The company said it intends to use the proceeds to fund the first stage of a development program at its Ilovitza copper-gold porphyry project in Macedonia and for general working capital purposes.

EurOmax has three core properties in Bulgaria, Serbia and Macedonia, and is transitioning from a pure exploration play, currently listed on the TSX-Venture Exchange, to an exploration and development company with a London listing in early 2013.

"We'll certainly not abandon Toronto," EurOmax's chief executive Steve Sharpe told Proactive Investors.

"We may think about a listing on the main TSX board at some point but it's certainly the intention to keep the dual listing.

"There's a very simple rationale behind this - we don't believe EurOmax gets the appropriate value for the ounces that it has.

"There's an enormous amount of value in the North American market: the TSX and the TSX-Venture have a deep understanding of mining.

"In 5 years' time we want this to be a European gold producer with a principal listing in London. There's a unique place in the London market for a European gold producer."

Regarding the newly-announced private placement, certain insiders of the company may acquire securities and there are no warrants in this offering, which is subject to the approval of the TSX Venture Exchange.

EurOmax has also granted a total of 8.63 million stock options to directors, officers, consultants and employees of the company, which are exercisable for five years at a price of $0.20 per share. Insiders of the company were granted a total of 5.2 million options.

Sharpe, who will be based in London, recently joined EurOmax from European Goldfields, which was acquired by Eldorado Gold (NYSE:EGO) (TSE:ELD) for $2.5 billion in late 2011.

As chief executive, Sharpe outlined the initial steps in his strategy.

"Our immediate plan is to upgrade the quality of these resources. That will lend additional value to the properties in Bulgaria and Serbia."

Sharpe said that advancing Illovitza would show the market the company has "the wherewithal to advance projects from exploration through to development and production."

Illovitza is EurOmax's most advanced asset. In April, EurOmax unveiled an updated NI 43-101 resource giving an indicated sulphide and mixed mineral resource of 22 million tonnes comprising 224,000 ounces of gold at an average grade of 0.31 grams per tonne (g/t) and 112 million pounds copper at an average grade of 0.23%.

On an inferred basis, the sulphide and mixed mineral resource was 374 million tonnes comprising 3.84 million ounces gold at an average grade of 0.32 g/t and 1.74 billion pounds copper at an average grade of 0.21%.

"Ilovitza is in very close proximity to European Goldfields' flagship Skouries project and our technical review indicates that it bears very similar characteristics.

"It is in an excellent area in terms of infrastructure and the interaction with the Macedonian authorities has been overwhelmingly positive."

EurOmax's Sharpe was also "pleasantly surprised" by the characteristics at Trun, an intrusion-related gold project in Bulgaria.

A January 2011 NI 43-101 report outlined an inferred resource of 2.1 million ounces of gold at the Logo target within Trun.

"At Trun, the work that has been done indicates that it is amenable for phased development. It's the perfect ancilliary project to run alongside Illovtiza.

"It could be characterized as being what Olympias was to Skouries at European Goldfields.

"We're enormously excited about this opportunity. The team we met in country has been outstanding, and the technical ability is first rate."

Sharpe also recognized EurOmax's chief operating officer Mark Gustafson's work on bringing the company to its current stage.

"Also I'd like to thank Mark for his tireless efforts in putting the company into the shape that it is now, such that it is perfectly poised to move up the developmental curve."

Multiple new targets defined by magnetic, induced polarization and resistivity data collected in late 2011 will be tested by an 8,000 meter diamond drill program at KMC in 2012, the company said.

"We are very pleased that drilling has commenced at KMC," EurOmax chief geologist and director Dr. Quinton Hennigh said.

"The KMC Project covers a vast center of mineralization that we believe is grossly underexplored. Over the next six months, we will drill approximately 8,000 meters of diamond core on multiple new well-defined targets, including skarns, breccia pipes and intrusives."

The first KMC drill hole, EOKSC-1246, was completed to a depth of 541 meters. The hole was designed to test a "prominent magnetic anomaly" located about 2 km north of the Copper Canyon copper-gold skarn system.

Although previous interpretations suggested this area to be underlain by unmineralized serpentinites, the company said hole EOKSC-1246 intercepted "extensive pyroxene-epidote skarn beginning at about 380 meters after crossing a major structural zone."

This skarn was accompanied by variable amounts of sulphides, mainly pyrite with lesser chalcopyrite, EurOmax added.

The company expects to receive assays for this hole in 6 to 8 weeks.

A second hole, EOKSC-1247, is in progress in the northern part of the project testing the Medenovatz target. This hole is vertical and has a planned depth of 500 meters.

EurOmax said nearby historical drill holes intersected "extensive lead-zinc-silver mineralization", and copper-gold mineralization in underlying skarns within a few hundred meters of hole EOKSC-1247. Numerous ancient silver mines are also present, the company said.

