Vena Resources Inc.

Vena Resources Inc.

August 12, 2009 17:00 ET

Vena Resources Reports 2009 Second Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - Aug. 12, 2009) - Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R) today filed its second quarter financial and operating results for the six months ended June 30, 2009.

In the current economic environment, Vena has and continues to monetize non-core assets including joint ventures, sales of non-core equipment and sales of properties that are not strategic for the long term. Funding commitments from our key partners Cameco and Glencore as well as funds received from approved VAT recoveries directly from the Government of Peru has enabled the Company to continue to deliver shareholder value while minimizing cost structure. As metal prices recover and the global economic crisis eases Vena will reassess investments levels.

From an operational point of view, Vena has been actively exploring for Uranium in a number of project areas in southeast Peru with the technical support of Cameco and Vena has agreed with Cameco that both companies will invest a total of $2.5 million this year in two major drill programs (Lagunillas and Macusani) with the goal of delineating a NI 43-101 compliant Uranium resource in the near term. Sudamericana de Carbon (SDC), Vena's wholly-owned subsidiary focused on the coal business, is advancing the permitting process for Oyon to increase sales to the local cement manufacturers and to purchase land in northern Peru to stockpile and calibrate/classify anthracite coal. Coal demand is forecast to increase in the near term and these sales will generate cash flow in the near term for Vena.

"Over the quarter, we have made significant progress in reducing our cost structure even further. We are focusing our resources on key projects to enhance value as metal prices recover, monetizing non-core assets and building new partnerships" said Juan Vegarra, Chairman and CEO of Vena.

Financial Review

For the six month period ended June 30, 2009, Vena incurred a gain of $739,775 or $0.01 per share compared to a loss of $4,543,749 or $0.034 per share for the corresponding period in 2008. This difference is mainly attributed to unrealized foreign exchange, sale of assets, and reclassification of expenses. Vena did not record any sales from its Azulcocha property for the six month period ended June 30, 2009 compared to $144,083 in the same period of 2008. Given the current price of Zinc, the Company does not expect to sale concentrate this quarter. Vena's wholly-owned subsidiary SDC did not record any sales in the six month period as compared to $302,665 in 2008. The Company is going through the permitting process to increase mining capacity at the Oyon coal mine to better meet the needs of nearby cement companies.

Vena's working capital was $1,771,549 as at June 30, 2009 (2008 - $3,964,565), an increase of $1,229,196 from December 31, 2008 working capital of $542,353. This increase is mainly due to VAT reimbursements from the Peruvian government.

The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at June 30, 2009, the Company had current assets of $4,659,894 (2008 - $5,510,946) and current liabilities of $2,888,345 (2008 - $1,546,381). All of the Company's financial liabilities and receivables have contractual maturities of less than 90 days and are subject to normal trade terms.

Details of the Company's financial results are described in the unaudited consolidated financial statements and Management's Discussion and Analysis for the six months ended June 30, 2009 which is available online on Vena's SEDAR profile at

For further information on Vena Resources, please visit the Company website at

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: 80,244,157

Fully-Diluted: 88,775,408

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

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