For those of you that are not aware- the recent ann's on Peru are simply to comply with ASX requirements as part of the recent capital raise & MBO arranged by CPS. The company blew through its maximum new share allocation & in order to get the placement away at the low price of .3- they had to demonstrate that they were still protecting existing shareholders interests by continuing work on Peru (where shareholders had invested plenty of the years)- ASX would not simply let them forget about Peru & farm in new projects - diluting existing holders entirely out.
Go back and read the original deal announcement - it will reference the need to undertake studies & provide feedback to the ASX on Peru within a period of time.
The Picha project has an old copper mine & smelter on site - it was acquired as part of the Lara acquisition when they bought B from SSR a few years ago.
COVID is still a huge problem in Peru - no drilling till 2022 minimum i would say.. previous MD of VAL has strong roots there and i remember him telling me how bad COVID had impacted local/ regional areas.
The increase in land holding recently announced is just the permits coming back- it takes about 2 years to get permitting approved in Peru- so this is just land hitting the books the previous MD pegged several years ago.
Smoke and mirrors gents- Trade but don't get caught.
@Yoda do you recon they would have got all their clients out yet that were in at a cent all those years ago as part of that horrible raise..... oppies are still in play i recon perhaps for the one last push before the game is up and the raise is on?
