Vena Resources Inc.

Vena Resources Inc.

November 14, 2008 16:09 ET

Vena Resources Reports Fiscal 2008 Fourth Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - Nov. 14, 2008) - Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R) today announced its fourth quarter financial and operating results for the three and 12 month periods ended September 30, 2008. Vena changed the fiscal year-end of the Company from September 30 to December 31 and as a result the 2008 fiscal year-end will include five quarters spanning from October 1, 2007 to December 31, 2008.

Highlights for the three and 12 month period ending September 30 include:

- Completion of an initial NI 43-101 report on the Azulcocha mine

- Completion of over 2,500 metres of development at the Azulcocha mine to confirm a portion of the historical resource and reopened five underground levels

- Commenced heavy infrastructure development at Azulcocha

- Invested in the clean coal business through the acquisition of Sudamerica de Carbon ("SDC")

- Commenced an extensive drill program in the Macusani uranium district through a strategic partnership with Cameco

- Completion of 50% of the drill program at Azulcocha West through a strategic partnership with Glencore which to date has identified two new target zones for additional drilling

- Entered into an agreement with Apex Silver to explore the historical Esquilache silver mine

- Commenced underground development at Pucara and completed a 4,400 metre drill program

"During the past twelve months we aggressively advanced our projects in Peru allowing us to prioritize targets and strategically allocate capital for upcoming exploration efforts," said Juan Vegarra, Chairman and CEO of Vena. "Looking forward, Vena will continue to acquire and advance high quality projects throughout Peru to expand its portfolio. Given the current state of the global financial markets, the Company will prudently pursue opportunities and focus on expansion that will deliver the most value to shareholders in the near term."

Financial Review:

At September 30, 2008, the Company had cash and cash equivalents of $8.4 million, which includes $4.9 million of restricted cash.

During the quarter, the Company incurred a loss of $2.6 million compared to a loss of $1.4 million for the prior year. The Company incurred a net loss of $8.1 million for the 12 months ended September 30, 2008 compared to $7.8 million in the same period of 2007. Vena had sales of $38,302 from the Azulcocha mine for the three months ended September 30, 2008 compared to $582,222 in the same period in 2007. For the 12 months ended September 30, 2008, Vena had sales of $610,233 from the Azulcocha mine compared to $1,141,786 in the same period of 2007. The reduction in sales volumes is due to a decrease in the zinc commodity market price.


Vena's upcoming exploration activities include the following:

- Drilling and analysis of historical results with the goal of increasing the size of the resource at the Azulcocha mine

- Ongoing drilling on prioritized targets at Azulcocha West Zinc project with Glencore

- Completion of 1,800 metre drifting program at Pucara - (Au/Cu project)

- Completion of the milling and mining permits at Azulcocha - (Zinc project)

- First phase drilling in Macusani, Munani and Lagunillas regions with Cameco

- Commence 3,000 metre drilling program at Esquilache

- Acquire key projects containing historical anthracite coal reserves through SDC

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 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.

Shares Outstanding: 79,350,324

Fully-Diluted: 103,448,146

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

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