http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Mon, 23 Apr 2018 00:22:08 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Valor Resources promotes Peru projects during Australasian roadshow ]]> http://www.proactiveinvestors.com.au/companies/stocktube/9116/valor-resources-promotes-peru-projects-during-australasian-roadshow-9116.html Fri, 20 Apr 2018 18:53:00 +1000 http://www.proactiveinvestors.com.au/companies/stocktube/9116/valor-resources-promotes-peru-projects-during-australasian-roadshow-9116.html <![CDATA[News - Valor Resources continues to identify copper and silver at surface at project in Peru ]]> http://www.proactiveinvestors.com.au/companies/news/194994/valor-resources-continues-to-identify-copper-and-silver-at-surface-at-project-in-peru-194994.html Valor Resources Ltd (ASX:VAL) continues to identify high-grade copper and silver mineralisation at surface within the Corona target of its Berenguela project in Peru.

The Corona target sits 1,500 metres southwest of the main Berenguela Central deposit.

High concentrations of copper and silver with a similar style of mineralisation to Berenguela have been identified at Corona, expanding the size of the project area to the west.

Valor likely to extend surface sampling to border

Grades of up to 1.7% copper and 500 g/t silver have been recorded.

Valor chairman Mark Sumner said: “As we continue our efforts at Corona, it is becoming clear that the copper and silver mineralised system at surface extends much further west than we originally anticipated.

“We will continue the detailed geological mapping exercise, as well as sampling at Corona.

“It’s likely we will continue to test the Corona target all the way to our property boundary.”

The company is also taking important steps towards commercialisation of the project as it approaches commencement of a pre-feasibility study (PFS) in June/July of this year.

Interest from potential off-take partners

Valor has received interest from globally recognised copper and silver offtake partners.

READ: Valor Resources attracts investors as exploration news flows from Peru

The company is in discussions with some of these parties, the results of which could assist in supporting the upcoming scoping study process and PFS.

The scoping study is being completed in conjunction with these discussions and Valor expect to release the results in the coming weeks.

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Mon, 16 Apr 2018 10:23:00 +1000 http://www.proactiveinvestors.com.au/companies/news/194994/valor-resources-continues-to-identify-copper-and-silver-at-surface-at-project-in-peru-194994.html
<![CDATA[News - Valor Resources attracts investors as exploration news flows from Peru ]]> http://www.proactiveinvestors.com.au/companies/news/194208/valor-resources-attracts-investors-as-exploration-news-flows-from-peru-194208.html Valor Resources (ASX:VAL) is continuing its positive momentum in Peru with a scoping study due soon, a drilling program funded and set to commence in May and a pre-feasibility study planned for mid-year.

Valor executive chairman Mark Sumner speaks to Proactive Investors’ Danielle Doport

The Berenguela Copper Silver Project

The Berenguela Copper Silver Project is an advanced stage exploration project in the Puno Department of southern Peru.

A main rail line runs within the southern boundary of the project land package, which runs about 380 kilometres to the Port of Matarani, a major commercial port on Peru’s southern coast.

Valor has completed over 9,100 meters of infill and expansion drilling, building on Berenguela's extensive exploration history, which includes over 30,000 meters of historical drilling.

Significant potential for resource expansion

The Berenguela Copper-Silver Project hosts a 45.9 million tonne JORC resource grading 1.27% copper equivalent.

The resources include over 772 million pounds of contained copper and over 127 million ounces of contained silver.

It is worth noting that the project has a significant potential for resource expansion, as the current deposit only occupies about 2.1% of the total 6,594-hectare land package.

READ: Valor Resources Corona prospect adds cobalt prospectivity to Berenguela

Last week, Valor identified a significant cobalt anomaly at the recently discovered Corona prospect.

Corona is 1500 metres from the company’s main Berenguela project and it is part of that concession.

High-grade copper and silver mineralisation has been encountered at Corona, suggesting it could provide an extension to the central Berenguela deposit.

Recent samples exceeded 231 ppm cobalt

First cobalt assays have been received which have identified increasing cobalt grades at surface associated with a significant geophysical anomaly at about 100 metres.

