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Vena Resources Enters Letter Of Intent With Private Peruvian Mining Co

Vena Resources Inc. (VEM.TO) announced that the company has entered into a non-binding Letter of Intent with a private Peruvian mining company to earn up to a 75% interest in the Amantina, Esquilache and Pucara projects located in the department of Puno, Peru.

The basic terms of the LOI provide for an investment commitment by the Optionee of US$13 million in exploration expenditures for a 65% interest in Vena's Projects and an additional amount of at least US$16 million to fully construct a scalable mill starting at 350 tonnes per day as well as all required investments to prepare a 350 tpd underground mining operation for an additional 10% interest in the Projects. The LOI includes a provision for a 60 day due diligence period by the Optionee. In addition, the Optionee has agreed to participate with a lead order of US$1 million in a private placement in Vena Resources to occur concurrently with the closing of this transaction.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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