RB : Vena enters gold copper joint venture in Peru
Vena Resources Inc., a junior Toronto miner, says it has signed a letter of Intent with IIMPUL Peru to put the Pucara gold-copper project into production as soon as permits are received. Vena shares were halted on the TSX pending news. The letter of intent, announced yesterday, will be set out in a definitive joint venture agreement between Vena and IIMPUL, a private Peruvian company, Vena said in a release. The Toronto company said it expects to recover its $2-million (U.S.) investment so far in developing Pucara by the end of 2010. The remaining after-tax profit will be divided 50-50 between the two partners, the companies said. VEM (TSX) rose 4 cents to 42 cents.
