Vena Resources Inc.

Vena Resources Inc.

April 01, 2009 17:02 ET

Vena Resources Reports Financial Results for Fiscal Year 2008

TORONTO, ONTARIO--(Marketwire - April 1, 2009) - Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R) today announced its financial results for the year ended December 31, 2008. The financial results are presented in accordance with Canadian GAAP and the reporting currency is Canadian dollars. It should be noted that the 2008 reporting period includes five quarters as the Company amended its year end from September 30th to December 31st and as such the results reported are for the period commencing October 1, 2007 through December 31, 2008, however the 2007 results are for the period commencing October 1, 2006 through September 30, 2007.

As of December 31, 2008, Vena held cash and cash equivalents of $1,834,063. Cameco will invest an additional $2,500,000 on Uranium exploration during 2009 and in the near term the Company is expected to recover US$800,000 in VAT directly from the Peruvian government. Revenues for the year were $302,665 as compared to $1,141,786 in 2007. The reduction in revenues was primarily due to a reduction in sales revenue from the Company's Azulcocha Zinc Mine. The revenues recorded in 2008 are mainly attributed to the Company's 100% subsidiary, Sudamericana de Carbon.

Vena reported a net loss for 2008 of $4,828,737 ($0.065 per common share) compared to a loss of $7,841,392 ($0.13) in 2007. The 2008 loss includes a foreign exchange currency gain of $1,037,385, compared to a loss in foreign exchange in 2007 of $204,121. It should also be noted that the bottom line improvement also related to a significant reduction in the 5th quarter in general and administrative expenses.

Vena has filed its audited financial statements and accompanying notes for the financial year ended December 31, 2008 and related management's discussion and analysis with the Canadian securities regulatory authorities. Copies of these disclosure documents may be obtained under the profile of Vena Resources on SEDAR.

Juan Vegarra, Chairman & CEO commented: "Vena invested heavily during fiscal year 2008 and is well positioned to monetize core assets as needed and to continue to invest with our partners in the exploration and development of our main projects. A significant cost restructuring has taken place to minimize operating costs while focusing our investment in midterm exploration goals and short term cash flow opportunities."

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, Clean Energy, Precious Metals and Base Metals. Together with the Company's strategic partners, Cameco, Consorcio Minero Horizonte 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.

For further information on Vena Resources, please visit the Company website at or contact: Juan Vegarra - Chairman & CEO - (416) 364-7739, ext. 120 or Interested parties are also invited to visit the Vena Resources IR Hub at where questions can be posted and responses given the same day, or a review of questions and answers posted by others is available. Alternatively, investors can e-mail questions and correspondence to

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: 79,700,324

Fully-Diluted: 103,573,146

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

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