Historical samples show this area has yielded cobalt in the past with grades as high as 600 parts per million (ppm) cobalt, and recent samples have exceeded 231 (ppm) cobalt.

Moreover, further high-grade copper and silver mineralisation within the Corona project area continues to materialise at surface.

Well-funded for its next drill program

Management sees the discovery of cobalt grades at surface, associated with a significant geophysical anomaly, as a compelling development.

Valor chairman Mark Sumner said last week: “We expect this trend to continue as we move southwest across the Corona area and we expect cobalt grades to increase with depth.

“Assay results are pending from both Corona and Berenguela, and we will continue to report results through to the re-commencement of drilling which starts in about six weeks.”

Valor is well funded for its next drill program which will add further value and scale to its projects within the Berenguela concession.

The company’s scoping study is due soon and a pre-feasibility study is planned for mid-year.

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Wed, 04 Apr 2018 15:24:00 +1000 http://www.proactiveinvestors.com.au/companies/news/194208/valor-resources-attracts-investors-as-exploration-news-flows-from-peru-194208.html
<![CDATA[News - Valor Resources Corona prospect adds cobalt prospectivity to Berenguela ]]> http://www.proactiveinvestors.com.au/companies/news/193742/valor-resources-corona-prospect-adds-cobalt-prospectivity-to-berenguela-193742.html Valor Resources Ltd (ASX:VAL) has identified a significant cobalt anomaly at the recently discovered Corona prospect in Peru.

Corona is 1500 metres from the company’s main Berenguela project and it is part of that concession.

High-grade copper and silver mineralisation had already been encountered at Corona, suggesting it could provide an extension to the central Berenguela deposit.

Historical samples show this area has yielded cobalt in the past with grades as high as 600 parts per million (ppm) cobalt, and recent samples have exceeded 231 (ppm) cobalt.

Copper and silver also prominent

First cobalt assays have been received which have identified increasing cobalt grades at surface associated with a significant geophysical anomaly at approximately 100 metres.

Further high-grade copper and silver mineralisation within the Corona project area continues to materialise at surface.

This is important in terms of the potential scalability of the Berenguela project.

Copper values as high as 1.2% copper and silver values up to 136 g/t silver were delineated.

With regard to cobalt values, management notes that they increase from the Corona area and display a positive correlation to iron concentrations.

Material growth in at surface mineralisation

The Corona strike length is growing and surface mineralisation remains open.

The surface sampling campaign has been expanded to better define resource footprint, extending the drilling potential at Corona.

Valor chairman Mark Sumner said: “The copper grades from this round of sampling continue to be very solid and the increasing cobalt values indicate a potential transition in mineralisation.

“This new area of Corona displays an increase in iron content and with the increase in iron we are witnessing an incremental increase in cobalt values.”

Cobalt grades to increase at depth

Management sees the discovery of cobalt grades at surface, associated with a significant geophysical anomaly, as a compelling development.

Sumner said: “We expect this trend to continue as we move southwest across the Corona area and we expect cobalt grades to increase with depth.

“Assay results are pending from both Corona and Berenguela, and we will continue to report results through to the re-commencement of drilling which starts in about six weeks.”

Valor is funded for the next round of drilling.

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Mon, 26 Mar 2018 10:16:00 +1100 http://www.proactiveinvestors.com.au/companies/news/193742/valor-resources-corona-prospect-adds-cobalt-prospectivity-to-berenguela-193742.html
<![CDATA[Media files - Valor Resources continues momentum with promising Peru projects ]]> http://www.proactiveinvestors.com.au/companies/stocktube/8931/valor-resources-continues-momentum-with-promising-peru-projects-8931.html Thu, 22 Mar 2018 16:10:00 +1100 http://www.proactiveinvestors.com.au/companies/stocktube/8931/valor-resources-continues-momentum-with-promising-peru-projects-8931.html <![CDATA[News - Valor Resources samples copper and silver suggesting resource expansion, drilling to follow ]]> http://www.proactiveinvestors.com.au/companies/news/192799/valor-resources-samples-copper-and-silver-suggesting-resource-expansion-drilling-to-follow-192799.html Valor Resources Ltd (ASX:VAL) has sampled high-grade copper and silver mineralisation at surface extending resource boundaries of the Berenguela Central deposit in Peru.

