Jun 3, 2013
TORONTO, June 3, 2013 /CNW/ - Vena Resources Inc. (the "Company" or "Vena") (TSX: VEM, Peru: VEM, Germany: V1RA, USA: VNARF) announces that after weeks of negotiating a final binding agreement with a private Peruvian mining company, the potential option on the Esquilache, Pucara and Amantina projects located in the department of Puno, Peru (collectively, the "Projects") has been terminated and the Company has begun discussions with four other interested groups. The Company had announced the non-binding Letter of Intent on March 8th which would have would have resulted in a joint venture on the Projects.
Juan Vegarra, Chairman and CEO of the Company stated: "We know markets are extremely difficult for exploration companies, but we also know the significant potential of the Esquilache high-grade polymetallic deposit to deliver positive results in the short term and the longer term potential of the Pucara and Amantina projects. Vena plans on proceeding with obtaining drilling permits and as funds become available (US$2.5 million) in September/October from the sale of the Azulcocha mine last year, the Company will execute its stated goal to delineate resources quickly. It is to our shareholder's interest to look for better potential partnerships that are the least dilutive and enable us to fast-track a production decision even at a small scale. In this challenging market environment, Vena continues to minimize its operating expenses and management is evaluating financing alternatives to improve the Company's current working capital position."
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.
SOURCE: Vena Resources Inc.