Vena Resources Inc.

Vena Resources Inc.

February 24, 2009 10:43 ET

Vena Resources Signs Letter of Intent on Pucara Gold/Copper Project

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2009) - Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R) is pleased to announce that it has signed a letter of intent (LOI) with Consorcio Minero Horizonte (CMH) a well respected Peruvian gold mining company to study the Pucara gold/copper project. CMH is one of the best known underground gold miners in Peru. CMH`s operations are located in the department of La Libertad and they produced close to 180,000 ounces of gold last year from their mines which have been in operation since 1978. CMH's Untuca mine, located in the department of Puno, is currently producing 350 tpd (expected to increase to 500 tpd later this year) of 7 gpt gold. The Pucara gold/copper project is located in the same region as the Untuca mine providing a good synergy between the two projects. CMH's milling facility is capable of processing 1,500 tpd with a head grade between 10 and 15 gpt gold and continues to improve its performance in a socially responsible manner.

Vena and CMH ( have agreed on a series of geological and metallurgical tests to be performed over the next three months. If results meet expectations, a formal Joint Venture agreement will be negotiated and entered into for further exploration and development of the Pucara gold/copper project.

The main objective of the three month program together with CMH is to demonstrate the presence of gold/copper at depth and the overall value in this project. Tests will be carried out during the program include:

- Mineragraphic studies of several core sections to demonstrate the presence of coarse gold and other values in new metallurgical and laboratory studies;

- Re-assay several core sections that intercepted several veins at depth, carefully assessing for coarse gold content to avoid under reporting gold presence; and

- Expand and improve metallurgical studies completed to date by RDI from Denver to better understand how the oxides and sulfates layers behave.

Pucara is 100% owned by Vena where extensive core drilling has indicated a very favorable poly-metallic resource. The current development license allows for 1,800 metres of drifting on the known structures.

The gold at Pucara is coarse (much visible gold) and requires special analytical methods. A differential screening analysis was not performed and a standard gold assay analysis resulted in lower than expected grades during the 4,400 metre drill program that was recently completed.

Based on the inconsistencies between the assay results and the bulk samples previously reported, a differential screening analysis on 80 samples (metallics, coarseness/assays and weight percentages) were systematically taken at the Katy Vein and the Gladys Stockwork, and on average much higher gold grades resulted - in some cases up to five to seven times more than previously reported by the assay results post the drill program. This new analysis is more consistent with observed expectations for gold values and has resulted in a new plan for developing the copper and gold property.

At the same time, Vena will also undertake extensive underground sampling at the Gladys Stockwork where gold values up to 132 gpt have been assayed and where an open pit design has been finalized. Gladys is a stockwork that has been previously bulk sampled at 3.64 g/t gold, 19.34 g/t silver and 4.23% copper.

The exploration and development program is being supervised by Gervacio Rodriguez P.Geo., Vena's Qualified Person as defined by NI 43-101. Core samples were cut longitudinally with a diamond saw and one half of the core was placed in sealed bags and initially shipped to preparation laboratories in Juliaca, 800 kms southeast of Lima. Following the preparation stage, the sample pulps were sent to analytical laboratories in Lima. CIMM Peru and SGS are ISO certified assay laboratories. The program is designed to include a comprehensive assay quality control routine comprising the systematic use of standards, blanks and field duplicate samples. Secondary laboratories are used for check assaying.

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 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.

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