Valor Resources Limited ("VAL" or the "Company") announced the signing of a joint venture Option Agreement with Kennecott Exploration Company ("KEX"), part of the Rio Tinto group, in respect of the Berenguela copper-silver-manganese project in south-eastern Peru ("Project"), endorsing the potential value of the project. The key terms of the agreement are: KEX to pay USD 700,000 prior to February 2019 to cover the due instalment payable to SSR Mining Inc. ("SSR"); KEX to actively spend USD 2 million on exploration expenditure on the Project over the next 12 months ("Initial Expenditure"). During this time, KEX will be solely responsible for designing and implementing the exploration program. Any assistance required from VAL will be reimbursed at cost plus 10%; Following the satisfaction of the Initial Expenditure, KEX can exercise an option to form a 50:50 incorporated joint venture with VAL in respect of the Project on payment of an additional USD 3 million to VAL ("JV Option"). After the formation of the JV, all costs, management, and decision making will be shared pro rata; Following the JV Option, KEX has a further option to solely fund an additional USD 5 million on the Project within three years to earn an additional 25% in the joint venture; VAL cash balance is AUD 1.9 million before receipt of USD 700,000 from KEX which is expected to be received shortly. The Company believes that the introduction of KEX as a partner to the Project is a significant and exciting step forward in its development; in addition to endorsing its current value, it speaks to the highly prospective and exciting development potential of the Berenguela mineral system. As part of the Rio Tinto group, KEX has access to a depth of exploration and mine development personnel, and access to the required levels of capital to ensure the Project's future going forward.