September 5, 2007
September 5, 2007-- Toronto, Ontario – Vena Resources Inc. (TSX: VEM, Lima: VEM, Frankfurt: V1R, OTC: VNARF) is pleased to announce that it has signed a binding agreement with Cameco Corporation (“CAMECO”) in the creation of a jointly-owned company to explore and develop Vena’s uranium assets in Peru.
Juan Vegarra, Chairman and CEO of Vena Resources stated: ”CAMECO’s strong technical expertise and financial position makes them the ideal partner to help Vena develop the uranium industry in Peru. We share common values with regards to environmental protection and social awareness that will enable us to establish strong community relationships in these remote areas of Peru so that all parties may benefit from this investment . CAMECO’s long-standing commitment to explore for the next generation of uranium deposits together with their vision of providing clean energy to the world will be the driving force behind this partnership aiming towards eventual mine development in Peru.”
Vena is exploring for uranium in numerous Project Areas with the technical support provided by CAMECO geologists. CAMECO has the option to invest $10 million over the next four years to obtain up to 50% of MINERGIA S.A.C. (“MINERGIA”), a Vena subsidiary that controls uranium claims with an aggregate area of 40,000 hectares, in three regions of Puno and Moquegua, Peru. CAMECO can increase its stake in MINERGIA to 60% when a feasibility study is completed and to 70% when mine development commences.
The strategic nature of the agreement requires that any future investment, including any future acquisition by CAMECO or Vena involving uranium assets in Peru, will be done via MINERGIA for the next four years. Vena remains the operator in Peru.
CAMECO has advanced MINERGIA CAD$400,000 as an initial capital contribution representing 2% of MINERGIA that will be used to repay a total of US$660,000 corresponding to working capital expenses incurred by Vena on behalf of MINERGIA since the signing of the Letter of Intent on January 27, 2007. MINERGIA’S new Joint Technical Committee (two members from Cameco and two members from Vena) has approved a US$1.08 million budget for the remainder of 2007.
As a result of ongoing geological evaluation in the Muñani district, Puno, MINERGIA has staked a new prospect named “Crucero”, measuring 1,200 hectares. Uranium mineralization in the form of Autunite and Meta-autunite occurs as fracture coatings and disseminations in volcanic and sandstone strata and is widely distributed in both lithologies. Radiometric counts of 3,000 cps and above were recorded over significant areas. In the Macusani district, Puno, three new prospects – Nueva Corani Oeste, Amariza Sur and Calvario Real – have been added.
Formal authorization to drill has been obtained from local communities in the Macusani and Lagunillas districts.
Peru has a history of uranium exploration dating back to the 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 designated from high to low priority. Vena gained access to this data after signing a strategic collaboration agreement with that institute in February 2005, and subsequently staked 40,000 hectares of claims covering IPEN’S highest priority targets in three regions of Puno.
In related news, Vena has signed an agreement with CIMM PERU S.A. to build a sample preparation unit in the city of Juliaca, Puno, where samples will be crushed and ground, and representative splits sent to Lima for analysis. The new facility is designed to handle the assaying requirements from upcoming drilling and exploration programs on Vena’s uranium properties, and also from base and precious metal projects located in Puno.
For further information please visit the Company website at www.venaresources.com or contact:
Kirsten Marcia (416) 364-7739, ext. 142
Director of Investor Relations email@example.com
The TSX 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.