Balkans gold update

    Issued Capital:
    40,399,155 common shares

    Stock Exchange

    TSX Venture Exchange
    Symbol: EOX

    VANCOUVER, Jan. 31 /CNW/ - EurOmax Resources Ltd. ("EurOmax") is updating
the current status of activities on Balkans Gold Limited (Balkans) mineral
properties in Bulgaria from recent Balkans announcements. In October 2006
EurOmax announced the sale of three mineral properties to Balkans which
shortly thereafter listed on the Australian Stock Exchange. As a result of
this sale, EurOmax is the largest shareholder of Balkans with approximately
19% of its outstanding shares. The two corporations are working closely
together to maximize the value in their portfolio.
    OGOSTA: Balkans have commenced a diamond drilling program at Ogosta. The
first hole targeted Vein 9 at the Diva Slatina prospect and was designed to
test a multi-vein target below extensive historic gold workings. The second
hole targeted Vein 6 at Diva Slatina. Previous drilling and underground
exploration by a State exploration company reported high gold and silver
grades in multiple veins close to a dacite porphyry. Individual veins vary
from 1 to 3 metres wide. Several well mineralised veins were intersected in
both the first and second holes. Assay results from the first two holes are
awaited and drilling is continuing.
    BREZNIK: At Breznik a diamond drilling program has commenced with five
holes completed. No results are currently available.
    RAKITOVO: Balkans announced results of a two hole diamond drill program
at the Rakitovo prospect. The target was a quartz-sericite-pyrite alteration
zone which has been mapped over a strike length of 2 kilometres. This zone is
known to contain numerous oblique vein sets containing several metres of gold
and silver mineralisation. The first diamond hole MRC612 was drilled to a
depth of 137m and passed through old workings at 36m, while MRC613 was
completed at 96.90m and also passed through a void at 32m. Results included
5.1 metres grading 10.73 g/t gold and 21 g/t silver starting down hole at
28.8 metres in diamond drill hole MRC612 and 1.5 metres grading 5.07 g/t gold
and 30 g/t silver starting down hole from 8.2 metres. Balkans considers the
grades in the vicinity of the voids to be significant as higher grade material
is assumed to have been extracted by the historical miners.
    John Menzies, a qualified person as defined by National Instrument
43-101, supervised the preparation of the information in this release.

    "John Menzies"
    Chairman & CEO

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: John Menzies, Email:, Tel: (604) 669-5999

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