Vena Files NI 43-101 Report for Macusani Uranium Project in Peru Indicated Resources Increased to 8.32 Million Pounds of U308 and Inferred Resources Increased to 14.21 Million Pounds of U308
Indicated Resources Increased to 8.32 Million Pounds of U308 and Inferred Resources Increased to 14.21 Million Pounds of U308
TORONTO, ONTARIO -- (Marketwire) -- 11/29/10 -- Vena Resources Inc. (TSX: VEM)(LIMA: VEM)(FRANKFURT: V1R)(OTCBB: VNARF), a Company with strong partnerships with some of the world's largest mining companies, is pleased to announce that an independent National Instrument ('NI') 43-101 compliant resource estimate for its Macusani Uranium Project, located in Peru will be filed on SEDAR (www.sedar.com) and on the Company's website today. Henkle and Associates ('Henkle') has completed its first resource estimate for Minergia S.A.C., a uranium exploration company owned by Vena (75%) and Cameco Corporation (25%). It should be noted that the NI 43-101 compliant resource estimate only encompasses five of the nine properties in the Macusani region. Minergia also owns uranium properties in the Munani region where work is continuing.
The current resource numbers are based on 25,187 meters of diamond drilling in 158 drill holes performed over four years covering a small portion of the prospective target areas and indicates an overall resource estimate for the Macusani region of 8,316,818 pounds of indicated resources and 14,211,857 pounds of inferred resources at 0.18 pounds per ton cutoff and 7,618,216 pounds of indicated resources and 13,172,202 pounds of inferred resources at 0.36 pounds per ton cutoff as outlined in the table below. A new drill program is expected to begin mid-January 2011 intended to increase resources at Tantamaco and Isivilla.
INDICATED RESOURCES
------------------------------------------------------------------------
Prospect 0.18 Lb/Ton (90.72 ppm) U3O8 CUTOFF
Tons Lbs U3O8 Lb/Ton U3O8 ppm U3O8 % U3O8
------------------------------------------------------------------------
Tantamaco 15,018,504 7,598,193 0.506 253.1 0.025
Nuevo Corani 3,530,769 706,660 0.200 100.7 0.010
Isivilla 59,432 12,016 0.202 101.15 0.010
Tuturumani 0 0 0.00 0.000
Calvario
Real 0 0 0.00 0.000
Totals 18,608,705 8,316,868 0.447 223.62 0.022
------------------------------------------------------------------------
INDICATED RESOURCES
------------------------------------------------------------------------
Prospect 0.36 Lb/Ton (181.44 ppm) U3O8 CUTOFF
Tons Lbs U3O8 Lb/Ton U3O8 ppm U3O8 % U3O8
------------------------------------------------------------------------
Tantamaco 11,648,037 7,089,536 0.609 304.36 0.030
Nuevo Corani 1,524,868 528,681 0.347 173.27 0.017
Isivilla 0 0 0.00 0.000
Tuturumani 0 0 0.00 0.000
Calvario
Real 0 0 0.00 0.000
Totals 13,172,905 7,618,216 0.578 289.39 0.029
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INFERRED RESOURCES
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Prospect 0.18 Lb/Ton (90.72 ppm) U3O8 CUTOFF
Tons Lbs U3O8 Lb/Ton U3O8 ppm U3O8 % U3O8
------------------------------------------------------------------------
Tantamaco 14,997,623 7,369,497 0.491 245.85 0.025
Nuevo Corani 8,088,525 3,437,884 0.425 212.73 0.021
Isivilla 4,672,106 1,474,393 0.316 157.85 0.016
Tuturumani 6,031,431 1,159,868 0.192 96.16 0.010
Calvario
Real 1,413,372 770,215 0.545 272.61 0.027
Totals 35,203,067 14,211,857 0.404 201.85 0.020
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INFERRED RESOURCES
------------------------------------------------------------------------
Prospect 0.36 Lb/Ton (181.44 ppm) U3O8 CUTOFF
Tons Lbs U3O8 Lb/Ton U3O8 ppm U3O8 % U3O8
------------------------------------------------------------------------
Tantamaco 12,376,120 6,996,922 0.565 282.59 0.028
Nuevo Corani 5,011,462 3,099,041 0.618 309.35 0.031
Isivilla 3,699,196 1,426,146 0.386 192.78 0.019
Tuturumani 2,248,497 879,877 0.391 195.50 0.020
Calvario
Real 1,413,372 770,215 0.545 272.61 0.027
Totals 24,748,647 13,172,202 0.532 266.56 0.027
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Note: Based on Short Ton = 2,000 Lb
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 Trafigura, Vena will advance its significant portfolio of almost 73,000 hectares this year. Through its board of directors and advisors, Vena Resources possesses a unique quality of skills and experience in management, mining and finance globally.
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: 97,304,965
Fully-Diluted: 120,227,477
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
Contacts:
Vena Resources Inc.
Juan Vegarra
Chairman & CEO
(416) 364-7739, ext. 120
jvegarra@venaresources.com
www.venaresources.com