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Friday, 29th September 2006 (3414 views)

Vena Resources has announced that it has acquired several concessions in the central part of Peru.

The Huachon gold project has been bought from UP Mining and Milagros de Socorro in return for 100,000 Vena shares. The number of shares given in exchange for the project could rise depending on whether certain key milestones are reached.

A net smelting royalty of two to three per cent, depending upon the price of gold, has also been confirmed.

The potential of the project in terms of production has not yet been verified by Vena. The site lies on a north-west trending structure which hosts three other mines, called the Poderosa, Marsa and Horizonte.

Modern methods have not been employed in this region of central Peru to date.

Vena chief executive Juan Vegarra commented: "We expect to provide a more in-depth update of the Huachon gold project later in October when field crews complete their visits and provide a current assessment and development plans."

 

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