Vena Resources Inc.
FRANKFURT : V1R
TSX : VEM

Vena Resources Inc.

July 02, 2008 18:40 ET

Vena Resources Intersects 5.8 Metres of 0.452% U3O8 Near Surface

TORONTO, ONTARIO--(Marketwire - July 2, 2008) - Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R) today announced further uranium drill results from the Macusani region. Assays from the Tantamaco and New Corani projects are continuing to exceed expected grade levels. Drilling at Tantamaco is completed for phase one of the program. The Amariza, Tuturumani and Nueva Corani projects are currently being drilled.

This press release contains information from 17 drill holes, five from the Tantamaco area and 12 from the New Corani area. All drill intercepts mentioned are down-hole lengths - not true widths. Drill data for the entire program will be posted on www.venaresources.com when the drilling program is completed. The following table shows the results from the recent drilling using a 200 U ppm cutoff:



Nueva Corani Drill Program - Highlights (Composited Samples)

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Coordinates Angle Total U3O8
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Inter-
Incli- Length From To val lb/t
Hole ID East North nation Dir (m) (m) (m) (m) % (i)
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NC-01- 327176.4 8464541.5 -30 15 121.00 several fractures less
04/08 degrees than 1 metre wide
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NC-01- 327178.5 8464540.4 -30 75 120.80 25.50 26.50 1.00 0.151 3.03
05/08 degrees
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NC-02- 327183.6 8464998.4 -30 325 86.30 several fractures less
01/08 degrees than 1 metre wide
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NC-02- 327183.3 8464997.6 -30 285 89.40 3.70 9.55 5.85 0.081 1.63
02/08 degrees
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NC-02- 327183.8 8464995.7 -25 235 133.90 18.50 19.63 1.13 0.062 1.24
03/08 degrees
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NC-02- 327186.1 8464994.2 -20 175 137.50 12.65 14.60 1.95 0.058 1.17
04/08 degrees
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----------------------------------------------------------------------------
NC-02- 327186.0 8464996.7 -60 175 300.05 several fractures less
05/08 degrees than 1 metre wide
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NC-02- 327187.6 8464995.7 -25 140 60.40 several fractures less
06/08 degrees than 1 metre wide
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NC-02- 327187.0 8465001.7 -25 45 84.80 several fractures less
07/08 degrees than 1 metre wide
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----------------------------------------------------------------------------
NC-03- 327448.0 8465400.9 -30 304 81.60 several fractures less
01/08 degrees than 1 metre wide
----------------------------------------------------------------------------

----------------------------------------------------------------------------
NC-03- 327452.8 8465397.4 -30 124 86.20 22.22 28.00 5.78 0.452 9.05
02/08 degrees
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inclu-
ding 22.22 23.72 1.50 1.680 33.60
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----------------------------------------------------------------------------
NC-04- 327501.4 8465459.1 -30 305 68.40 12.92 14.65 1.73 0.115 3.58
01/08 degrees
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i)t equals Short ton



Tantamaco Drill Program - Highlights (Composited Samples)

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----------------------------------------------------------------------------
Coordinates Angle Total U3O8
----------------------------------------------------------------------------
Inter-
Incli- Length From To val lb/t
Hole ID East North nation Dir (m) (m) (m) (m) % (i)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
TA-03- 335100.8 8460924.4 -59.69 355 47.25 minor values
03/08 degrees
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----------------------------------------------------------------------------
TA-03- 335100.1 8460925.1 -43.98 90 77.70 27.60 30.90 3.30 0.045 0.90
04/08 degrees
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32.70 36.40 3.70 0.058 1.17
----------------------------------------------------------------------------

----------------------------------------------------------------------------
TA-03- 335103.5 8460921.9 -46.28 179 120.75 17.90 27.20 9.30 0.105 2.10
05/08 degrees
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inclu- 20.35 23.40 3.05 0.241 4.82
ding
----------------------------------------------------------------------------

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57.10 58.75 1.65 0.153 3.06
----------------------------------------------------------------------------

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TA-03- 335105.2 8460923.2 -45 135 81.20 21.30 24.50 3.20 0.163 3.27
06/08 degrees
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36.20 38.90 2.70 0.171 3.43
----------------------------------------------------------------------------

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TA-03- 335102.9 8460924.0 -90 90 52.50 10.45 11.70 1.25 0.359 7.18
07/08 degrees
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i)t equals Short ton


"Vena's current drilling program in the Macusani region continues to yield results that exceed our expectations," said Juan Vegarra, Chairman and CEO of Vena Resources. "We are very encouraged by the results achieved thus far at Tantamaco and Nueva Corani which are nine kilometres apart and we look forward to the drilling results on Amariza, which is located between Tantamaco and Nueva Corani, as these results will highlight the regional extent of uranium mineralization."

The drilling program is supervised by Rod Ogilvie P.Geo., Vena's Vice President of Engineering and Qualified Person as defined by NI 43-101. Core samples are cut longitudinally with a diamond saw with one half of the core placed in sealed bags and initially shipped to sample preparation laboratories in Juliaca, 800 km southeast of Lima. Following the preparation stage, the sample pulps are sent to analytical laboratories in Lima. CIMM Peru and SGS are ISO certified assay laboratories. The program is designed to include a comprehensive assay quality control routine comprising the systematic use of standards, blanks and field duplicate samples. Secondary laboratories are used for check assaying.

Vena is exploring for uranium in a number of project areas in southeast Peru with the technical support of Cameco geologists. Cameco has the option to invest $10 million over the next four years to obtain up to 50% of Minergia S.A.C., a Vena subsidiary holding uranium claims with an aggregate area of over 40,000 hectares, in three regions of the Departments of Puno and Moquegua. Cameco can increase its stake in Minergia to 60% when a feasibility study is completed and to 70% when mine development commences.

About Vena Resources

Vena Resources Inc. is a Canadian mining company focused on the exploration and development of Peru's mineral potential. Employing a model of diversification across metals and regions in Peru to mitigate investment risk, the Company consists of four divisions: Mining, Energy, Precious Metals and Base Metals. Vena's zinc project, Azulcocha, with an initial NI 43-101 resource estimate of almost 200 million pounds is scheduled to commence production in fall 2008. Together with the Company's strategic partners, Cameco and Glencore, Vena will advance its significant portfolio of almost 100,000 hectares this year. Through its board of directors, Vena Resources possesses a unique quality of skills and experience in management, mining and finance relating to Peru and Canada.

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: 71,659,073

Fully-Diluted: 92,710,644

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

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