January 26, 2007
January 26, 2007-- Toronto, Ontario – Vena Resources Inc. (TSX.V: VEM, Lima: VEM, Frankfurt: V1R, OTC: VNARF) announces that it has signed a Letter of Intent with Cameco Corporation (“CAMECO”) to establish a jointly-owned company to explore and develop Vena’s Uranium assets in Peru. The new company will begin by initially exploring and developing the numerous Uranium targets in the four regions where Vena has a presence in Peru. CAMECO has the option to invest $10 million over the next four years in two stage payments to obtain up to 50% of MINERGIA SAC, a Vena subsidiary that controls the Uranium claims equivalent to 15,500 hectares in four regions of southern Peru. CAMECO can increase its stake in MINERGIA to 60% when a feasibility study is completed and to 70% when mine development commences.
Any future investment by CAMECO and Vena in Uranium assets in Peru will be done via MINERGIA SAC. Vena remains as the operator in Peru.
Peru has a history of Uranium exploration dating back to 1950s under the authority and control of the Peruvian Institute of Nuclear Energy (IPEN) with support from European and American experts. During three decades of exploration efforts, IPEN identified 78 target areas which were classified as high to low priority. Vena’s current 15,500 hectares cover the highest priority targets in the four regions explored by IPEN. Vena reviewed IPEN’s data after signing a strategic collaboration agreement in February 2005.
Juan Vegarra, Chairman and CEO of Vena states:
“We are pleased to be working with CAMECO, the largest Uranium company in the world, given their extensive experience in Uranium development and their strong social responsibility agenda. Cameco’s engineering support and production knowledge provides Vena with the potential to realize a significant investment for Peru in the short term. We now have the best possible partner in the Uranium field with the goal of quickly delineating resources and putting a production facility into place if merited. CAMECO and Vena will enhance the knowledge base of all four regions where Vena controls the most significant anomalies from 30 years of exploration performed by the Peruvian Institute of Nuclear Energy.”
For further information please visit the Company website at www.venaresources.com or contact:
Juan Vegarra – Chairman & CEO (416) 364-7739, ext. 120 – email firstname.lastname@example.org
Pro-Edge Consultants Inc., Tracy Weslosky or Fred Cowans – Managing Partners
(866) 544-9622 or (416) 581-0177 – email@example.com
The TSX Venture Exchange does not accept the responsibility for the adequacy or accuracy of this release. 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.