Completion of this hole is expected in several weeks.

Beginning at the end of May, the company will also be undertaking a detailed gravity survey to complement its geophysical database that includes detailed ground magnetics and IP-resistivity.

It is anticipated that this gravity data will better define areas underlain by intrusive rocks, possibly mineralized, that will also be tested by drilling this season.

KMC is in a large, Tertiary-aged precious and base metal district located in southwest Serbia in an area with "excellent infrastructure", the company said.

To date, drilling has identified extensive copper-gold skarn, gold skarn, and gold-bearing siliceous breccias in several locations.

The company believes one or multiple buried porphyry intrusions, perhaps also mineralized, may be the source for these widely occurring mineralized zones.

At Ilovitza, EurOmax has started a 4,000 meter step-out diamond drill program. IP-resistivity data indicates significant potential for expansion of the resource to the south, southeast and east of the conceptual pit, the miner said.

Although extensions of mineralization in these directions might prove to be somewhat deeper than the presently estimated resource, the conceptual pit produced through resource modeling would strip much of the overburden in these areas, potentially making expansion of the current resource estimate possible if exploration proves successful.

The first hole, EOIC-1229, a vertical step-out hole situated about 200 meters south of the nearest hole, is presently at a depth of about 400 meters.

Ilovitza is a Tertiary copper-gold porphyry system, part of a province of such deposits in Macedonia and Greece that includes the gold-copper Skouries deposit, owned by Eldorado Gold (TSE:ELD), in Greece.

The project is easily accessible by paved road, is near a rail line and just 75 km from a port facility.

In April, EurOmax reported an NI 43-101 compliant sulfide and mixed mineral resource estimate of 112 million pounds copper and 224,000 ounces gold in the indicated category, and 1.74 billion pounds copper and 3.84 million ounces gold in the inferred category, at a 0.25% copper equivalent cut-off.

The oxide mineral resource estimate was 21,000 ounces gold in the indicated category and 361,000 ounces gold in the inferred category at a 0.25 grams per tonne cut-off.

EurOmax is a Canadian company with three core properties in Bulgaria, Serbia and Macedonia.

The company also sold Thrace Resources, an indirectly held wholly-owned subsidiary that holds the mineral rights for the Breznik and Rakitovo projects.

EurOmax said recent drilling at Trun has led to a high-grade silver discovery. Drilling on the KD Zone at Little Hill, the southernmost of two granite intrusions on the property, returned 12.8 metres at 975 grams per tonne (g/t) silver, including 3.0 metres at 3,450 g/t silver in diamond drill hole 12132.

Hole 12132, along with holes 12133 (8.3 metres at 228 g/t silver) and 12143 (7.1 metres at 268 g/t silver), targeted a high-grade silver shoot approximately 120 metres long in the southern part of the KD zone.

The zone is a north-trending, 1.0 km-long structural corridor being targeted by EurOmax for near-surface precious metal mineralization. The true width of the shoot is approximately 7 metres and the deepest intercept occurs approximately 88 metres below surface, the company said.

"We are very pleased with results from this high-grade silver shoot at Trun," EurOmax's chief geologist Dr. Quinton Hennigh said.

"The KD zone is part of a long list of mineralized zones recognized across this very large project. At least seven significant zones of near-surface gold and/or silver mineralization have now been identified at Trun."

EurOmax said that recent drilling at Little Hill includes 16 diamond drill holes testing shallow parts of the KD mineralized zone, four holes testing the Zlata vein system and one hole testing the K2 target.

In addition to the high-grade silver intercept, diamond drill hole 12132 also encountered significant gold mineralization, including 20.1 metres at 1.25 g/t gold beginning at a down hole depth of 88.9 metres. This lower gold zone appears to parallel the high-grade silver zone above, EurOmax said.

And further north from the high-grade silver shoot, several diamond drill holes found significant gold mineralization along the KD zone. Results included 15.8 metres at 1.17 g/t gold in hole 12137, 20.4 metres at 1.07 g/t gold in hole 12140 and 19.1 metres at 1.37 g/t gold in hole 12146.

Of the four holes that tested the Zlata vein system, hole 11128 produced the best results, with 21.1 metres at 0.72 g/t gold and 9.0 g/t silver.

A single diamond drill hole, 12144, tested the eastern margin of the K2 zone, but failed to encounter significant mineralization, the company said.

Meanwhile, recent drilling at Big Hill, the northernmost granite intrusion on the property, includes 11 diamond drill holes infilling shallow parts of the Logo zone, one hole testing the northern extension of the Ruy zone, and one hole testing an area immediately west of the Tumba target.

Ten of the 11 shallow infill holes drilled at Logo encountered significant gold mineralization. The best results included 7.2 metres at 1.16 g/t gold in hole 12130, 16.0 metres at 1.00 g/t gold in hole 12151 and 10.0 metres at 1.15 g/t gold in hole 12155.

