Press release from Marketwire
Vena Files NI 43-101 Report for Granja Gold on the Granja Nueva Property
Monday, January 16, 2012
Vena Files NI 43-101 Report for Granja Gold on the Granja Nueva Property02:00 EST Monday, January 16, 2012TORONTO, ONTARIO--(Marketwire - Jan. 16, 2012) -NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.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 a technical report entitled "Technical Report of the Granja Nueva Early Stage Exploration Project, Department of Cajamarca, Peru" (the "Technical Report") has been filed on the SEDAR website at www.sedar.com. The Technical Report was prepared by William R. Henkle of Henkle and Associates in compliance with National Instrument 43-101 ("NI 43-101") for Granja de Oro Inversiones Mineras S.A.C. ("Granja de Oro"), a 99.98% owned subsidiary of Vena.The Technical Report was prepared with respect to certain mining concessions known as the "Granja Nueva Property", which is 100% owned by Granja de Oro. It is expected that Granja Gold Inc. ("Granja Gold") will acquire Vena's shareholdings in Granja de Oro and that Granja Nueva will be the property of merit for Granja Gold. Granja Gold has been recently formed in conjunction with Urban Select Capital Corporation ("Urban Select"), an investment group with offices in Hong Kong, China and Canada (TSX VENTURE:CH), to focus on gold exploration and development in northern Peru.The Technical Report details the exploration performed on the Granja Nueva Property and recommends an initial program of US$900,000 to further the delineation of gold targets in the Colpar zone and complete 1,800 metres of diamond drilling. The program will also search for porphyry copper mineralization at lower elevations in the heavily forested area northwest of Rio Tinto's La Granja deposit in northern Peru.The 3,300 hectare Granja Nueva Property is comprised of four contiguous mining concessions located in the Cajamarca department of northern Peru approximately 800 kilometres north of Lima. The Granja Nueva Property is bordered to the southeast by Rio Tinto's La Granja porphyry copper deposit and Candente's Canariaco porphyry copper deposit is located approximately 25 kilometres to the north. The Granja Nueva Property was explored in 2000 through 2003 by Cambior which completed 10 diamond drill holes totaling 2,108 metres to test an epithermal zone (Colpar) located in the northwestern sector of the property.The following are excerpts from the Technical Report:"Potential economic mineralization has been detected in four specific areas of the prospect, the two most important of which are described below: Colpar I zone - The area of anomalous mineralization coincides with the location of the mapped caldera rim and moat area. Colpar XX - This interesting mineralization is also found in close proximity to the mapped caldera rim and moat area. Samples from the Colpar XX and Colpar I Zones are anomalous in Au, Ag, Mo, Cu, As and Sb, and are indicative of the upper levels of an epithermal system. The previous drilling by Cambior was relatively shallow and did not adequately explore the deeper parts of the epithermal system which is present at the prospect (this is suggested by the alteration mineral assemblages seen in cores). Inspection of the mercury contour map shows a near perfect correlation of anomalous mercury and gold. Mercury is an important path finder element for gold exploration. Anomalous mercury values in a high sulfidation epithermal environment indicate the samples were taken from rocks that are very high in the geothermal cell which formed the deposit. Higher grade gold values are often found at considerable depth, below mercury anomalies." "The completion of the NI 43-101 Technical Report on the Granja Nueva Property is an important step in advancing the exploration of the three well located properties that will comprise the asset base of Granja Gold", stated Juan Vegarra, Chairman and CEO of Vena. "Mr. Henkle's recommendations for the next phase of evaluation of the exciting Colpar epithermal system at Granja Nueva will serve as an excellent jump off point for building the future of this new company."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: 124,601,658Fully-Diluted: 153,379,268FOR FURTHER INFORMATION PLEASE CONTACT: Juan VegarraVena Resources Inc.Chairman & CEO(416) 364-7739, ext. email@example.comThe TSX does not accept the responsibility for the adequacy or accuracy of this release.