Sampling results clearly demonstrate the potential for expanding the Berenguela Central strike length significantly.

The high-grade copper and silver samples at surface were taken from outside the deposit boarders to the north, south, east and west.

Copper grades from the collected samples assayed as high as 1.34% and silver grades ranged up to 166 g/t silver.

The Berenguela Copper-Silver Project in Peru hosts a 45.9 million tonne JORC resource grading 1.27% copper equivalent.

The project consists of two mineralised areas, Central and Corona, currently only Central has a JORC resource.

READ: Valor Resources identifies Berenguela style copper-silver mineralisation at Corona

Mark Sumner, chairman, said: “Our ongoing exploration activities are delivering excellent outcomes, and the discovery of further high grade mineralisation at surface outside the current borders of Berenguela Central is evidence of this.

“Excellent copper and silver values indicate that the strike length of Berenguela Central will continue to increase.

“Sampling is continuing at Berenguela and at our recently discovered Corona prospect and this is helping us plan for the next drill program, which will begin in May.”

Further assays expected, scoping study this month

More assay results from sampling will be reported over the short term and the 2018 drill program is expected to commence in May of 2018.

Furthermore, Valor plans to release its scoping study this month.

Valor is well funded for its next drill program which will add further value and scale to its projects within the Berenguela concession.

Sampling is to confirm drill targets for upcoming campaign

The sample program, which consisted of 43 rock chip samples, was designed to confirm the extension of the deposit.

Sample locations were selected to both confirm drill targets for the planned 2018 drill program, as well as confirm surface mineralisation outside the current resource area.

Results of the program have now confirmed mineralised extensions of Berenguela Central outside the current resource borders.

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Thu, 08 Mar 2018 09:48:00 +1100 http://www.proactiveinvestors.com.au/companies/news/192799/valor-resources-samples-copper-and-silver-suggesting-resource-expansion-drilling-to-follow-192799.html
<![CDATA[News - Valor Resources identifies Berenguela style copper-silver mineralisation at Corona ]]> http://www.proactiveinvestors.com.au/companies/news/192222/valor-resources-identifies-berenguela-style-copper-silver-mineralisation-at-corona-192222.html Valor Resources Ltd (ASX:VAL) has released the first results from a surface sampling campaign within the Corona area of its Berenguela copper-silver project located in Peru.

Mineralisation has been identified at surface,1,500 metres south-west of Berenguela Central, within the Berenguela concession package.

This discovery indicates a possible significant extension to the existing Berenguela Central deposit.

Similarities in mineralisation

Sampling from Corona confirmed extensive Berenguela-style mineralisation at surface across a substantial area, similar in size to Berenguela Central.

Further sampling results are expected in coming days, and in the interim management has applied for drilling permits.

Opportunity to add new deposit to project

Management sees the prospect of adding a completely new deposit to the Berenguela project.

Mark Sumner, chairman, said: “The high-grade copper and silver mineralisation encountered within the Corona area is indicative of further Berenguela-style, near-surface, mineralisation, less than 1,500 metres from the Central deposit area.

“The outcropping mineralisation at Corona is very similar to the surface outcrops previously identified at Berenguela Central.

“Hence we believe that this is an opportunity to add a completely new deposit to the project within close proximity to Berenguela.

"We believe Corona has the potential to add significant resources to the Berenguela project.”

Near term catalysts

With further sampling results pending, confidence around the potential development of the project could increase.

Having increased the resource at Berenguela by 80% since May 2017, the company has established a positive exploration track record.

READ: Valor Resources' measured resource adds confidence

Management expects to complete the additional sampling and design of the drill program in the coming weeks, and the company will aim to commence drilling in April/May.

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Tue, 27 Feb 2018 11:46:00 +1100 http://www.proactiveinvestors.com.au/companies/news/192222/valor-resources-identifies-berenguela-style-copper-silver-mineralisation-at-corona-192222.html
<![CDATA[News - Valor Resources strengthens board to support Berenguela development ]]> http://www.proactiveinvestors.com.au/companies/news/191807/valor-resources-strengthens-board-to-support-berenguela-development-191807.html Valor Resources Ltd (ASX:VAL) has appointed Dr Nicholas Lindsay as a non-executive director to its board.