EurOmax is nearing completion of the present drill campaign at Trun. Approximately 5,000 metres of diamond core have been drilled since the beginning of the year.

The final drill holes of this program will test parts of the Nadejda, Ruy and Tumba zones, where drilling in 2011 hit significant intercepts of gold mineralization, the company said.

At least one additional hole will test deeper parts of the high-grade silver shoot at KD. Results from all remaining holes are expected to be received by late June.

The commercial discovery certificate application for Trun will include all drilling and metallurgical results from the current drill program, a final exploration report, a preliminary scoping study (non-NI43-101 compliant), a preliminary environmental impact assessment, and detailed maps for the area covered by the application, among other items.

The formal application is slated to be submitted in early July, with all documentation required expected by the end of June.

This is the same process followed by EurOmax for the Breznik commercial discovery certificate application, the miner said.

EurOmax also said Monday it has sold its indirectly held subsidiary, Thrace Resources EOOD, which holds the mineral rights for the Breznik property and the Rakitovo property.

Thrace was sold to a private company for payments that will total C$3.5 million, if certain milestones are achieved, and a 1.5% net smelter return on the first 330,000 ounces of gold and 970,000 ounces of silver produced at the Breznik property.

An initial payment of C$1.5 million has already been received, the company said.

A second payment of C$1.0 million is payable if a positive Environmental Impact Assessment decision on the Breznik project isobtained, and a third payment of C$1.0 million is payable if a mining concession for the Breznik project is granted.

The Breznik gold-silver project in Bulgaria consists of a hydrothermal system covering an area of 3.5 by 1.5 kilometres. The project includes eight zones of mineralization, which includes a high-grade gold and silver vein system that has been traced for 2.5 kilometres, and drilled to a depth of 150 metres.

Breznik has an NI 43-101 inferred resource of 463,217 ounces of gold at 5.91 g/t using a cut-off of 2.0 g/t gold and 2.1 million ounces silver at an average grade of 26.78 g/t.

EurOmax is a Canadian company with three core properties in Bulgaria, Serbia and Macedonia and is focused on identifying, acquiring and developing mineral resources in Southeastern Europe.

Full details of the drilling results can be found at: http://www.euromaxresources.com

Using a 0.25% copper equivalent cut-off, EurOmax said the pit-constrained indicated sulphide and mixed mineral resource of 22 million tonnes comprises 224,000 ounces ounces of gold at an average grade of 0.31 grams per tonne (g/t) and 112 million pounds copper at an average grade of 0.23%.

An inferred sulphide and mixed mineral resource of 374 million tonnes comprises 3.84 million ounces gold at an average grade of 0.32 g/t and 1.74 billion pounds copper at an average grade of 0.21%.

The company said that oxide resources on the near surface oxide gold deposit at the project, using a 0.25 g/t gold cut-off, were 21,000 ounces gold at an average grade of 0.35 g/t for 1.9 million tonnes in the indicated category and 361,000 ounces gold at an average grade of 0.34 g/t for 33 million tonnes.

"This updated resource is another significant milestone for our company since we announced retaining 100 percent control over the Ilovitza Project two months ago,” EurOmax chief executive Mark Gustafson said.

"The Ilovitza project hosts one of the largest published mineral resource estimates in Macedonia, a jurisdiction that is proving to be favourable to mineral exploration and development.

"This resource estimate includes 112 million pounds of contained copper and 245,000 ounces of contained gold in the indicated category, and 1.74 billion pounds of contained copper and 4.2 million ounces of contained gold in the inferred category, at the cut-off grades reported above."

Wednesday's resource estimate update is the first since the company’s original estimate from 2008, which gave inferred resources of 303 million tonnes containing 1.6 billion pounds copper and 2.6 million ounces gold.

The latest update includes approximately 7,400 metres of additional drilling completed in 2010 and 2011. The updated resource estimate consists of sulphide and mixed resources, which is comprised of gold, copper and molybdenum, and oxide gold resources.

Ilovitza is a tertiary copper-gold porphyry system, part of a province of such deposits in Macedonia and Greece that includes Eldorado Gold's (TSE:ELD)(NYSE:EGO) gold-copper Skouries deposit in Greece. Ilovitza is easily accessible by paved road, is near a rail line and just 75 kilometres from a port facility.

In terms of advancing the project, EurOmax is planning a 4,000 metre step-out drill program at Ilovitza in April. Modeling work indicates significant potential for expanding the resource to the east, southeast and south of the conceptual pit, the company said.

Although extensions of mineralization in these directions might prove to be somewhat deeper than the presently estimated resource, the conceptual pit produced through resource modeling would strip much of the overburden in these areas, potentially making expansion of the current resource estimate possible if exploration was successful, EurOmax said.

