Jan 14 (Reuters) - Valor Resources Ltd (VAL) :
- SIGNED JV AGREEMENT WITH KENNECOTT EXPLORATION CO FOR BERENGUELA COPPER-SILVER-MANGANESE PROJECT IN SOUTH-EASTERN PERU
- KEX TO ACTIVELY SPEND US$2 MILLION ON EXPLORATION EXPENDITURE ON PROJECT OVER NEXT 12 MONTHS
- FOLLOWING JV OPTION, KEX HAS FURTHER OPTION TO SOLELY FUND ADDITIONAL US$5 MILLION ON PROJECT WITHIN THREE YEARS
- KEX CAN EXERCISE OPTION TO FORM A 50:50 JV WITH VAL FOR PROJECT ON PAYMENT OF AN ADDITIONAL US$3 MILLION