Notably, Lindsay’s 30+ years of mining industry experience includes strong exposure to South America.

This will be well utilised as Valor advances its flagship Berenguela Copper-Silver Project in Peru.

READ: Valor Resources secures vote of confidence from largest shareholder

Mark Sumner, chairman, said: “We are delighted to have secured the services of Dr Lindsay, particularly at this stage in project development at Berenguela.

“Nick’s expertise in metallurgy and commercial development of copper and silver projects in South America will bring a massive value add to the Valor team.”
Further to senior roles in Peru, Chile and Argentina, Dr Lindsay has also held positions in the former Soviet Union, South Africa and Australia.

Follow-up drilling to commence

Valor will get an early opportunity to utilise Lindsay’s expertise as the company is expected to begin to commence the follow-up drilling campaign at Berenguela.

Furthermore, Valor expected to update its scoping study and push towards a project feasibility study before the end of financial year.

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Mon, 19 Feb 2018 12:14:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191807/valor-resources-strengthens-board-to-support-berenguela-development-191807.html
<![CDATA[News - Valor Resources secures vote of confidence from largest shareholder ]]> http://www.proactiveinvestors.com.au/companies/news/191037/valor-resources-secures-vote-of-confidence-from-largest-shareholder-191037.html Valor Resources Ltd’s (ASX:VAL) largest shareholder SSR Mining Ltd has agreed to extend the end date of a minimum capital raising by Valor.

Valor had settled the acquisition of the Berenguela Copper-Silver Project in Peru from SSR Mining in May 2017.

READ: Valor Resources builds value at flagship Peru copper project

As part of the terms of the acquisition, it was agreed that Valor would raise a minimum of US$8 million by 13 February 2018 to adequately fund the initial phases of the project.

Due to the success of Valor’s recent exploration program at Berenguela, as well as Valor successfully raising circa US$4.8 million in the past 12 months, SSR and Valor have agreed to extend the end raising date until 13 November 2018.

Valor will proceed with the vendor payment, as scheduled, on 13 February 2018.

Increasing confidence in the copper-silver project

Valor recently achieved a number of important milestones, including the completion of a successful drill program delivering the highest grade results ever seen at the project.

The total resource increased 80% to 45.9 million tonnes grading 1.27% copper equivalent.

READ: Valor Resources' measured resource adds confidence to copper silver project

Mark Sumner, chairman, said: “We are obviously very pleased with this vote of confidence from our largest shareholder, SSR Mining.

“SSR originally set the capital raising minimum to ensure that VAL would properly fund the exploration and development of the Berenguela project.

“VAL has delivered extraordinary results over the 2017 field season, which has resulted in a massive overall increase in the JORC Resource estimate.

“SSR has recognised this effort by agreeing to the extension of the minimum raising date.

“VAL has delivered excellent results at Berenguela since May of 2017 and we believe there is still a lot of value to unlock from here.”

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Fri, 02 Feb 2018 11:27:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191037/valor-resources-secures-vote-of-confidence-from-largest-shareholder-191037.html
<![CDATA[News - Valor Resources builds value at flagship Peru copper project ]]> http://www.proactiveinvestors.com.au/companies/news/190863/valor-resources-builds-value-at-flagship-peru-copper-project-190863.html Valor Resources Ltd (ASX:VAL) continues to build value by advancing its Berenguela Copper-Silver Project in Peru.

The company recently achieved a number of important milestones, including the completion of a successful drill program delivering the highest grade results ever seen at the project.

The 66-hole, 9,570-metre drill program resulted in a substantial increase in the JORC resource.

READ: Valor Resources' measured resource adds confidence to copper silver project

The total resource increased 80% to 45.9 million tonnes grading 1.27% copper equivalent.

The resource upgrade was supported by drill results including 11 metres at 1.96% copper, 23 metres at 1.39% copper and 39 metres at 1.01% copper.

