TSX-V: EOX; OTCQX: EOXFF
VANCOUVER, July 24, 2012 /CNW/ - EurOmax Resources Ltd. (TSX-V: EOX; OTCQX: EOXFF): ("EurOmax" or the "Company") is pleased to
announce that it has been granted a concession for the exploitation of
mineral resources at its flagship Ilovitza copper-gold project (the
"Project") in the municipality of Bosilovo in South Eastern Macedonia,
(the "Exploitation Concession Agreement").
The Exploitation Concession Agreement was issued to EurOmax's
wholly-owned subsidiary by the Government of Macedonia, represented by
the Prime Minister, Nikola Gruevski and Minister of Economy, Valon
Saracini, on 24 July 2012 at a formal signing ceremony in Skopje
attended by members of the Company's senior management, the Prime
Minister and the Minister of Economy.
The Exploitation Concession has been issued on the basis of:
A mineral resource report;
A conceptual study of the development of Ilovitza, which included
geo-mechanical, mineralogical and metallurgical reports and studies;
An Environmental Impact Statement ("EIS"), which included geochemical,
hydrochemical and hydro-geological reports;
A public consultation in respect of the EIS on 1 November 2011 in the
Municipality of Bosilovo;
A cadastral report for the Exploitation Concession area including the
area covered by the mining activities and proposed open pit.
The granting of the Exploitation Concession was supported by the
positive opinions of the Ministry of Economy, Ministry of Agriculture,
Forestry and Water, Ministry of Transport and Communications, Ministry
of Culture and Municipality Administration.
The Exploitation Concession has been granted under the rules and
regulations of the Law on Mineral Raw Materials in Macedonia and as
such has an initial term of 30 years, is subject to royalties of 2% of
the market value of metal contained in concentrate and a land usage fee
of 180,000 Macedonian Denar per square kilometer (approximately USD
5,000 per annum based on current exchange rates and a concession area
of 1.68 km2).
The Company is advancing a Preliminary Economic Assessment ("PEA") using
the findings of the conceptual study referred to above to outline the
economics of the project in different operating scenarios, through-puts
and different cut off grades further to its Technical Report announced
on 18 May 2012. The PEA is due to be completed by year-end.
Additionally, in parallel with the development of the PEA and as
previously announced on 17 May and 14 June, the Company is continuing
its step out and in-fill drilling programmes and metallurgical test
work to advance the Ilovitza Project toward a Preliminary Feasibility
Study ("PFS") level, which it anticipates completing by mid-2013.
Commenting on today's announcement, Steve Sharpe, President & CEO of the
"This is a very important milestone in EurOmax's transition from a pure
exploration company into a development and exploration company. The
newly established management team at EurOmax is now fully empowered to
kick-start the detailed work that will enable Ilovitza to be developed
in a timely manner and to world class technical and environmental
standards that will be ultimately be beneficial to all stakeholders.
I would personally like to thank Prime Minister Gruevski and Minister
Saracini for their support throughout this process and on a broader
note the dynamism and pragmatism of the Macedonian authorities as a
whole, in facilitating this first step towards the development of
Ilovitza. I firmly believe that this is a very positive development
for Macedonia, not only in terms of the direct investment and long-term
job creation, but also in a broader sense by raising the profile of
Macedonia on the international stage. Firstly, in terms of the
international capital markets and secondly but perhaps most
importantly, by being recognised as facilitating the socially and
environmentally responsible development of its natural resources."
About EurOmax Resources Ltd.
EurOmax is a Canadian exploration and development Company with three
gold and base metal assets in Macedonia, Bulgaria and Serbia. We are
focused on identifying, acquiring and developing mineral resources in
South Eastern Europe with the objective of becoming a world-class
mining company in the region. Our strength is our local staff,
knowledge and technical expertise in Bulgaria, Serbia and Macedonia.
This news release contains forward-looking statements including but not
limited to statements regarding the Company's plans for its Ilovitza
Project, including the PEA and the PFS. In making the forward-looking
statements in this release, the Company has applied certain factors and
assumptions that are based on information currently available to the
Company as well as the Company's current beliefs and assumptions made
by the Company, including that the Company's drilling and geological
interpretations are reasonable, that the results of the Company's
exploration activities will be consistent with management's
expectations, that the Company will be able to obtain the necessary
supplies, equipment, personnel and any financing required to carry out
its planned exploration and development activities and that the
Company's exploration and development activities, including receipt of
permits and approvals from government agencies and interested parties,
will proceed as expected. Although the Company considers these
assumptions to be reasonable based on information currently available
to it, they may prove to be incorrect, and the forward-looking
statements in this release are subject to numerous risks, uncertainties
and other factors that may cause future results to differ materially
from those expressed or implied in such forward-looking statements.
Such risk factors include, among others, that data and assumptions
underlying drilling and geological interpretations may prove to be
inaccurate, incomplete or to have been incorrectly interpreted, delays
in receiving assays, that the Company will not be able to obtain the
necessary supplies, equipment, personnel and any financing required to
carry out its planned exploration and development activities and that
results of the Company's exploration activities will not be consistent
with the Company's expectations. Readers are also encouraged to review
all Company documents filed with the securities authorities in Canada,
including the Management Discussion and Analysis in respect of the
Company's recent financial statements under the heading "Operational
and Other Business Risks", which documents describe material factors
and assumptions and risks that apply to the forward-looking statements
in this release. Readers are cautioned not to place undue reliance on
forward-looking statements. The Company does not intend, and expressly
disclaims any intention or obligation to, update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.
Patrick Forward, a technical consultant to the Company and a Qualified
Person as defined by NI 43-101, reviewed and approved the technical
information contained in this news release.
Neither the 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.
SOURCE: EurOmax Resources Limited
For further information:
Steve Sharpe, President & CEO
+44 (0)20 3178 6511
Karen Atchison, Manager, Investor Relations
+44 (0)20 3178 6514
For further information please visit www.euromaxresources.com