Vena Resources Files Preliminary Prospectus Supplement and Announces Strategic Review of Uranium Assets

TORONTO, ONTARIO -- (Marketwire) -- 01/24/11 -- Vena Resources Inc. ('Vena' or the 'Company') (TSX: VEM)(LIMA: VEM)(FRANKFURT: V1R)(OTCBB: VNARF) announces the filing of a preliminary prospectus supplement to its short form base shelf prospectus dated May 5, 2010 in connection with a brokered offering of units (the 'Units') to be issued by the Company at a price of C$0.50 per Unit (the 'Offering Price'). Each Unit consists of one common share of the Company (a 'Common Share') and one half of one common share purchase warrant (each whole warrant, a 'Warrant') (the 'Offering'). Each Warrant will entitle the holder to purchase one Common Share of the Company (a 'Warrant Share') at a price of C$0.75 per Warrant Share at any time following the closing of this offering until 5:00 p.m. (Toronto time) on the date that is 18 months after the closing of this offering. The expiry date of the Warrants is subject to acceleration in certain circumstances.

Vena has entered into engagement letters with M Partners Inc. and Celfin Capital S.A. SAB (collectively, the 'Agents') to act as agents for the Offering, which will be conducted on a 'best efforts' basis. The maximum number of Units that will be sold pursuant to the Offering will be determined in the context of the market by the Company and the Agents.

Closing of the Offering is subject to final determination of the maximum number of Units that will be sold pursuant to the Offering, the satisfaction of customary closing conditions and approval of the Toronto Stock Exchange. The net proceeds of the Offering are expected to be used to fund the final phase of construction of a 1,000 tonne per day milling operation at the Company's Azulcocha Polymetallic mine; for exploration and drilling at its Azulcocha project and Esquilache project; and for general working capital purposes.

Vena has filed a NI 43-101 report in SEDAR for the Azulcocha mine. The report states an in-place Measured Indicated tonnage estimate of 3,742,925 tonnes of 5.2% Zn/13.3% Mn (5% Zn Mn cut off) has now been formulated. An additional Inferred tonnage estimate of 1,133,333 tonnes of 4.2% Zn/ 13.5% Mn has also been formulated, using the same cut off. Additional underground tonnage is available if lower cut off grades are used.

Ongoing underground drilling as well as regional exploration programs are providing significant potential upside to the current resource base. The Company also intends to reprocess the NI 43-101 compliant tailings resource adding to its cash flow expectations.

Vena also announces that it has been reviewing strategic options in relation to its uranium assets held by its 75% owned subsidiary, Minergia S.A.C. ('Minergia') with the objective of finding ways to potentially unlock Vena shareholder value. The Company intends to continue to explore various strategic alternatives, including, but not limited to, a spin-off of its Minergia shareholdings to a new company in exchange for shares of the new company, a portion of which would then be distributed by it to the Company's shareholders. While there can be no assurance that this review of strategic alternatives will result in the Company pursuing any particular transaction, the Company believes that, following the completion of the proposed financing, Vena will be well positioned to take advantage of the best available strategic option to realize the value of its uranium assets.

This information in this press release has been reviewed and approved by David Bent, P. Geo., Vena's Vice President of Exploration and Qualified Person as defined by NI 43-101.

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 and Trafigura, Vena will advance its significant portfolio of almost 90,000 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.

For further information on Vena Resources, please visit the Company website at www.venaresources.com, or its Facebook page.

Statements in this press release regarding the Company's business, plans, intentions, proposed transactions and financing plans, 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: 97,484,969

Fully-Diluted: 121,377,477

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
www.venaresources.com