Working towards feasibility study by end of year

Mark Sumner, chairman, said: “We look to continue this momentum into 2018 by providing an update to the project scoping study, commencing a follow on drill campaign at Berenguela and push towards a project feasibility study by the end of financial year.

“We also look forward to updating the market on the results of the recently completed surface sampling program as they become available.

“Initial results are most encouraging and give us further confidence that Berenguela is shaping up to be a very large Peruvian copper play.” 

Surface sampling testing large outcrops

A surface sampling program has been completed to test large outcrop formations at the project.

Results expected in the near term.

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Wed, 31 Jan 2018 09:59:00 +1100 http://www.proactiveinvestors.com.au/companies/news/190863/valor-resources-builds-value-at-flagship-peru-copper-project-190863.html
<![CDATA[News - Valor Resources' measured resource adds confidence to copper silver project ]]> http://www.proactiveinvestors.com.au/companies/news/189626/valor-resources-measured-resource-adds-confidence-to-copper-silver-project-189626.html Valor Resources Ltd's (ASX:VAL) shares have climbed 13.6% to $0.025 in morning trade on heavy volume after delivering a maiden measured resource for the Berenguela Copper-Silver Project in Peru.

The grades compare well with other large volume producers in the Andean copper belt, and the total resource increased 80% to 45.9 million tonnes at 1.27% copper equivalent.

Breaking down the resource, copper increased 37% to 772 million pounds.

Silver also gained 37% to 127 million ounces, and zinc climbed 45% to 286 million pounds.

Maiden measured resource adds confidence

Berenguela has the potential to be developed into a low-cost project due to the shallow mineralisation which is even visible and accessible at surface.

READ: Valor Resources strives to bring low-cost Peruvian copper project into production

Mark Sumner, Valor Chairman, stated: “Berenguela is a much larger deposit since we commenced our initial work program in July of 2017, but we are also very pleased with the addition of the Maiden Measured Resource.

“This now represents more than 16% of total resources and brings much greater geological certainty to the deposit, providing the company with a strong foundation to proceed with further drilling and more advanced project studies.”

Grades compare well with Glencore’s Antapaccay

The Berenguela project is one of a number of deposits and producing assets situated along an extensive copper belt in the Andean region.

Valor is pleased with the way that the company’s grades are stacking up against producers that have mines in production in the broader region.

Of particular note is Glencore’s Antapaccay-Tintaya asset which is within the same mineralised trend as Berenguela.

Sumner said: “Antapaccay mines copper from measured and indicated resources of 0.47% copper, only benefiting from a nominal gold credit and very small silver credit.”

Valor’s updated resource features a measured copper grade of circa 1%, and 0.76% in relation to the total resource.

Taking into account silver and other base metal credits the total copper equivalent grade is 1.27%.

Updated mineral resource to positively impact upcoming scoping study

The updated mineral resource will feed into the company’s upcoming scoping study which is due to be published shortly, with the expectation that it will improve production metrics.

The company also believes that the scoping study will reflect an extended mine life.

This could potentially be enhanced should known mineralised extensions bear fruit.

It would appear that this is one of a number of possible catalysts.

Sumner said: “A steady flow of news is expected in the coming weeks and months covering both exploration and project development initiatives.”

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Tue, 09 Jan 2018 11:11:00 +1100 http://www.proactiveinvestors.com.au/companies/news/189626/valor-resources-measured-resource-adds-confidence-to-copper-silver-project-189626.html
<![CDATA[News - Valor Resources strives to bring low-cost Peruvian copper project into production ]]> http://www.proactiveinvestors.com.au/companies/news/188481/valor-resources-strives-to-bring-low-cost-peruvian-copper-project-into-production-188481.html Valor Resources Ltd (ASX:VAL) emerged in February 2017, having undergone a name change from Carajas Copper (ASX:CJC), and acquired the Berenguela Copper-Silver-Manganese Project located in Peru.

The new look group also made significant board changes including the appointment of Ernesto Osorio as chief operating officer.

His experience in transitioning South American companies from explorers to producers is expected to be valuable.

The Berenguela project is situated in a district that hosts some of the country’s largest metals mines and world-class deposits.