EurOmax's chief geologist and director Quinton Hennigh added: "EurOmax has a great track record of discovery in southeastern Europe, and the sizeable resource estimate we have announced for Ilovitza today is a testament to the organic growth that is possible from our dedicated team of explorers.

"We believe that we may be able to further increase the estimated Ilovitza resources by pursuing step-out drilling along the eastern and south-eastern margins of the deposit. Two holes announced last year, EOIC-1125 and EOIC-1128, encountered intervals of higher grade mineralization along the eastern margin of the deposit.

"We believe these holes indicate that the core of the system could potentially be in this area, and we plan to test this with our drilling program this year."

EurOmax is a Canadian company with three core properties in Bulgaria, Serbia and Macedonia, focused on identifying, acquiring and developing mineral resources in southeastern Europe.

The latest resource estimate was completed by Sue Bird of Moose Mountain Technical Services.

KMC - which is 100 percent-controlled by EurOmax - is in a large, Tertiary-aged precious and base metal district located in southwest Serbia in an area with "excellent" infrastructure, the company said.

To date, drilling has identified extensive copper-gold skarn, gold skarn, and gold-bearing siliceous breccias in several locations.

EurOmax said it believes one or multiple buried porphyry intrusions, perhaps also mineralized, may be the source for these widely occurring mineralized zones.

In April, a planned 8,000 metre diamond drill program will test multiple new targets defined by magnetic, induced polarization and resistivity data collected in late 2011.

"Now that we have analyzed our comprehensive geophysical dataset from KMC, we are planning an aggressive drill program to test multiple new drill targets at our KMC project," said EurOmax's chief geologist and director Dr. Quinton Hennigh.

"Previous drilling at KMC has already identified a robust copper-gold skarn system at Copper Canyon. Our new dataset clearly indicates the presence of at least seven additional large geophysical anomalies similar in nature to Copper Canyon. Some of these are associated with strong surface geochemical anomalism.

"Beginning in late April, we will undertake systematic drilling of these new targets that we believe could generate significant results at KMC."

Drilling at KMC since 2006 led to the discovery of a significant zone of copper-gold skarn mineralization at Copper Canyon in the southern part of the property. Mineralization includes gold skarn, copper-gold skarn and gold mineralization hosted by silica stockwork, occurring in an area measuring nearly one kilometre east-west and 0.5 kilometres north-south.

Although Copper Canyon alone represents a significant zone of mineralization, multiple other targets have now been identified across the property and will be the subject of drilling this year.

An extensive geophysical program, including approximately 70 kilometres of induced polarization-resistivity lines and detailed ground magnetics surveys, was completed at KMC in the fall of 2011.

Processed magnetic data suggests the presence of as many as eight large magnetic anomalies on the 42 square kilometre property, the largest of which measures nearly two kilometres long and 1.5 kilometres wide.

Among the highlights of EurOmax's 2011 drilling campaign, four of five diamond drill holes completed in the Copper Canyon area intersected significant mineralization including hole EOKSC1141, which returned 67.6 metres of skarn mineralization grading 1.18 grams per tonne(g/t) gold.

A second step-out hole, EOKSC1142, was drilled approximately 150 metres further west from EOKSC1141 and intersected multiple intervals of skarn mineralization including 53.8 metres at 0.74 g/t gold and 47.3 metres at 0.84 g/t gold.

In addition, three holes, EOKSC1143, EOKSC1144 and EOKSC1145 were drilled approximately 450 metres southwest, 400 metres west and 300 metres west-northwest of the Copper Canyon Zone, respectively. Each of these holes tested IP anomalies, the company said.

Last month, independent equity research firm First Berlin said it expects positive news for EurOmax that could push it into a "different league". First Berlin started coverage of EurOmax with a "buy" rating and $0.45 price target.

EurOmax is a Canadian company with three core properties in Bulgaria, Serbia and Macedonia.

Friday, EurOmax shares closed at $0.22. Over the past three months the stock is up 12 percent.

EurOmax Resources is a Canadian company focused on gold and copper exploration in the resource rich region of Bulgaria, Macedonia  and Serbia. It is currently advancing three core properties: Trun in Bulgaria, KMC in Serbia and Ilovitza in Macedonia.

It has an NI 43-101 compliant resource base in excess of 5 million ounces of gold at 0.90 grams per tonne.
In a research note, First Berlin analyst Simon Scholes said: "We expect newsflow to push EurOmax’s valuation higher this year.

"First, we expect positive news on the resource base with the publication of updated resource estimates for the Ilovitza and Trun  properties. Second, there is a significant chance that the current drilling programme at the KMC property will yield a major gold  discovery in submerged porphyry intrusions."

First Berlin said that EurOmax is "very conservatively" valued relative to its peers which may be the legacy of a 2010 proxy battle that resulted in a new management team joining the company and a focus on fewer properties - from around half a dozen properties to the current three.

