February 13, 2007
February 13, 2007-- Toronto, Ontario – Vena Resources Inc. (TSX.V: VEM, Lima: VEM, Frankfurt: V1R, OTC: VNARF) announces that it has acquired an additional 31,500 hectares in the Muñani, Pichacami and Lagunillas districts on behalf of Minergia SAC as part of the strategic agreement with Cameco Corporation (“Cameco”).Vena now controls a total of 47,000 hectares of Uranium prospects.
Uranium mineralization in Muñani occurs in Lower Cretaceous-age fluvial sand-stone of the Huancane Formation. The extent and thickness of the favourable host rock are not presently known and although well-exposed, the attitude of the sandstone beds is not easily determined due to the bouldery nature of the exposures. The formation is composed of medium to coarse grained, well cemented sandstone with lesser pebbly conglomerate, and ranges in colour from reddish-brown / beige to white. The boulders appear moderately to strongly bleached. Scintillometer testing indicated that that the entire area which is believed to be underlain by the sandstone has a background radioactivity of 500-600 cps wherever sandstone boulders are concentrated, with individual boulders exceeding 1000-2000 cps. The highest readings occurred in cross-bedded sandstone, with lesser, but still anomalous, readings in the conglomeratic units. The radioactivity is correlated with black, possibly organic, material disseminated in the sandstone as well as being present on bedding laminations. The composition of this black material is not known, but it fluoresces strongly under UV light. It is postulated that the uranium is epigenetic in origin and the character of the deposits conforms to the tabular sandstone-hosted type. See picture on following page which indicates a typical Scintillometer reading of 1,018 cps along a tabular sandstone formation in Muñani.
It appears that the uranium deposits would be amenable to open pit extraction. A primary objective is to establish the aerial and thickness extent of the mineralization. Juan Vegarra, Chairman and CEO of Vena states: “We are moving very aggressively with Cameco to expand our portfolio of targets in
This press release was reviewed for technical content by William R. Henkle, Jr. P.Geo. - Vena's Qualified Person as defined under NI 43-101.