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Vena and Cameco join forces in Peru

Monday, 29 January 2007

[Vena Resources, 26 January] Vena Resources Inc and Cameco Corp of Canada plan to establish a jointly-owned company to explore and develop Vena's uranium assets in Peru. Cameco has the option to invest C$10 million ($8.4 million) over the next four years to obtain up to 50% of Minergia SAC, a Vena subsidiary that controls the uranium claims equivalent to 15,500 ha in four regions of southern Peru. Cameco can increase its stake in Minergia to 60% when a feasibility study is completed and to 70% when mine development commences. Any future investment by Cameco and Vena in uranium assets in Peru will be done via Minergia SAC. Vena remains as the operator in Peru.

[Vena Resources, 26 January]Vena Resources Inc and Cameco Corp of Canada plan to establish ajointly-owned company to explore and develop Vena's uranium assets inPeru. Cameco has the option to invest C$10 million ($8.4 million) overthe next four years to obtain up to 50% of Minergia SAC, a Venasubsidiary that controls the uranium claims equivalent to 15,500 ha infour regions of southern Peru. Cameco can increase its stake inMinergia to 60% when a feasibility study is completed and to 70% whenmine development commences. Any future investment by Cameco and Vena inuranium assets in Peru will be done via Minergia SAC. Vena remains asthe operator in Peru.

Further information

Cameco Corp
Vena Resources