The independent research firm said that the company's existing inferred NI 43-101 compliant gold resources are likely to amount to over five  million ounces, which is "a high figure" for an exploration company at EurOmax’s stage of development.

In terms of opportunities, the First Berlin analyst said that the discovery of porphyry-source KMC skarn mineralization "could catapult EurOmax into a different league".

KMC is a very large copper-gold skarn system. EurOmax’s management believes that the skarn mineralization is being driven by  hydrothermal activity arising from one or more submerged porphyry intrusions. Data from autumn 2011 geophysical work carried out at  KMC suggests the presence of seven buried intrusions.

One or more of these intrusions at KMC could be the porphyry source of the skarn system. In this case, the scale and grade of gold mineralization would potentially be considerably higher than that encountered by EurOmax so far, said First Berlin.

First Berlin's Scholes also said that EurOmax has the potential to expand the resource estimate at Trun.

The pre-revision resource estimate of 2.1 million ounces of gold at Trun from January 2011 is based solely on the Logo target. But there are 10 other targets at Trun - three at the more northerly Big Hill intrusion and seven at the K2 (Little Hill) intrusion to the south.

EurOmax drilled a further 10,600 metres at Trun in 2011 and is currently engaged on a further 6,000 metre drilling program,  completion of which is scheduled for the end of May.

These two drilling programs have included Logo and most of the other targets at both Big Hill and Little Hill. An updated NI 43-101  compliant resource estimate is scheduled for the fourth quarter, First Berlin said.

First Berlin also said that the recent clarification of the ownership position at KMC and Illovitza has lent additional momentum to their development.

"In early September, we decided to increase this year’s drill program from the originally planned 4,000 meters to over 10,000 meters in order to follow up on extremely encouraging drill results on multiple newly identified gold zones at Trun,” said the company's technical advisor, Dr. Quinton Hennigh.

"We are very pleased with these new results, which validate that decision, and look forward to more results over the next few months."

The latest results include 66.7 metres at 1.23 grams per tonne (g/t) of gold, including 14.8 metres at 2.28 g/t gold from hole MTC-1192, a step out  hole drilled at the Ruy target, which is located at the Big Hill intrusion in the northern part of the Trun property.

Earlier this year, the company announced an intercept of 87 metres at 2.14 g/t gold in hole MTC-1174 from the Ruy target, a 500 metre wide gold-in-soil anomaly.

The newest hole, MTC-1192, is located roughly 50 metres northwest of MTC-1174. With the results of these two holes, the company said it now appears the Ruy gold zone trends north-northwest.

Meanwhile, diamond drill hole MTC-1198, located around 50 metres southeast of MTC-1174, encountered 28.3 metres at 0.35 g/t gold. EurOmax said that this intercept is thought to be from a separate zone lying underneath that found in holes MTC-1192 and MTC-1174.

Two additional step out holes have also recently been completed, with results still  pending. Data from these holes is expected to help determine the exact geometry and size of the Ruy gold zone, the company said.

In addition to this zone, seven holes tested various parts of the northwest-striking K2 gold zone located at Little Hill in the southern part of the Trun project.

The longest interval from the K2 gold zone returned 100.5 metres at 0.50 g/t gold from drill hole MTC-1191, with four other holes also returning significant intervals of gold mineralization, the company said.

"Although gold grades from K2 are relatively low, most of the mineralization is near-surface and oxidized," EurOmax said in a statement.

Results from the latest K2 zone drill holes, coupled with previous drilling, show the target continues over a strike length of 600 metres, with thickness of approximately 50 metres.

Gold mineralization at Trun shows striking similarities to that of "tombstone-type" gold deposits in the Tintina Gold Belt of the Yukon and Alaska, including the Fort Knox gold deposit in Alaska and the Eagle gold deposit in Dublin Gulch, Yukon.

EurOmax has 100 percent control over approximately 67 square kilometres centered on the Big Hill and Little Hill granite intrusions, each consisting of several gold-in-soil anomalies.

So far, the company has defined NI 43-101 compliant resources in the northeastern margin of the Big Hill intrusion at the north of the property. The Logo resource at Trun holds 2.1 million contained inferred ounces, from 91 million tonnes at a grade of 0.70 g/t gold, at a 0.30 g/t gold cutoff.

Results include 345 metres of 0.24% copper and 0.32 grams per tonne (g/t) of gold, including 153 metres of 0.3% copper and 0.45 g/t gold in hole EOIC-1126.

This hole, which was drilled vertically to a depth of 545 metres, closes a 200-metre wide gap with no drilling in the southwest quadrant of the porphyry, the company said.

Drill hole EOIC-1127, also vertical, was drilled near the southern margin of the deposit and encountered 413.6 metres of sulfide mineralization grading 0.19% copper and 0.20 g/t gold.

