TORONTO, ONTARIO -- (Marketwire) -- 01/19/12 -- NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE US.
Vena Resources Inc. ("Vena" or the "Company") (TSX: VEM)(LMA: VEM)(FRANKFURT: V1R)(OTCBB: VNARF)(XETRA: V1R.DE), a company with strong partnerships with some of the world's largest mining companies, is pleased to announce that Azulcochamining S.A., a company owned by Vena and Trafigura (70/30) has received the Construction Permit for the Azulcocha zinc mine from the Government of Peru. The Construction Permit allows for the completion of the mine infrastructure and the immediate application for the Operating and Beneficiating licenses that are the final permits required to produce saleable concentrates.
It is anticipated that plant tune up will be initiated in February from a stockpile of approximately 25,000 tonnes. Upon completion of the plant tests, plant throughput will be increased to 500 tonnes per day (tpd) and an application will be presented to government agencies for an immediate increase to 750 tpd.
Baseline studies are underway to support an application prior to year end 2012 to increase the plant capacity to 2,000 tpd in line with Vena's long term strategy.
In parallel with the foregoing, development of the mine is progressing well with driving of the ramp below the - 40 level, widening of the -40 level access drift to accommodate larger ore trucks, stope preparation and improving the air/ water piping to support daily production at +500 tpd.
Near mine exploration will be accelerated as part of the overall plan to ramp up plant throughput. At present, the eastern end of the 115 level workings are being rehabilitated to explore for a potential off set of the Azulcocha ore body by a cross fault that has been identified in the open pit. A re-evaluation of the historic mine plans and drill hole data indicate that the potential off set may be closer to existing workings than previously projected. On surface, work is in progress on evaluating the high grade Fierromina structure by a pit that is being blasted to better expose the main showing. The next stage in the program will concentrate on drill testing targets along the Cochas - Gran Bretana fault to the east of the mine and manto/ structural targets identified in the hanging wall limestone to the south of the mine.
Regional exploration will begin as soon as the rainy season ends in early April to continue the search for additional mineable deposits on the large land package that Vena controls to the east and west of the mine property. Concurrent with this regional program, the field crews will evaluate third party properties that are possible sources of mill feed for the Azulcocha processing plant and could help fast track the planned expansion of the facility.
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 NI 43-101. Vena's exploration and development programs are being supervised by Mr. Bent.
For further information on Vena Resources, please visit the Company website at www.venaresources.com, or its Facebook page.
Statements in this press release regarding the Company's business, plans, intentions, proposed transactions and financing plans, 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: 124,601,658 Fully-Diluted: 153,379,268
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
Contacts:
Vena Resources Inc.
Juan Vegarra
Chairman & CEO
(416) 364-7739, ext. 120
jvegarra@venaresources.com
www.venaresources.com
