||The Tepal Project is located in Michoacan State, Mexico. The project is 70 kilometres west of Apatzigán and 170 kilometres south of Guadalajara, one of the largest cities in Mexico.
||Copper-gold porphyry with silver and molybdenum values.
||The town of Tepalcatepec in 15.5 kilometers from the property.
||Access and infrastructure are excellent, with paved roads, deep sea port access, and low topographical relief.
||The Tepal Project is comprised of five concessions totalling approximately 1,400 hectares (138 square kilometres).
||ValOro has acquired a 100% interest in the Tepal Property by way of an Option to Purchase Agreement with Arian Silver Corp.
||2.5% NSR payable to Minera Tepal S.A. de C.V. ValOro has a Right of First Refusal on the purchase of the NSR.