Firetail and Valor sign agreement in Peru

PERTH (miningweekly.com) – ASX-listed Valor Resources has signed a binding term sheet with explorer Firetail Resources to sell up to an 80% interest in its Picha copper/silver project and the Charaque copper project in Peru.

Under the term sheet, Firetail will acquire up to 80% of the issued share capital of Valor subsidiary Kiwanda, which holds the mining concessions for the two projects.

Firetail will pay an initial A$200 000 in cash on execution of the term sheet, and will pay a further A$550 000 in cash and issue 15-million shares on the completion of the proposed transaction, subject to shareholder approval. A further 20-million performance rights convertible into Firetail shares will also be issued subject to shareholder approval and on the satisfaction of specific vesting conditions.

“This acquisition has strategic importance to Firetail as it complements our existing assets and provides near-term exposure to the copper market with drilling commencing in […]

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