Vena-Cameco sign Peruvian agreement

05 September 2007

[Vena Resources, 5 September] Vena Resources of Peru has signed a binding agreement with Canadian uranium producer Cameco to create a jointly-owned company to explore and develop Vena's Peruvian uranium assets. "Cameco's long-standing commitment to explore for the next generation of uranium deposits ... will be the driving force behind this partnership aiming at eventual mine development in Peru," Vena's Chairman and CEO Juan Vegarra said. Cameco has an option to invest over $10 million over the next four years to obtain up to 50% of Minergia, the Vena subsidiary controlling uranium claims in an aggregate area of 40,000 hectares in Peru. It can increase its stake up to 60% when a feasibility study is completed and to 70% when mine development commences. Cameco has advanced Minergia C$400,000 ($380,000) as an initial capital contribution representing 2% of Minergia that will be used to pay capital expenses incurred by Vena since a Letter of Intent was signed by the companies in January 2007. Minergia's Joint Technical Committee, comprising two members each from Cameco and Vena, is reported to have approved a budget of $1.08 million for the remainder of 2007.

Further information

Cameco Corp
Vena Resources

WNN: Vena and Cameco join forces in Peru

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