I would tend to agree with Cees that it could be the result of an earlier catastrophic failure of the engine valvegear before I bought the car. I have not found myself any metal debris in the engine either. My engine was fully rebuilt 4 months ago and has done more that 2500miles since. Runs fine apart from the valve gear noise. When I have the valve clearances adjusted noise seems to become much less only to come back soon afterwards, after covering a few km. Surely there is no interference between valve cover fixing brackets and camshaft. Only thing I regret , when engine was being rebuilt , was failing to note the state of the engine breather channel inside the valve cover. These severe dents must have been there and nobody noticed them. I will clean the valve lifters and paint their ends white , then would run the engine for some 200km and reinspect, just to see if any of the paint would be scraped off. I should however look for alternative ways of curing the valve-gear noise, especially audible at idle speed...... thanks you all for the inputs, will update on the progress -if any-......