TORONTO, Jan. 16, 2014 /CNW/ - Vena Resources Inc. (the "Company" or "Vena") (TSX: VEM, Peru: VEM, Germany: V1RA, USA: VNARF) announces that further to its press release of November 22, 2013, the Company has closed the sale to Azincourt Uranium Inc. (TSXV: AAZ) ("Azincourt") of the Company's 50% equity interest in Minergia S.A.C. ("Minergia"). Minergia is a joint venture company owned by Vena and Cameco Global Exploration Ltd. ("CGE"), which owns and operates the Macusani and Muñani uranium projects in the Puno department of southeastern Peru. Under the terms of the share purchase agreement, Azincourt acquired Vena's 50% ownership in Minergia in exchange for a total consideration of $1,000,000, of which $750,000 was paid in 2,525,252 common shares of Azincourt and $250,000 in cash. Juan Vegarra has also been appointed as a director of Azincourt.
Juan Vegarra, Vena's Chairman and CEO stated, "This is an important milestone for Vena as it reactivates our investment in the Uranium business. We believe Azincourt's sole focus on Uranium should provide significant upside over time as it continues to invest in growing the resource base in Macusani, Peru and being active in a well-known Uranium district in Canada. Vena is now a significant shareholder of Azincourt with an option to double its share position in a few months."
Azincourt is a uranium exploration company that has been focused on exploration of the Patterson Lake (PLN) property, located in Canada's Athabasca Basin, in partnership with Fission Uranium Corp (TSXV: FCU). Azincourt's management and board have a strong track record of success. In addition to Ted O'Connor, the board of directors also includes Ian Stalker, former CEO of UraMin, a company that was acquired by the Areva Group for US$2.5 billion in 2007, and Dev Randhawa, founder of Strathmore Minerals Corp., a company that spun out its Canadian uranium assets to form Fission Energy Corp., and which was recently acquired by Energy Fuels.
SOURCE Vena Resources Inc.