Vena's Partner Trafigura Investing US$2.5 Million to Advance Azulcocha Zinc Mine to Production

TORONTO, ONTARIO -- (Marketwire) -- 07/26/10 -- Vena Resources Inc. (TSX: VEM)(LIMA: VEM)(FRANKFURT: V1R)(OTCBB: VNARF), a Company with strong partnerships with four of the world's largest mining companies, is pleased to announce that it has enhanced its agreement with Trafigura Beheer B.V. ('Trafigura'), a privately-held international commodity trader, to invest immediately in the Azulcocha project with the goal to increase the known resources/reserves and complete all the engineering required for an up to 2,000 tpd operation including a new tailings deposit.

To advance the core agreement already in place, Trafigura will lend to Azulcocha Mining SA, a wholly-owned subsidiary of Vena Resources, US$2.5 million in the form of a 9% convertible debenture with a two year term exercisable into common shares of Azulcocha Mining SA for a 15% ownership of the Azulcocha Regional Project. In addition, Trafigura has the option to increase its participation up to 51% in Azulcocha Mining SA if additional milestones are achieved. Vena will grant 4,016,913 warrants to Trafigura, such warrants being exercisable as to 2,272,727 warrants exercisable into common shares at $0.33 for a period of 18 months post closing and 1,744,186 warrants exercisable into common shares at $0.43 for a period of 24 months post closing.

The US$2.5 million are earmarked to complete the following significant milestones:

--  Complete rehabilitation of mining levels -40, 0 and 115 to prepare
    586,000 tonnes of ore for mining
--  Underground development of 300 metres of crosscuts and exploration
    drifts at level -40 to enable a 12-hole, 1,000 metre underground drill
    program intended to upgrade 256,000 tonnes of resources
--  Complete detailed engineering of a 2,000 tpd processing plant and
    supporting tailings deposit
--  Modification of the existing EIA to include an 8 million tonnes tailings
    deposit
--  Complete all required permits to begin mill construction by mid-2011

Juan Vegarra, Chairman and CEO of Vena commented: 'Together with Trafigura we have decided to amend the currently approved 500 tpd EIA and overall engineering project to support a 2,000 tpd operation including a larger tailings deposit and to increase the tonnage and upgrade the resource quality of the underground mine. Vena will be releasing an updated NI 43-101 in the near future which will merit a larger operation leading to lower operating costs allowing the Company to better deal with the current volatility in the Zinc market and be ready to scale up operations as the global economy rebounds in the near-term.'

About Vena Resources

Vena Resources Inc. is a Canadian mining company focused on the exploration and development of Peru's mineral potential. Employing a model of diversification across metals and regions in Peru to mitigate investment risk, the Company consists of four divisions: Mining, Clean Energy, Precious Metals and Base Metals. Together with the Company's strategic partners, Cameco, Gold Fields, Glencore and Trafigura, Vena will advance its significant portfolio of almost 75,000 hectares this year. Through its board of directors and advisors, Vena Resources possesses a unique quality of skills and experience in management, mining and finance globally.

About Trafigura Beheer B.V.

Trafigura Beheer B.V. is one of the world's leading international commodity traders, specializing in the oil, minerals and metals market, with 67 offices in 44 countries in Europe, Africa, Asia, Australia, and North, Central and South America. Its principal corporate offices are in Amsterdam, London and Lucerne. Trafigura's primary trading businesses are the supply and transport of crude oil, petroleum products, renewable energies, non-ferrous concentrates and refined metals. It is the world's second largest independent non-ferrous trading company and the third largest independent oil trader. Founded in 1993, the company is owned by its founding shareholders and senior management. It has achieved substantial growth in the last five years, growing turnover from US$18 billion in 2004 to US$47 billion in 2009.

Statements in this press release regarding the Company's business which are not historical facts are 'forward-looking statements' that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

Shares Outstanding: 88,429,910

Fully-Diluted: 103,953,944

The TSX does not accept the responsibility for the adequacy or accuracy of this release.

Contacts:

Vena Resources Inc.

Juan Vegarra

Chairman & CEO

(416) 364-7739, ext. 120
jvegarra@venaresources.com


Vena Resources Inc.

Andres Tinajero

Chief Financial Officer

(416) 361-2838
atinajero@venaresources.com
www.venaresources.com