Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R) is pleased to announce that in advance of the planned drill program the Company has completed a series of extensive geological/geophysical studies at the historical Esquilache silver mine including:
- Completion of a geophysics program covering 130 line kilometers that identified seven large chargeability/resistivity targets
- Rehabilitation of 1,450 metres of underground workings in the Mamacocha zone
- Systematically collected 431 channel samples across mineralized underground structures and 974 surface samples from the seven target areas
- Completed petrographic and mineralogical studies
- Receipt of the drill permit for 20 platforms (17 platforms have been constructed to date) and the drifting permit for 2,000 metres of underground development.
- Discovery of significant gold, silver and copper mineralization within vein systems in the Mamacocha zone as highlighted in the following two maps below:
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/VE...
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/VE...
Vena has committed to pay US$300,000 over three years and to invest US$1.5 million in exploration activities to earn 60% of the joint venture project in partnership with Golden Minerals. Over the next two years Vena can increase its ownership in the project to 70% upon completion of a feasibility study. The option has been modified so that all cash payments can be made in equivalent shares of Vena at the discretion of Golden Minerals.
Esquilache is a very large (25,000 hectares) exploration project in Puno, Peru. The mineralized structures are stockworks and rosary-type veins with varying dimensions from centimeters to over five meters in width and outcropping over 1.2 kilometres in length. The oxide part of some of these structures has been exploited since Colonial days in the Creston zone.
This press release has been reviewed and approved by David Bent, P.Geo., Vena's Vice President of Exploration and Qualified Person as defined by NI43-101. Vena's exploration and development programs are being supervised by Mr. Bent. All laboratory samples have been completed and analyzed by CIMM Peru, an ISO certified assay laboratory in Lima. The program is designed to include a comprehensive analytical quality control routine comprising the systematic use of standards, blanks and field duplicate samples. A secondary laboratory will be used for check assaying.
For further information on Vena Resources, please visit the Company website at www.venaresources.com.
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: 79,825,324
Fully-Diluted: 88,406,575
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
