Valor Resources : Further Drill Results at Berenguela

ASX Release 31 August 2017 VALOR RESOURCES LIMITED ACN 076 390 451 22 Lindsay Street PERTH, WA Australia Tel: [phone] Fax: [phone] Contact: Mr Mark Sumner E-mail: [e-mail] Directors Mr Mark Sumner Mr Brian McMaster Ms Paula Cowan Company Secretary Ms Kelly Moore Ms Paula Cowan ASX Code: VAL

FURTHER EXCEPTIONAL DRILL RESULTS AT BERENGUELA INCLUDING 3M AT OVER 4,000 G/T Ag & 5.42% Cu Valor Resources Limited ("VAL" or the "Company", ASX: VAL) is pleased to report the second assay results from the drilling program at the Berenguela Copper-Silver Project in Southern Peru. Highlights: High grade intercepts including 8m @ 2.95% Copper (Cu) and >2,161.23 g/t Silver (Ag), 14.64% Manganese (Mn) and 0.49% Zinc (Zn) 3m interval @ 5.42% Cu and Ag values over 4,000 g/t, exceeding the limits of SGS lab tests Further assay results to be released shortly Updated resource estimate pending Key Drilling Intercepts (refer to Tables 1 & 2 for complete results): BEP029-BER246*:  16m @ 1.88% Cu + 1,243.31 g/t Ag + 10.43% Mn + 0.39% Zn (from 59). 8.372% CuEq, including: o 8m @ 2.95% Cu + 2,161.23 g/t Ag + 14.64% Mn + 0.49% Zn (from 63m). 14.154% CuEq *BER246 exceeded 4,000 g/t Ag maximum limit of SGS Lab tests. BEP029- BER243:  54m @ 1.48% Cu + 202.66 g/t Ag + 14.47% Mn + 0.27% Zn (from 37m). 2.625% CuEq, including: o 8m @ 2.09% Cu + 754.13 g/t Ag + 20% Mn + 0.38% Zn (from 37m). 6.091% CuEq; BEP023 - BER240:  23m @ 1.33% Cu + 167.65 g/t Ag + 10.23% Mn + 0.23% Zn (from 26m). 2.27% CuEq. BEP029 - BER245:  14m @ 1.07% Cu + 186.18 g/t Ag + 9.83% Mn + 0.71% Zn (from 20m). 2.323% CuEq, including:  8m @ 1.47% Cu + 252.96 g/t Ag + 12.95% Mn + 0.93% Zn (from 22m) 3.149% CuEq.

Management Commentary

Valor Chairman, Mark Sumner said: "The intercepts from this drill program continue to confirm that the Berenguela Project is a high-quality copper-silver asset, with potentially valuable manganese and zinc credits. We are intercepting grades that are unprecedented for this deposit, which only increases our enthusiasm for Berenguela.

"Hitting numerous intervals over 1,000 g/t Ag confirms that our geology is exceptional, but hitting grades so high that we've exceeded the limits of SGS' testing has surpassed our expectations. We will seek to determine the maximum silver grades and report on these results as soon as possible. In the meantime, we will continue to drive the project forward with ongoing drilling which is expected to unlock further value for shareholders. Berenguela is shaping up to be an outstanding multi-commodity asset."

Key Drilling Intercepts continued (refer to Tables 1 and 2 for complete drilling results): BEP023 - BER239:

 27 m @ 1.01 Cu% + 117.80 Ag g/t + 8.73 Mn% + 0.26 Zn% (from 30 m). 1.723% CuEq

BEP029 - BER244:

 50 m @ 1.39 Cu% + 130.77 Ag g/t + 11.63 Mn% + 0.34 Zn% (from 14 m). 2.202% CuEq, including:

 9 m @ 3.02 Cu% + 107.11 Ag g/t + 9.45 Mn% + 0.24 Zn% (from 32 m). 3.671% CuEq

 10 m @ 1.24 Cu% + 177.18 Ag g/t + 18.11 Mn% + 0.5 Zn% (from 41 m). 2.359% CuEq

BEP029 - BER242:

 26 m @ 0.91 Cu% + 105.30 Ag g/t + 7.14 Mn% + 0.63 Zn% (from 9m). 1.715% CuEq

Drilling Program Overview

The drilling program commenced on 10 July 2017. The program includes 66 drill holes for a total of 9,570 metres, targeting depths between 100 and 200 metres focusing primarily on the Berenguela central deposit area, with select drill holes targeting mineralisation outside of the area current Inferred Resource shell. To date, 24 holes for a total of 3,655m have been completed. The drill holes are spaced on 35m x 35m grid and were performed from 11 platforms (BEP-002, BEP-003, BEP-005, BEP-006, BEP-007, BEP-008, BEP-021, BEP-022, BEP-023, BEP- 025, BEP-029).

