Uranium Discovery and Drilling and Announces

Vena Resources Provides Update on Uranium Discovery and Drilling and Announces Private Placement

Vena Resources Inc. announce that as the drill permitting process is in the final stages, Minergia Resources SAC, a company jointly owned by Vena and Cameco Corp., expects drilling to commence mid-November on the Macusani uranium project located in Peru’s southeastern Puno Department.


The total program encompasses 11,000 meters of drilling in 71 drill holes and the first phase of this year’s program will consist of 35 holes from 29 platforms totaling approximately 5,600 meters and will concentrate on developing inferred resources at the Tantamaco prospect as well as initial testing of the Isivilla prospect. Two other prospects – Calvario Real and Tuturumani – will be tested during the second phase of the drill program. The drilling will be performed by Canchi Perforaciones Peru S.A.C. utilizing two track mounted BBS-18E rigs that have been selected to minimize the environmental impact of the program.

The Tantamaco uranium prospect is located on the northern rim of the Macusani caldera. Uranium mineralization is principally autunite that occurs in fractures and joints within rhyolitic ignimbrites in multiple near surface horizons. The best intersection in the 2008 reconnaissance drilling was 0.2 %U (4.22 lb/t U) over 14.5 meters. The first phase of the drill program will explore an area of 900 meters by 300 meters with holes spaced at 100 meter intervals. The objective is to test the continuity and grade of the mineralization leading to the calculation of an initial open pit reserve.

The second phase of the drill program will continue to expand the testing of the Tantamaco prospect to the south. A plan showing the Tantamaco drill program is posted on the Vena Resources web page at www.venaresources.com.

In a recent development, field crews have discovered uranium mineralization in a porphyritic intrusive on the Santa Rosa property located approximately 80 kilometers southwest of Macusani. Uranium in the form of torbernite and metatorbernite occurs as fracture filling and disseminations in a monzonitic granite intruding Permian volcanics. Detailed scintillometer surveying and surface rock sampling is underway to determine the potential size and grade of the zone.

Uranerz Receives Air Quality Permit for ISR Mine Construction
Uranerz Energy Corporation announce that the Wyoming Department of Environmental Quality (“WDEQ”) – Air Quality Division has approved and issued the air quality permit for the Company’s Nichols Ranch ISR Uranium Project. The WDEQ – Air Quality Division has issued Permit No. CT-8644 in the form of a Permit to Construct the Nichols Ranch Uranium ISR Project which includes the Nichols Ranch Central Processing facility and the Hank Satellite plant. This is the first operational permit for the construction of the Nichols Ranch Uranium ISR Project to be issued to Uranerz by the State of Wyoming. Receipt of the air quality permit demonstrates progress in the environmental permitting process required for uranium production in Wyoming. The WDEQ Permit to Mine and the U.S. Nuclear Regulatory Commission Source Material License must also be obtained prior to initiating construction activities on site.

In December 2007 the Company submitted the Source Material License and Permit to Mine applications to build and operate the Nichols Ranch Uranium ISR Project, located in Johnson and Campbell Counties in the Pumpkin Buttes Uranium Mining District of the Powder River Basin, approximately 60 miles northeast of Casper, Wyoming. The detailed review of these two applications by the respective agencies is ongoing at this time. The Nichols Ranch Uranium ISR Project includes uranium in-situ recovery (“ISR”) well-fields and a central processing facility (complete with ion-exchange concentration and elution circuits, and drying and packaging circuits for finished yellowcake product) at the Nichols Ranch property, and a satellite facility with uranium ISR well-fields and an ion-exchange plant at the Hank property. The production level from these two properties is planned to be in the range of 600,000 to 800,000 pounds per year (as U3O8), while the central processing facility is being licensed for a production level of two million pounds per year. The project is progressing through detailed engineering and design. Commencement of construction and operations at the Nichols Ranch Uranium ISR Project is dependent on receipt of all required regulatory approvals.