Vena Resources Inc.
OTC Bulletin Board : VNARF

Vena Resources Inc.

October 24, 2006 15:27 ET

Vena Resources Intersects High-Grade Zinc in Azulcocha Mine

TORONTO, ONTARIO--(CCNMatthews - Oct. 24, 2006) - Vena Resources Inc. (TSX VENTURE:VEM)(OTCBB:VNARF)(FRANKFURT:V1R)(LIMA:VEM) is pleased to announce drilling in the historical Azulcocha zinc mine is showing positive results. An 1,800 meter drilling campaign (see attached) from surface (1,200 mt) and underground (600 mt) is intended to confirm and expand the resource below the current level of exploitation. As previously reported by Vena in the 2004 NI43-101 Azulcocha report (Murray Lytle and Richard May as qualified persons), Minera Gran Bretana (MGB) historical records indicate the existence of at least 2.1 million tonnes of mineralization containing 5.4% zinc, 1.2 million tonnes of mineralization containing 19.6% manganese and one million tonnes of mill tailings containing 3.2% zinc. Historic production by MGB in the 1980's mined a head grade of 19% zinc, had a recovery of 82% zinc and mineral content in the concentrate of 58% zinc in a 750 tpd onsite milling facility. Vena remind readers that the Company has not done sufficient work to classify the historical estimate as current mineral resources, the Issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

Drilling is testing the down-dip extension of the mineralized zone defined by GBM. DDH-1 a 48 meter hole collared on level 0 down to level -40 at a -80 degree angle has been completed and intersected 33 meters of 13.08% zinc. The mineralization is about 10 meters true width and has a nearly vertical dip. The strong zinc mineralization encountered in this drillhole confirms the extension of the ore body below the "Historic Resource". The complete assay results will be available on the Company's website -

DDH - 1 From (mt) To (mt) Intersect (mt) % Zn
14 47 33 13.08
Including 20 35 15 23.78
Including 26 35 9 30.82

Vena is currently completing the rehabilitation of the mine workings in four levels. Bulk samples are being collected and at the conclusion of metallurgical testing Vena plans to move into production on the historical resources. The current drilling program will test for additional mineralization below level -40. Vena plans to release a scoping study in the next months leading to a financing decision for a mill in early 2007. The Company has not completed a feasibility study and there is no certainty that the Company's proposed operations will be viable. Preliminary engineering designs have been completed for a 500-1000 tpd modular mill as required by the permitting process. While the permitting process for a mill is underway, the Company is preparing an exploration program on Azulcocha West to run concurrently and will continue to transport underground ore to a nearby mill to generate cash flow.

Additional drilling results will be announced over the next two months. This confirmation program in conjunction to the 43-101 compliant tailings deposit published in SEDAR plus the new 6,000 hectares of exploration targets (Azulcocha West and South) described in Vena's September 18, 2006 press release are the main focus of Vena's 70 employees dedicated to re-opening the Azulcocha zinc mine in the near term.

The Qualified Person for this press release is Dr. Greg Myers, a Professional Geologist. Dr Myers has reviewed the data summarized in this release and considers it to be reliable. Dr. Myers has not visited the property. Samples were analyzed at the SGS laboratory in Lima, Peru, an accredited and certified analytical facility.

To view a map concerning this press release, please click on the link below:

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: 50,209,411

Fully-Diluted: 60,409,085

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

Contact Information