Mena Resources Inc.: Venezuela Update-Mineral Title Secure/Government Review Process Positive.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Mena Resources Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:MEA MEA Multiple endocrine adenomatosis. See Multiple endocrine neoplasia. ) is pleased to announce that it has received an update from its Venezuelan joint venture partner Mineria MS that excellent progress has been made from the current Venezuelan government review and that very positive results were received from recent meetings with government officials. From these meetings, which included the Russian principals of Mineria MS and the Deputy Prime Minister A Deputy Prime Minister or Vice Prime Minister is, in some countries, a government minister who can take the position of acting Prime Minister when the real Prime Minister is temporarily absent. of Russia, Mineria received confirmation of the current legal standing of all of their mineral titles in Venezuela including the properties within the joint venture, having completed all of the taxation and reporting requirements necessary to remain in good standing. Further, Mineria MS reports that an excellent working relationship exists with the Venezuelan authorities and the joint venture looks forward to continuing to advance and develop the Bolivar State Properties in cooperation with the Ministry of Basic Mining & Industry and the Ministry of the Environment. These positive reviews and other recent events such as the granting of the final production permits to Bolivar Gold and the subsequent announcement of the acquisition of Bolivar Gold by Gold Fields Gold Fields Limited is one of the world’s largest unhedged producers of gold, providing investors with maximum leverage to the gold price. The company was formed in 1998 with the amalgamation of the gold assets of Gold Fields of South Africa Limited and Gencor Limited. Ltd. of South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. for a reported US$330 million, lead the Company to view the current mining industry review process being completed by the Venezuelan government as a positive step in the advancement of the gold mining industry in Venezuela. INCREIBLE 6 EXPLORATION TO BE FOCUS OF Q1 2006 Mena continues to receive the final assays for the 17,800m diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral program completed in 2005 on the Increible 6 Project located in the El Callao District Callao is one of the six districts of the Constitutional Province of Callao in the Callao Region, Peru. It is also the downtown district of the city of Callao. The Chillón River marks the district's northern border with Ventanilla. . A total of 149 drill holes ranging in length between 24 metres and 305 metres were drilled, concentrated in the near surface portion of the system with only eight drill holes longer than 200 metres. Excellent grades and widths of gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. were intersected in all zones (September 22/05 NR). Two representative intercepts for each of the three main zones are listed: -------------------------------------------------------------------- DDH total Zone sampling Mineralized Intercepts # length name status from to m Au g/t -------------------------------------------------------------------- -------------------------------------------------------------------- ddhIN-02 62.0m Ingrid complete 38.0 57.0 19.0 6.75 ddhEL-28 162.0m Elisa complete 128.0 146.5 18.5 4.03 ddhCr-03 75.0m Cristina complete 22.0 39.0 17.0 3.74 ddhCr-06 75.0m Cristina complete 60.0 69.5 9.5 18.08 IC-05-33 147.0m Culebra open 51.0 84.0 33.0 2.03 IC-05-38 115.0m Culebra open 21.0 63.0 42.0 1.81 -------------------------------------------------------------------- A complete set of results can be viewed at the Company's website at www.menaresources.com. A potential mineral deposit of between four and five million tonnes grading 4.0 and 4.5 grams per tonne gold is the target of further exploration and drilling. Gold in ounces contained within this material ranges from 500,000 and 720,000 ounces. All zones are open. The potential quantity and grade is conceptual in nature, as there has been insufficient exploration to define a mineral resource on the Property and that it is uncertain if further exploration will result in the target being delineated de·lin·e·ate tr.v. de·lin·e·at·ed, de·lin·e·at·ing, de·lin·e·ates 1. To draw or trace the outline of; sketch out. 2. To represent pictorially; depict. 3. as a mineral resource. The potential quantity and grade has been determined by a preliminary study using cross sections constructed every 50 metres, and including more than 8800 assays. Weighted averages were calculated for the mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. intercepts. Mineralization was projected half the distance to the nearest cross section to a maximum of 50 metres. Details of the drilling methods, QA/QC QA/QC Quality Assurance/Quality Control , sampling and assaying procedures and involvement of qualified person have been previously reported. The portion of the mineralized system currently included in the target is less than 50% of the gold anomalous area on surface and several additional mineralized zones remain to be tested. The Company and its joint venture partner are currently preparing for a 20,000m drill program to commence January 15th, 2006, which will include; 1) in-fill drilling designed to allow for the calculation of a 43-101 compliant resource, 2) drilling to be directed at expanding the known mineralized zones, and 3) first pass drilling of additional zones and anomalies. VALLE HONDO HISTORICAL RESOURCE TO BE UPDATED The Valle Hondo Project is also part of the Company's joint venture with Mineria MS and is located 30 kilometres east of the town of El Dorado El Dorado, legendary country of South America El Dorado (ĕl`dərä`dō, –rā`–) [Span.,=the gilded man], legendary country of the Golden Man sought by adventurers in South America. . Previous work by Mena included 114 diamond drill holes for more than 13,000 metres. A Mineral Resource was estimated in 1997 by the independent consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a of Pincock Allen and Holt (PAH PAH, PAHA aminohippuric acid. PAH abbr. para-aminohippuric acid PAH 1 Polycyclic aromatic hydrocarbon, see there 2. Pulmonary artery HTN ) of 32,500,000 tonnes grading 0.8 g/t Au containing 830,000 ounces of gold. The work was completed by Mena prior to the implementation of NI 43-101 and is historical in nature. PAH's independent historical resource estimate which included a site visit and check sampling is considered by the Company to be highly relevant. The historical resource was classified as an Inferred Mineral Resource. This estimate used a three-dimensional computerized model containing geological data and kriged estimated grades at a cutoff of 0.6 g/t Au, and a conservative 3.0 g/t Au cap was applied on all assays. No recent sampling has been completed confirming the quoted values at Valle Hondo. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature or mineral reserves. The historical estimate should not be relied upon. Additional exploration will be directed at providing the detailed geological data needed to allow the inclusion of previously identified high grade structures (greater than 5 g/t Au) in the estimates. The effect of including the higher grade material was tested during the historic estimates and by applying a 10 g/t Au cap the overall average gold grade increased by 50%. An aggressive drill program will begin in Q1 2006 targeted at expanding the existing near surface zone and providing the additional detail needed to allow an estimate of the internal high grade structures. Significant potential exists to increase the size of the mineralized zone to depth as none of the previous drill holes were greater than 200 metres in length. Additional anomalies equal in size to the surface anomaly associated with the drilled zone remain to be tested and first pass drilling will be completed early in 2006. The Increible 6 and Valle Hondo gold projects are within a joint venture agreement between Mena Resources Inc. and Mineria MS. Mena's 24% interest is carried through the first US$15 million in expenditures of which approximately US$3 million has been spent to date. Qualified Person - Gregory F. Smith, PGeo is the Qualified Person as defined by National Instrument 43-101 responsible for the technical data reported in this news release. Mena is a junior mining company focusing on gold and base metal exploration in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . The Company currently has projects in Venezuela, Chile, and Honduras and is listed on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbol MEA. MENA RESOURCES INC. Mario Szotlender, President The TSX Venture Exchange has not reviewed and does not take respon sibility for the adequacy or accuracy of this release. |
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