November 12, 2007
November 12, 2007-- Toronto, Ontario -- Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM, LIMA:VEM, FRANKFURT:V1R) is pleased to announce that Vena Peru SAC will merge with Compania Azure del Peru SAC, the current owner of the Azulcocha project. Under the agreement, Vena Peru SAC will become the controller of the Azulcocha project.
This merger will streamline the administrative and financial components of the operation. Vena Peru SAC will now finance the exploration and development of the Azulcocha mine/mill and corresponding infrastructure on behalf of the parent company, as well as continue the Joint Venture agreement with Glencore on the Azulcocha West exploration project that is currently undergoing an 8,000 metre drill program.
Juan Vegarra, Chairman & CEO states -
"By merging a revenue generating business unit with an exploration unit, the Company gains administrative and fiscal efficiencies in addition to an income stream that can be focused on new exploration projects without diluting our existing shareholders."
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: 71,278,073
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
Source: Vena Resources Inc.