Figure 1 - 2017 Drilling Platform Map Table 1: Drillhole Results at the Berenguela Project*

Platform	Hole Id	Comments	From (m)	To (m)	Interval (m)	% eCu Excl Mn	Summary	%eCu Cutoff
BEP-006	BER223-17	4	11	7	0.851	7 m @ 0.69 Cu% + 17.44 Ag g/t + 1.16 Mn% + 0.17 Zn%	0.50
		26	49	23	0.963	23 m @ 0.54 Cu% + 41.17 Ag g/t + 4.31 Mn% + 0.5 Zn%	0.50
		66	69	3	0.624	3 m @ 0.26 Cu% + 40.47 Ag g/t + 3.43 Mn% + 0.37 Zn%	0.50
		79	90	11	0.735	11 m @ 0.43 Cu% + 28.11 Ag g/t + 4.36 Mn% + 0.38 Zn%	0.50
		113	175	62	1.574	62 m @ 0.6 Cu% + 109.92 Ag g/t + 8.98 Mn% + 0.97 Zn%	0.50
	BER224-17	4	47	43	0.582	43 m @ 0.42 Cu% + 16.69 Ag g/t + 2.26 Mn% + 0.18 Zn%	0.50
		65	92	27	0.531	27 m @ 0.35 Cu% + 19.70 Ag g/t + 2.1 Mn% + 0.19 Zn%	0.50
	BER225-17	5	68	63	1.570	63 m @ 1.08 Cu% + 40.84 Ag g/t + 7.62 Mn% + 0.66 Zn%	0.50
	BER226-17	10	45	35	1.640	35 m @ 0.62 Cu% + 90.35 Ag g/t + 12.6 Mn% + 1.31 Zn%	0.50
		52	61	9	0.886	9 m @ 0.63 Cu% + 25.03 Ag g/t + 4.38 Mn% + 0.3 Zn%	0.50
BEP-007	BER227-17	2	73	71	1.650	71 m @ 0.82 Cu% + 111.09 Ag g/t + 6.81 Mn% + 0.62 Zn%	0.50
		100	112	12	0.586	12 m @ 0.35 Cu% + 23.73 Ag g/t + 2.96 Mn% + 0.27 Zn%	0.50
	BER228-17	7	92	85	0.952	85 m @ 0.55 Cu% + 38.66 Ag g/t + 5.4 Mn% + 0.48 Zn%	0.50
	BER229-17	11	42	31	1.047	31 m @ 0.59 Cu% + 28.43 Ag g/t + 10.58 Mn% + 0.73 Zn%	0.50
		50	54	4	0.572	4 m @ 0.3 Cu% + 19.93 Ag g/t + 3.99 Mn% + 0.4 Zn%	0.50
	BER230-17	0	42	42	1.591	42 m @ 0.93 Cu% + 70.35 Ag g/t + 11.13 Mn% + 0.71 Zn%	0.50
BEP-008	BER231-17	0	5	5	1.009	5 m @ 0.47 Cu% + 31.94 Ag g/t + 7.93 Mn% + 0.88 Zn%	0.50
		25	65	40	0.733	40 m @ 0.43 Cu% + 19.17 Ag g/t + 5.82 Mn% + 0.48 Zn%	0.50