Should the project progress to the development stage, access to power, water and transport infrastructure will work in its favour.

Surrounding geological trends provide promise

In terms of nearby geological trends, the project is positioned where a copper-gold porphyry skarn belt merges with an epithermal gold belt, host to some substantial copper and copper-gold deposits.

Six projects hosting a total contained copper resource of more than 13 million tonnes are operated by multinational mining groups such as Glencore plc (LON:GLEN) and MMG Ltd (HKG:1208).

They virtually form a straight line from Las Bambas (7.7 million tonnes of contained copper) in the north to Buenaventura (7 million ounces of contained gold), south-west of Puno.

In terms of proximity, the Berenguela project lies to the north-west of Puno, trending towards the southern end of the copper-gold belt. 

Valor to benefit from extensive exploration data

The advanced stage Berenguela Project had a JORC 2012 compliant Indicated and Inferred Resource when the project was acquired.

An extensive drilling program resulted in a substantial upgrade in the resource in October, including a 44% increase in the total Indicated Resource.The total Indicated and Inferred Resource increased 18%, representing an uptick of 4 million tonnes.

The resource now boasts 257,000 tonnes of contained copper and 93 million ounces of contained silver. Another important aspect of the resource upgrade in the current environment was the inclusion of circa 90,000 tonnes of contained zinc.

Valor has taken a measured approach to exploration spending, and to achieve a significant resource upgrade for a modest outlay of $2.3 million provides confidence going forward.

This is particularly important given that only 2% of its 6600-hectare land package has been explored.

At surface and shallow mineralisation remains focus

In discussing the project recently with Mark Sumner, chairman of Valor, he said the company had no intention to target ore at greater depths.

He said that the ready presence of surface and near-surface ore should provide the opportunity to develop a low-cost open cut project in a relatively short time frame with minimal exploration expenditure.

The at surface drilling results are impressive with multiple intersections of more than 50 metres grading between 1.4% and 1.9% copper at zero metres.

By quickly moving to low-cost production the company can benefit from near-term cash flow, allowing it to weigh up its options regarding further step out exploration, or longer-term plans to assess the economic viability of an underground project.

Further exploration is expected to result in near-term value drivers such as another resource upgrade and an updated scoping study with the latter expected to be completed by early February.

A 7000-metre resource extension drill program is planned to commence in March/April which will provide data to assist the company in commencing its pre-feasibility study in June.

Copper price plays havoc with October resource update

Positive drilling results featuring high-grade copper and silver intercepts were announced in the lead up to the October resource update.

These results were the catalyst for an 80% spike in the company’s shares as they increased from $0.025 cents at the start of October to hit an intra-day high of $0.045 on the day prior to the resource update being announced.

In what appeared to be a mix of bad timing, profit-taking and perhaps overly upbeat expectations from drill results, the company’s shares fell after the update.

However, this has been under relatively low volumes compared with the heavy buying that occurred between August and September when the share price increased five-fold from $0.007 to $0.035.

It is worth tracking the movement in the copper price since the resource update.

The start of the retracement in the copper price coincided to the day with the release of Valor’s resource update.

Copper’s six-month hot streak from circa US$2.50 per pound to US$3.20 per pound came to a halt in mid-October.

The price appeared to stabilise in mid-November, and this was reflected in the company’s share price.

However, as the copper price plunged again from US$3.16 per pound to $2.96 per pound over the last two weeks Valor has come under further pressure.

Copper grades and volumes key factors in resource expansion

This tends to indicate that the company is no longer viewed as a polymetallic play but one that is largely leveraged to copper.

Management has indicated that this is the direction the company will be heading in as it looks to improve grades and volumes of copper while still reaping the benefits of silver credits.

This time there hasn’t been the hype leading up to the resource update, and in fact it could be argued that the sell-off, which has seen the company’s shares recently slip below $0.02 has been overdone.

Consequently, should Valor be able to win back the confidence of investors with a promising update there is the potential for a positive rerating.

 

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Fri, 08 Dec 2017 08:36:00 +1100 http://www.proactiveinvestors.com.au/companies/news/188481/valor-resources-strives-to-bring-low-cost-peruvian-copper-project-into-production-188481.html