Meanwhile, results from hole EOIC-1128, a hole collared around 100 metres east of hole EOIC-1125 and drilled to a depth of 635 metres, are expected by the end of the year.

EurOmax exercised an option to acquire a 100 percent interest in the Ilovitza property from a major international mining company, subject to a back-in right that has to be exercised within 90 days of a 10,000 metre drilling commitment being met.

This company said this drilling commitment has now been realized, and the other party therefore has until January 23, 2012 to either relinquish all interests in the property or to acquire a 70 percent interest.

If the back-in right is exercised, EurOmax will receive a payment of two times the company's expenditures on the property, which have been approximately $3 million to date, it said. In addition, the major international mining company will carry EurOmax’s 30 percent interest through to completion of a final feasibility study.

Technical advisor to the company, Dr. Quinton Hennigh, said: "Not only are we pleased with continued good drill results from Ilovitza, we are looking forward to resolution on our ownership interest in this project."

EurOmax is a Canadian company with three core properties in Bulgaria, Serbia and Macedonia.

Notable results from its ongoing 2011 drill campaign included hole MTC1178, which was drilled to a vertical depth of 445.1 metres on the Tumba target, and found 8.0 metres grading 7.34 grams per tonne (g/t) gold, including 1.2 metres grading 44.1 g/t gold.

Further drilling to confirm the results at this hole, which also returned 9.0 metres of 4.14 g/t gold, is planned.

Hole MTC1180, intended to test the KD zone, was drilled at a 75-degree angle to the west. The diamond drill hole returned 44.8 metres grading 1.32 g/t gold and 4.1 g/t silver, including 3.48 g/t gold and 9.2 g/t silver over 14.6 metres.

This hole was drilled under the previously announced trench 11117, which returned 69 metres grading 0.99 g/t gold and 2.5 g/t silver. Two additional holes, MTC1182 and MTC1184, were drilled along strike of the KD zone and are awaiting results, the company said.

Meanwhile, two step-out holes on the Logo extension tested the northern portion of the resource. Hole MTC1183 returned 55.0 metres grading 0.51 g/t gold, including 6.0 metres grading 1.1 g/t gold.

"The objective of our summer 2011 drill program was to test multiple new targets at Trun and we are very pleased with our results to date," said Dr. Quinton Hennigh, the company's technical advisor.

"Including our results announced earlier this summer from the Ruy and Nadejda targets, combined with the results from the Tumba and KD targets, we are clearly demonstrating the resource potential at Trun.

"We look forward to additional drill programs to fully explore Trun's large and complex gold system."

According to the company, the Trun deposit displays striking similarities to popular gold deposits like the Fort Knox gold deposit in Alaska and the Eagle gold deposit in Dublin Gulch, Yukon.

At its completion, the 2011 drill program will have drilled 4,000 metres of diamond core holes, intended to test the extensions of the Logo resource and the K2 zone, along with at least six previously untested gold-in-soil anomalies.

Geophysical surveys, including magnetics and induced polarization-resistivity, have also been also completed over the southern part of the property, the company said.

The current NI 43-101 compliant resource at the Trun project includes 2.1 million ounces of gold, or 91 million tonnes at 0.7 g/t gold.

Highlights from results, part of the 4,00 metre, 2011 diamond drill program at the site, include 0.29% copper and 0.46 grams per tonne (g/t) of gold over 187 metres in hole EOIC-1123.

In addition, 187.4 metres of 0.23% copper and 0.39 g/t gold were drilled in hole EOIC-1125, the eastern-most hole drilled to date at the project, including 102.4 meters at 0.28% copper and 0.56 g/t gold.

The mineral exploration company said all three step-out holes were drilled on the eastern side of the deposit, where it currently remains open.

"Although sulfide mineralization does not reach surface here, it is clear that the deposit remains wide open in that direction," said technical advisor to EurOmax, Dr. Quinton Hennigh.

"Our 2011 drilling program has now expanded the footprint of known mineralization by about 20-25%."
Moreover, hole EOIC-1124, drilled vertically along the northeast edge of the deposit, encountered 162 meters at 0.18% copper and 0.25 g/t gold.

Ilovitza is a tertiary copper-gold porphyry system, part of a province of such deposits in Macedonia and Greece that includes the 4 million ounce gold and 800,000 tonne copper Skouries deposit in Greece.

EurOmax holds an option on the project from an international mining company, and the property is subject to back-in rights once a certain drilling commitment has been met, it said.

Under the amended deal, the unnamed mining company agreed to give up its option to buy a 70% stake in the KMC property, in exchange for a 2% net smelter royalty on gold, and a 1.5% net smelter royalty on all base and precious metals other than gold. 

EurOmax said, through its subsidiary, it now owns a 100% interest in the KMC property, subject to the aforementioned royalty obligations.

"This is a significant milestone for EurOmax," said EurOmax chief executive Mark Gustafson in a statement. "Elimination of this back-in right allows us better control over exploration and development activities at KMC, including this year's geophysical and drilling program."