	BER232-17	1	6	5	2.063	5 m @ 1.19 Cu% + 71.58 Ag g/t + 15.74 Mn% + 1.19 Zn%	0.50
		30	37	7	0.819	7 m @ 0.45 Cu% + 20.44 Ag g/t + 8.65 Mn% + 0.62 Zn%	0.50
		96	102	6	0.849	6 m @ 0.57 Cu% + 27.93 Ag g/t + 3.07 Mn% + 0.32 Zn%	0.50
	BER233-17	0	17	17	0.719	17 m @ 0.46 Cu% + 19.82 Ag g/t + 3.9 Mn% + 0.37 Zn%	0.50
	BER234-17	0	23	23	1.101	23 m @ 0.73 Cu% + 33.39 Ag g/t + 5.12 Mn% + 0.47 Zn%	0.50
BEP-002	BER235-17	0	28	28	1.127	28 m @ 0.65 Cu% + 30.71 Ag g/t + 9.32 Mn% + 0.75 Zn%	0.50
		39	59	20	1.163	20 m @ 0.57 Cu% + 78.73 Ag g/t + 8.05 Mn% + 0.45 Zn%	0.50
		59	66	7	11.104	7 m @ 2.18 Cu% + 1,719.83 Ag g/t + 13.21 Mn% + 0.41 Zn%	0.50
	BER236-17	0	44	44	1.498	44 m @ 0.9 Cu% + 85.63 Ag g/t + 8.42 Mn% + 0.38 Zn%	0.50
BEP-023	BER237-17	21	32	11	0.600	11 m @ 0.31 Cu% + 47.80 Ag g/t + 1.27 Mn% + 0.11 Zn%	0.50
		35	46	11	1.464	11 m @ 0.86 Cu% + 94.43 Ag g/t + 10.49 Mn% + 0.29 Zn%	0.50
		67	71	4	1.638	4 m @ 0.68 Cu% + 139.62 Ag g/t + 9.02 Mn% + 0.58 Zn%	0.50
		81	85	4	0.654	4 m @ 0.45 Cu% + 22.43 Ag g/t + 3.74 Mn% + 0.21 Zn%	0.50
	BER238-17	18	36	18	0.990	18 m @ 0.56 Cu% + 65.28 Ag g/t + 7.43 Mn% + 0.23 Zn%	0.50
		82	92	10	1.182	10 m @ 0.79 Cu% + 61.03 Ag g/t + 3.98 Mn% + 0.19 Zn%	0.50
	BER239-17	30	57	27	1.723	27 m @ 1.01 Cu% + 117.80 Ag g/t + 8.73 Mn% + 0.26 Zn%	0.50
		88	100	12	1.828	12 m @ 0.82 Cu% + 177.05 Ag g/t + 5.27 Mn% + 0.26 Zn%	0.50
	BER240-17	26	43	17	1.948	17 m @ 0.76 Cu% + 214.60 Ag g/t + 9.24 Mn% + 0.24 Zn%	0.50
		43	49	6	3.221	6 m @ 2.96 Cu% + 34.65 Ag g/t + 13.04 Mn% + 0.2 Zn%	0.50
		75	80	5	0.744	5 m @ 0.46 Cu% + 37.80 Ag g/t + 4.19 Mn% + 0.21 Zn%	1.50
	BER241-17	20	61	41	1.334	41 m @ 0.69 Cu% + 113.22 Ag g/t + 4.84 Mn% + 0.15 Zn%	0.50

