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There's another path through to the Valley, look up on the cliffs above before you hit the big mob of Orcs.
Most of the Gothic I links are in the Valley of Mines, really, and generally then only as out-of-the-way minor things and notes you can find to let you know what happened to Character X or the remains of Location Y that you can raid for fat loots, etc.
As a member of the Militia, I wouldn't suggest an excess of points spent on the smithing, but if you're the fletcher's apprentice you should really go heavy on the hunting. Lots of money to be gained there. As a member of either the Militia or the Mercenaries it's generally a good idea to check out all the abandoned mines(Like the mine areas near the bandit camp around Onar's farm.) for ore. This is especially important as a mercenary, but as a militia dude you can still learn how to craft a thing or two that's occasionally better than what you can buy/find.
Every time you finish a chapter, it's also worth it to go through the places you've been in the previous one, I'll note, since new monsters tend to spawn in old areas, occasionally even new treasure. It's also a good idea to sweep the entire chapter before you start a new one, since otherwise you can, later in the game, enter a dungeon to find it full of two or three chapters worth of spawns, rather than just one.
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