KMC, which is situated southwest Serbia, is a big Tertiary-aged precious and base metal district. 

Currently to date, multiple drill holes have identified extensive copper-gold skarn and gold-bearing siliceous breccias in many locations.  

EurOmax said an extensive geophysical program, including 100 kilometres of induced polarization-resistivity lines and magnetics and gravity surveys, is scheduled to start this quarter. 

The impetus of the surveys is to identify potential mineralized intrusions as well as additional skarn and breccia drill targets on the 60 square kilometre project, it added.  

Based upon the results of previous geophysical surveys and drill results a 2,500 meter to 3,000 meter diamond drill program is scheduled to begin late in the third quarter to test new anomalies as well as extensions of known mineralized zones on the property.

Junior explorer EurOmax holds a number of base and precious metal projects in Bulgaria, Serbia and Macedonia.

The company said the latest hole from its Nadejda target intersected 24 metres at 7.36 g/t gold, starting at surface in diamond drill hole MTC1176, including 1.6 metres at 95.85 g/t gold.

Shares of EurOmax rallied more than 10%, to $0.32 as of 2:42pm EDT on Wednesday.

"We are extremely pleased to see such impressive numbers from the Nadejda target," said technical advisor to the company, Dr. Quinton Hennigh.

"This target lies about 1.5 kilometers southeast of the Ruy target where our first drill hole there encountered 87 meters at 2.14 grams per tonne gold."

In addition, the 2.1 million ounce Logo gold resource lies about 1.5 kilometers north of Nadejda.

"Based on strong similarities of mineralization between these three zones, we believe that they may all be potentially part of the same large granite-related gold system," added Hennigh.

Hole MTC1176 reached a total depth of nearly 120 metres, and intersected three zones of mineralization.

Drilling is continuing at the Trun project, the company said, with recent holes testing at least six new targets, as well as potential extensions to the Logo resource. For example, hole MTC1178 was drilled in the nearby Tumba target, and intervals with visible gold were observed.

EurOmax said that gold mineralization at Trun displays striking similarities to that of "tombstone-type" gold deposits in the Tintina Gold Belt of the Yukon and Alaska, including the Fort Knox gold deposit in Alaska and the Eagle gold deposit in Dublin Gulch, Yukon.

The company holds 100% control over approximately 67 square kilometers. The 2011 drill program at the property encompasses approximately 4,000 metres of diamond core drill.

In addition to drilling, geophysical surveys have begun over the Little Hill intrusion in the southern part of the property.

Back in February, the south-eastern Europe-focused junior explorer announced a maiden 2.1 million ounce inferred resource estimate for its Logo gold prospect, located on the north part of the larger 7,500 hectare Trun property.

Today, results from the first set of holes of the 2011 drill program at Trun were reported, with hole MTC1174 hitting 87 metres at 2.14 grams per tonne (g/t) of gold at the Ruy target, including 21 metres at 4.78 g/t gold.

The hole represented the first to test the Ruy 600 by 400 metre gold-in-soil anomaly, with a grade much higher than the one estimated for the resource at the Logo target, of 0.7 g/t gold. This means that the overall resource of Trun stands to receive a meaningful boost.

At Ruy, diamond drill hole MTC1175 also tested the northeast portion of the target, and returned anomalous gold to 90 parts per billion, EurOmax said.

"Initial results from our 2011 drill program at Trun are very encouraging,” said the company's technical advisor, Dr. Quinton Hennigh.

"We are drill testing six robust new gold targets this year and already seeing promising results, especially from the Ruy target.

"Drilling is still underway on additional targets, and we are very optimistic that we will continue to see more positive results from this very large gold project."

Indeed, other encouraging results of the program so far included trench 11117, which exposed a 69 metre wide zone of mineralization, grading 0.99 g/t gold, just 120 metres north of the historic KD open pit, the company said. EurOmax plans to drill test this area further to assess the potential for bulk, disseminated mineralization.

In addition, diamond drill hole MTC1177 tested the northern extension of the historic Zlata deposit at the site, with the hole encountering 19.6 metres at 1.69 g/t gold near surface, again an intercept that warrants further drilling.

The results show that the Trun project has many prospects for mineralization, including at the Yamkite target, a zone parallel to Zlata. At Yamkite, hole MTC1169 returned 10 metres at 1.23 g/t gold, while hole MTC1173 intersected 5.2 metres at 1.72 g/t gold, with additional silver and lead grades.

EurOmax said that additional diamond drill holes on the six new targets are still in progress, but once this is complete, the company plans on testing the extension of the Logo resource and K2 zone, as well as drilling to follow up on the mineralization found thus far. The 2011 program encompasses roughly 4,000 metres of diamond drilling.

