EUROMAX REPORTS SECOND QUARTER RESULTS

TSX.V. EOX
Frankfurt. OMZ

VANCOUVER, Aug. 31 /CNW/ - EurOmax Resources Ltd (TSX‐V: EOX) EurOmax Resources (“Euromax” or the “Company”) reports that it has completed and filed its Second Quarter 2010 unaudited Financial Statements and Management Discussion and Analysis for the six months ended June 30, 2010.

During 2010, EurOmax has completed approximately 5,000 metres of drilling at Ilovitza, Kazandol, Breznik and Trun during the six months ended June 30, 2010. This compares to no drilling being conducted during the same period in 2009. Since June 30, 2010 EurOmax has continued drilling on four of its properties in South‐east Europe. Results for the ongoing extensive drilling are expected to be released in the next few weeks.

Euromax has working capital of $5,934,347 at June 30, 2009 compared to $8,628,342 at December 31, 2009.

The Company recorded a comprehensive loss for the six months ended June 30, 2010 of $1,653,914 ($0.01 per share), compared with $273,708 ($0.00 per share) for the same period in 2009. The comprehensive loss for the second quarter of 2010 was $442,339 compared to a net income of $40,038 in 2009.

The main differences in the loss are a result of increased administration charges of $514,409 and a foreign exchange loss of $259,531 in 2010. The administration charges include a severance payment of $247,500 in 2010 to the Company’s former Chief Executive Officer. The foreign exchange loss is a result of losses on cash reserves which are held in United States dollars and Euros. Much of the Company’s future expenditures will be denominated in Euros and United States dollars. In 2009 the Company had limited cash reserves. In addition in 2009 the Company had an unrealized gain on its investment in an Australian company of $430,000 while none was recorded in 2010.

In August 2010, the Special Committee of the board authorized the Company to enter into a written consulting contract with each of the Interim CEO & CFO and the Senior Vice President Exploration. In the Case of the Interim CEO & CFO, the contract provides that upon a change of control, the executive can terminate the contract within 30 days of the occurrence of the change of control, on one month’s written notice. In that event, the existing severance payment of 18 months’ fees will then be due. In the case of the Senior Vice President Exploration, the contract provides that upon a change of control, the executive will receive a retention bonus of 12 months’ fees if he does not terminate the contract within six months from the date of the change of control. The contracts are in customary form for agreements of this nature including non‐compete, non‐solicitation and confidentiality provisions.

Full financial results may be found at www.sedar.com or the Company's website.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD OF DIRECTORS

“Christopher A. Serin”

Director

CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING INFORMATION

This news release contains forward‐looking statements. Forward‐looking statements are statements that relate to future events or financial performance. In some cases, you can identify forward‐looking statements by the use of terminology such as “may”, “should”, anticipates”, ‘believes”, “expects”, “intends”, “forecasts”, “plans”, or the negative of these terms or similar terminology. These forward‐looking statements speak only as of the date of this news release and are based on current expectations of the Company’s management. These forward‐looking statements are only predictions and are subject to known and unknown risks, uncertainties and other factors, including: the possibility that the nominees of the Dissident will be elected, general economic and business conditions, risks associated with the exploration and development activities of the Company, competition for materials, equipment, qualified personnel and service providers, technological changes and developments in the industry and regulatory uncertainties and potential environmental liabilities. The Company cautions that the list of risks and assumptions set forth above is not exhaustive. All forward‐looking statements in this news release are qualified by these cautionary statements. These risks, as well as risks that the Company cannot currently anticipate, could cause the Company actual results, levels of activity or performance to be materially different from any future results, levels of activities or performance expressed or implied by these forward‐looking statements. Except as required by applicable law, the Company does not intend to update any of these forward‐looking statements.

SOURCE EurOmax Resources Ltd.

For further information: For further information:

about EurOmax Resources Limited please visit the Company's website: www.euromaxresources.com or contact Christopher Serin at 604‐657‐5364


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