October 16, 2007
October 16, 2007-- Toronto, Ontario -- Vena Resources Inc. ("Vena" or the "Company") (TSX: VEM, LIMA: VEM, FRANKFURT: V1R) is pleased to announce that it has acquired exploration rights to the "Sorpresota" prospect as part of the Azulcocha West joint venture agreement with Glencore. Map of area shown on page two of this release.
The contact area between the Chuquipite stock and the adjacent limestone formation contains a 2.5 kilometre long geochemical and geophysical anomaly that is being drill tested. The Sorpresota prospect includes extensions of the Maria Fe and Cantagallo targets.
Vena has hired a third drilling company (Geotecnia Peruana) to advance the current drill program for a total of four rigs. Assays for the entire drill program will be performed on-site by the SGS lab which should be operational next to the mine site as of October 18th.
The current drill program in Azulcocha West is expected to include 40 drill holes for 8,000 metres. Two drill holes to test the El Triunfo manto have been completed, two holes are targeting the largest geophysical anomalies in the Jesus Maria area and should be completed by month end. Jesus Maria is an example of skarn type mineralization, reporting significant zinc, lead and copper values at surface.
In related news, Vena is pleased to report that mill equipment capable of processing 1,400 tonnes per day is being purchased, with most components expected to be delivered within the next 12 to 16 weeks. The current mill design includes separate lead and zinc flotation circuits; construction is still expected to be completed by the first quarter 2008. The Company is currently selling zinc concentrate from the pilot mill to Glencore.
Given the grade and tonnage of manganese in the underground mine, as well as the manganese preserved in the old tailings dam, and in view of the current international price of manganese, Vena is investigating the manganese market to ascertain whether a manganese recovery circuit is appropriate.
The exploration program is being supervised by Dr. James W. Stewart P.Geo., Vena's Qualified Person as defined by NI 43-101. For further information please visit the Company website at www.venaresources.com.
Shares Outstanding: 71,238,073
Please note: A map is available on the Marketwire website at the following link: http://www.ccnmatthews.com/docs/vem1016.jpg
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.