Vena Resources Inc.
OTC Bulletin Board : VNARF

Vena Resources Inc.

April 01, 2010 12:22 ET

Vena Resources Reports Financial Results for Fiscal Year 2009

TORONTO, ONTARIO--(Marketwire - April 1, 2010) - Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R)(OTCBB:VNARF) announces that the Company filed its financial results for the year ended December 31, 2009 on March 31, 2010. The financial results are presented in accordance with Canadian GAAP and the reporting currency is Canadian dollars. 

As of December 31, 2009, Vena increased its cash and cash equivalents by $1,013,448 to $2,847,511 compared to $1,834,063 in 2008. Cameco will invest an additional $2,500,000 on Uranium exploration during 2010. In 2009, Vena raised $2,269,400 by issuing 7,564,668 units at a price per unit of $0,30. The total shares outstanding have increased by 10.5% to 88,098,949 at December 31, 2009.

Vena reported a net loss for 2009 of $2,721,996 or 3.4¢ per share compared to $4,828,737 or 6.5¢ per share in 2008, attributable to a significant reduction in general and administrative expenses in 2009.

Juan Vegarra, Chairman & CEO commented: "Vena together with its three senior mining partners invested aggressively during fiscal year 2009 even though the global financial crisis made it quite challenging. With the improvement in metals prices the Company 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. The Company is reviewing all strategic options with regards to unlocking the value of the entire portfolio in 2010."

The Company undertook a significant restructuring of its projects in the last 12 months due to the global economic crisis. The focus has been in advancing its core assets with its joint venture partners (Cameco, Glencore and Goldfields) while drilling its highly promising polymetallic project – Esquilache. The initial drill program returned some outstanding intersects and led us to believe there is a near surface mineralized belt that can be mined economically. More drilling is required and it is expected that new permits will be in place to enable drill program completion by the first half of 2010. With this additional investment the Company will have spent enough to earn 60% of the option. During 2009, Vena also signed a joint venture agreement with Gold Fields to advance the Amantina region. Work on that joint venture is expected to commence in April 2010 with the purpose to define drill targets in the near term.

The Macusani Uranium area continues to be drilled with the expectations that drill results will lead to a resource estimate in 2010. Cameco continues to invest to earn the next 25% by the end of 2010. 

On the base metals front, the Company has completed a series of tests to confirm and improve the flowsheet for the Azulcocha mill. It is expected that a mine development decision should be made during the first half of 2010. Given the strong rebound in the price of Zinc and the consensus forecast from analyst, the Company feels much more comfortable re-opening the mine in the near term. A geological program meant to increase resources underground has been approved and Glencore, our joint venture partner should complete the final drill program by May 2010 in advance of exercising (or dropping) its option to acquire a 50% interest in the Azulcocha West property. Glencore has provided a resource report that should add to the mine life of the Azulcocha project by several years.

The Company is advancing an aggressive coal resource development program through its investment in Sudamerica de Carbon (SDC). SDC purchased its first anthracite coal mine late in 2009 and has purchased a facility in northern Peru to stockpile and classify anthracite coal to meet the needs of the local and regional markets.

Vena has filed its audited financial statements and accompanying notes for the financial year ended December 31, 2009 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.

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, Gold Fields 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

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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