TORONTO, Jan. 16, 2014 /CNW/ - Vena Resources Inc. (the "Company" or
"Vena") (TSX: VEM, Peru: VEM, Germany: V1RA, USA: VNARF) announces that
further to its press release of November 22, 2013, the Company has
closed the sale to Azincourt Uranium Inc. (TSXV: AAZ) ("Azincourt") of
the Company's 50% equity interest in Minergia S.A.C. ("Minergia").
Minergia is a joint venture company owned by Vena and Cameco Global
Exploration Ltd. ("CGE"), which owns and operates the Macusani and
Muñani uranium projects in the Puno department of southeastern Peru.
Under the terms of the share purchase agreement, Azincourt acquired
Vena's 50% ownership in Minergia in exchange for a total consideration
of $1,000,000, of which $750,000 was paid in 2,525,252 common shares of
Azincourt and $250,000 in cash. Juan Vegarra has also been appointed as
a director of Azincourt.
Juan Vegarra, Vena's Chairman and CEO stated, "This is an important
milestone for Vena as it reactivates our investment in the Uranium
business. We believe Azincourt's sole focus on Uranium should provide
significant upside over time as it continues to invest in growing the
resource base in Macusani, Peru and being active in a well-known
Uranium district in Canada. Vena is now a significant shareholder of
Azincourt with an option to double its share position in a few months."
Azincourt is a uranium exploration company that has been focused on
exploration of the Patterson Lake (PLN) property, located in Canada's
Athabasca Basin, in partnership with Fission Uranium Corp (TSXV: FCU).
Azincourt's management and board have a strong track record of success.
In addition to Ted O'Connor, the board of directors also includes Ian
Stalker, former CEO of UraMin, a company that was acquired by the Areva
Group for US$2.5 billion in 2007, and Dev Randhawa, founder of
Strathmore Minerals Corp., a company that spun out its Canadian uranium
assets to form Fission Energy Corp., and which was recently acquired by
SOURCE: Vena Resources Inc.
For further information:
For further information on Vena Resources, please visit the Company website at www.venaresources.com, its Facebook page or contact: Juan Vegarra - Chairman & CEO - (416) 364-7739, ext. 120 or email@example.com.