Vena Resources Inc.

Vena Resources Inc.

February 27, 2008 09:23 ET

Vena Submits Initial NI 43-101 Report on Azulcocha Zinc Project

TORONTO, ONTARIO--(Marketwire - Feb. 27, 2008) - Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R) is pleased to announce that Henkle and Associates (Henkle) has completed the first phase of an ongoing program to confirm and enlarge the resource of the Azulcocha underground Zinc mine in Junin, Peru. Vena has filed an initial NI 43-101 report on the Company's SEDAR profile. A cut off grade of 1 meter at 5% Zinc was used in this study.

The calculated in-place dry metric tonnage in the indicated category was 882,572 tonnes of mineral resource containing 10% Zinc. Out of this total, the Company extracted 17,740 from the underground workings in 2007 (cross cutting, drifting, stopes, etc). Part was directly shipped to Glencore (9,475 tonnes) and part was processed in the pilot plant (7,965 tonnes). The tonnes sold to Glencore contained 8% Zinc and generated US$951,745 helping offset some of the exploration costs. In addition the Henkle report noted an additional 18,238 tonnes of mineral resource containing 13.30% Zinc in the inferred category.

Henkle suggests that "there is potential to expand this resource tonnage by additional in-mine drifting, cross cutting and drilling and by surface drilling". An additional US$1.15 million will be spent to fully confirm and increase the underground resource over the next 24 months as suggested by the author.

The Azulcocha mine was operated by Compania Minera Gran Bretana S.A. between 1975 and 1986. Gran Bretana's company records (Salazar, 1983) show that the mine produced a total of 1,074,582 tonnes averaging 16.14% Zinc during that period. Previous to Gran Bretana operating the mine, it is estimated that the mine produced no more than 500,000 tonnes of Zinc ore between 1969 and 1974. These figures indicate that past production from the mine was ca. 1.5 million tonnes and that the Azulcocha ore body was thus one of the more significant concentrations of Zinc sulfide in Peru. These results all preceded the introduction of National Instrument 43-101 and therefore cannot be confirmed to those standards.

In 1995 Munoz et al. reported a remaining resource of 1.94 million tonnes at 4.7% Zinc. Based on an ongoing underground drill program and development work, Vena has confirmed 45% of the historical tonnage and a 100% improvement in Zinc content. The Company has also determined that the mineralized body is thicker on average than previously thought and is still open along strike to both the east and west, and at depth.

Rehabilitation of the mine -- begun in 2006 - has resulted in re-opening of the +115, +80, +40, 00 and -40 levels of the mine, all now safe for operations. In 2007, the mine produced 17,440 dry tones averaging 8.0% Zinc from test mining stopes in Resource Block A - 17 on the 0 Level. In third and fourth quarters of calendar 2007, a series of metallurgical tests were performed on 7,965 dry tonnes of mineralized rock in a pilot scale test mill. These tests, showed an 89% Zinc recovery with 54% Zinc in the concentrate.

As of December 31, 2007, Vena has spent more than US$3.92 million, re-opening, developing and exploring the Azulcocha underground zinc mine. Geological an engineering work has included detailed geological mapping, underground and surface drilling, sampling in the underground workings, and geophysical surveys. New construction includes; pilot mill construction, on-site assay laboratory construction and refurbishment of living quarters in the camp, as well as a three megawatt electrical substation. All are currently in operation. A modular flotation mill has been purchased and key components are being tested in Lima prior to dispatch to the mine site for assembly.

The Azulcocha project is now moving into its most critical phase - completion of an Environmental Impact Assessment report and acquisition of construction permits for a 500 tpd flotation mill. The Company has already signed multi-year renewable lease agreements with the local indigenous communities of Sichuy and Tomas and it is expected that public referenda will be conducted in late March before obtaining construction and operating permits later this year.

Vena has high expectations that additional mineralization may be found along strike and at depth, particularly below the 0 Level which has only been lightly drilled to date. Other nearby prospects with potential for hosting additional mineralization are located at the project "Azulcocha West" (in joint venture with Glencore) six kilometres west of the mine site.

This report was prepared by William R. Henkle, Jr., P.Geo., Vena's Qualified Person as defined by NI 43-101.

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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