Platform	Hole Id	Comments	From (m)	To (m)	Interval (m)	% eCu Excl Mn	Summary	%eCu Cutoff
BEP-029	BER242-17	9	35	26	1.715	26 m @ 0.91 Cu% + 105.30 Ag g/t + 7.14 Mn% + 0.63 Zn%	0.50
		48	57	9	1.661	9 m @ 0.72 Cu% + 165.57 Ag g/t + 3.94 Mn% + 0.23 Zn%	0.50
	BER243-17	0	5	5	1.111	5 m @ 0.63 Cu% + 49.42 Ag g/t + 7.7 Mn% + 0.54 Zn%	1.50
		16	21	5	1.364	5 m @ 0.57 Cu% + 101.48 Ag g/t + 16.57 Mn% + 0.66 Zn%	2.50
		24	29	5	1.255	5 m @ 0.63 Cu% + 70.66 Ag g/t + 17.53 Mn% + 0.63 Zn%	3.50
		32	36	4	2.068	4 m @ 1.31 Cu% + 110.70 Ag g/t + 19.29 Mn% + 0.46 Zn%	4.50
		37	91	54	2.625	54 m @ 1.48 Cu% + 202.66 Ag g/t + 14.47 Mn% + 0.27 Zn%	5.50
		37	45	8	6.091	8 m @ 2.09 Cu% + 754.13 Ag g/t + 20 Mn% + 0.38 Zn%	6.50
		68	73	5	2.485	5 m @ 2.12 Cu% + 62.12 Ag g/t + 4.59 Mn% + 0.11 Zn%	7.50
	BER244-17	0	6	6	1.463	6 m @ 1.18 Cu% + 32.25 Ag g/t + 2.23 Mn% + 0.27 Zn%	8.50
		8	11	3	2.464	3 m @ 1.95 Cu% + 58.23 Ag g/t + 7.11 Mn% + 0.51 Zn%	9.50
		14	32	18	1.963	18 m @ 1.2 Cu% + 110.81 Ag g/t + 16.13 Mn% + 0.47 Zn%	10.50
		32	41	9	3.671	9 m @ 3.02 Cu% + 107.11 Ag g/t + 9.45 Mn% + 0.24 Zn%	11.50
		41	51	10	2.359	10 m @ 1.24 Cu% + 177.18 Ag g/t + 18.11 Mn% + 0.5 Zn%	12.50
		55	64	9	1.907	9 m @ 0.89 Cu% + 191.09 Ag g/t + 2.11 Mn% + 0.11 Zn%	13.50
	BER245-17	3	15	12	1.221	12 m @ 0.79 Cu% + 48.40 Ag g/t + 8.9 Mn% + 0.42 Zn%	8.50
		20	34	14	2.323	14 m @ 1.07 Cu% + 186.18 Ag g/t + 9.83 Mn% + 0.71 Zn%	9.50
		22	30	8	3.149	8 m @ 1.47 Cu% + 252.96 Ag g/t + 12.95 Mn% + 0.93 Zn%	10.50
		45	48	3	1.421	3 m @ 0.99 Cu% + 48.73 Ag g/t + 6.89 Mn% + 0.42 Zn%	11.50
		52	64	12	2.326	12 m @ 0.85 Cu% + 243.52 Ag g/t + 15.69 Mn% + 0.55 Zn%	12.50
		60	64	4	1.677	4 m @ 0.59 Cu% + 195.55 Ag g/t + 8.16 Mn% + 0.21 Zn%	13.50
	BER246-17	0	3	3	0.890	3 m @ 0.52 Cu% + 16.50 Ag g/t + 19.09 Mn% + 0.67 Zn%	0.50
		10	17	7	2.025	7 m @ 1.15 Cu% + 116.61 Ag g/t + 18.57 Mn% + 0.66 Zn%	0.50
		22	29	7	0.657	7 m @ 0.52 Cu% + 16.89 Ag g/t + 2.43 Mn% + 0.12 Zn%	0.50
		32	43	11	1.455	11 m @ 0.84 Cu% + 63.65 Ag g/t + 9.6 Mn% + 0.68 Zn%	0.50
		51	53	2	1.165	2 m @ 0.46 Cu% + 105.90 Ag g/t + 6.36 Mn% + 0.39 Zn%	0.50
		59	75	16	8.372	16 m @ 1.88 Cu% + 1,243.31 Ag g/t + 10.43 Mn% + 0.39 Zn%	0.50
		59	62	3	2.828	3 m @ 1.12 Cu% + 293.73 Ag g/t + 10.99 Mn% + 0.5 Zn%	0.50
		63	71	8	14.154	8 m @ 2.95 Cu% + 2,161.23 Ag g/t + 14.64 Mn% + 0.49 Zn%	0.50

*Intercepts are calculated using: True width intervals of the mineralisation are interpreted as being between 50-80% true widths from oriented RC drilling core and sectional interpretation

Copper equivalent (CuEq) calculations assume:

Base of Calculus	Units	Costs-LME (London Metal Exchange)	Recovery (%) Concentrate
Cu	US Dollars per tonne	6,353.50	0.85
Ag	US Dollars and cents per troy ounce	17.09	0.5
Zn	US Dollars per tonne	2,886.50	0.8

Mn grades are not considered for eCu calculus.