (blue areas in attached map) leading to a feasibility study. Once a positive feasibility study has been completed, Los Quenuales has the option to acquire a 51% interest in the newly acquired Azulcocha West properties (Waie, El Triunfo) by making an additional cash payment of US$1,000,000. Vena will be the operator during the option period. These funds will be earmarked for the confirmation drilling program and overall exploration program for the Azulcocha West properties. Los Quenuales geologists have visited the Azulcocha West project and reviewed all historical data. There is no other requirement and this option does not include any areas that are part of the Azulcocha underground zinc mine area (green areas in attached regional map).

In other news, Vena will continue to sell ore that is being taken out from the underground workings of the historical Azulcocha Zinc mine at market rates. As previously announced, Vena is re-habilitating Azulcocha and a 1,800 meter drilling campaign is underway to confirm the historical underground data leading to a mining/milling decision in the short term. Part of the rehabilitation program has uncovered mineralization in levels zero and minus 40 ready to be mined. A "certificate of mining operations" permit has been approved and a bulk sample program with metallurgical tests to improve the historical recovery is being planned leading to a scoping study and 43-101 report. Vena has hired Johann Leung of LeRoy SU Corporation a metallurgical engineer to optimize preliminary mill flow-sheets.

Juan Vegarra, Chairman and CEO of Vena stated, "Los Quenuales engineers have been visiting the Azulcocha area for a few months now and we have reached the first milestone in a mutually beneficial and hopefully long-lasting relationship. This is a very positive step for Vena as we confirm the historical data in the Azulcocha West area complementing the work we are doing in the Azulcocha mine leading to a production decision in the near term."

To view the Azulcocha Regional Project map please click the following link:

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: 51,376,411

Fully-Diluted: 61,532,085

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

Contact Information