Vena Resources Inc.

Vena Resources Inc.

May 16, 2008 14:24 ET

Vena Resources Reports 2008 Second Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - May 16, 2008) - Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R) filed its second quarter financial and operating results on May 15, 2008 for the three months ended March 31, 2008. Details of the Company's financial results are described in the unaudited consolidated financial statements and Management's Discussion and Analysis for the three months ended March 31, 2008 and available on SEDAR -

Highlights for the quarter include:

- Received initial NI 43-101 report on Azulcocha zinc project - almost 200 million pounds of zinc (Indicated category) have been confirmed so far

- Invested aggressively in scalable mill and infrastructure support for Azulcocha

- Entered the clean coal business in Peru by investing in a Peruvian company focused on the exploration, development and processing of anthracite coal in Peru

- Initiated a large drill program on Uranium targets in conjunction
with Cameco - budget has been increased by 60%

- Completed 4,400 metre drill program at Pucara - an 1,800 metre drifting program to follow shortly leading to an initial NI 43-101 report late this year

- Identified significant targets at Esquilache project - signed JV with APEX silver

- Rod Ogilvie joined as VP Engineering & Country Manager and Andres Tinajero as CFO

"Having received an initial NI 43-101 report on the Azulcocha zinc project and reopened five underground levels in the mine, we are anticipating production to begin later this year," said Juan Vegarra, Chairman and CEO of Vena. "This will give us cash flow to further advance our significant portfolio of almost 100,000 hectares this year together with our strategic partners CAMECO and Glencore."

Financial Review:

The Company incurred a net loss of $2,141,402 for the three months ended March 31, 2008 compared to $697,005 in the same period of 2007. The primary reason for the increased net loss was due to ongoing investment to purchase a scalable mill and supporting infrastructure - electrical substation, on-site laboratory, roads and bridges as well as mine camp. Vena had sales of $144,083 from its Azulcocha property for the three month period ended March 31, 2008 compared to $35,954 in the same period of 2007.

The Company's working capital was $6,485,740 as at March 31, 2008, which is a decrease of $9,006,270 from September 30, 2007 working capital of $15,492,010. This decrease is caused mainly by the activities undertaken in the Azulcocha and Pucara properties, related to the drilling programs, mill purchase and supporting infrastructure construction.

During the six month period ended March 31, 2008, the Company had Capital Assets of $5,826,142 compared to $1,145,363 in September 30, 2007. This increase of $4,680,779 is due to Milling Equipment for the Azulcocha property. To review the Company's full financial statements please visit

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 the fall of 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.

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

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