Of particular interest, the Logo prospect remains open to the north, east and west, and grades and thickness of the mineralization improve to the north and northeast, meaning there is potential to upgrade the current resource.

EurOmax, which has 100% control of Trun, has been focused on advancing a number of base and precious metal projects in Bulgaria, Serbia and Macedonia.

In addition, Gustafson and Nugen were each re-appointed to their roles of president and CEO, and executive chairman, respectively. Meanwhile, Aurora Davidson has been re-instated as CFO, and appointed as corporate secretary.

"On behalf of the board of directors, we thank the shareholders who voted 41 million shares (99% of shares cast) to support the continued mandate for the company," said Nugent.

"We are proceeding actively with our drilling and geophysical programs announced on May 3 and look forward to the results of our 2011 exploration program in Southeastern Europe.”

EurOmax has a number of precious and base metal projects in Southeastern Europe, specifically in Bulgaria, Serbia and Macedonia.

The four projects it will work on this year include the Trun gold property in Bulgaria; the Ilovitza copper-gold porphyry project in Macedonia; KMC in Serbia; and the Breznik gold-silver property in Bulgaria.

"With funding already in place, EurOmax is in an excellent position to advance its portfolio of potentially world-class projects," said technical advisor, Dr. Quinton Hennigh.

"Our company has initiated work on multiple geophysical programs and on over 10,000 meters of drilling...We anticipate an exciting year with many promising results."

The four projects include the Trun gold property in Bulgaria; the Ilovitza copper-gold porphyry project in Macedonia; KMC in Serbia; and the Breznik gold-silver property in Bulgaria.

At Trun, the company is currently completing 4,000 metres of diamond core holes, which will test for extensions of known mineralized zones, as well as at least six untested gold-in-soil anomalies.

Meanwhile, at Ilovitza, the company has also started a 4,000 metre program, designed to increase the confidence of the current copper-gold resource and expand mineralization, after which an updated NI 43-101 compliant report will be released.

Finally, at KMC, induced polarization and magnetic surveys are slated to begin mid-year to identify copper-gold drill targets for a 2,500 metre program, while EurOmax is already awaiting results from similar surveys at its 19 square kilometre Breznik property.

Gold-silver veins at Breznik host an NI 43-101 compliant inferred resource of 463,000 ounces of contained gold, and 2.1 million ounces of silver.

Armstrong is a geological engineer, and has more than 40 years experience in the exploration and evaluation of base and precious metal projects, having retired from Teck Cominco in 2006, where he worked as general manager of resource evaluation.

In that role, he was responsible for the review of all mineral reserves and resoruces, and was involved in a number of feasibility studies that brought new mines into production, including the Highland Valley Copper and Polaris operations in Canada, and the Quebrada Blanca mine in Chile.

Currently, Armstrong is a director of Taseko Mines.

"Mr. Armstrong’s broad range of experience with exploration and late stage projects will be invaluable to our company for the evaluation of our existing properties for potential joint venture partner discussions," said president and CEO Mark Gustafson.

EurOmax is focused on developing precious and base metal projects in southeastern Europe, specifically in Bulgaria, Serbia and Macedonia.

EurOmax has cash of $7.5 million to fund an exploration program built around five advanced stage projects  including the Trun Gold Project in Bulgaria, Karavansalija copper-gold mineralized complex or KMC Project in Serbia, and the Ilovitza Porphyry Copper-Gold Project in Macedonia. The Breznik and Rakitovo Gold Projects in Bulgaria are also advancing towards mining concession status.

The Trun Gold Project is 100% owned by EurOmax and covers 67 km² of exploration licenses in Western Bulgaria.
The northern claims cover the Big Hill intrusion, which contains the Logo Gold Prospect, containing a shallow, near surface, sheet like zone of gold mineralization that measures 1,200 meters long, 300 meters wide and 100 meters thick and remains open to the north, east and west, and hosts a NI 43-101 compliant Inferred Resource of 91.2 million tonnes at a grade of 0.70 g/t gold, for 2.1 million ounces of gold, at a cut off grade of 0.3 g/t gold.

Management identifies this mineralization as an Intrusion Related Gold Deposit, which is similar to the Fort Knox deposit, with proven and probable reserves of 253 million tonnes at 0.45 g/t gold, and the Dublin Gulch deposit, which holds a resource of 163 million tonnes at 0.82 g/t gold, found in the Tintina Gold Belt in Alaska and the Yukon.

The company will commence a drilling program at the Logo Prospect and seek a mining concession in 2011.
 
The southern claims carry similar geology and include the K2 intrusion, which is a sheet of gold mineralization measuring approximately 600 meters in length and 150 meters in width, open along strike and down dip. K2 drill results include 50 meters at 0.94 g/t gold, and 65 meters at 0.75 g/t gold. Six additional targets containing abandoned mining operations include Krushov Dol that was an open pit producing 0.59 million tonnes at 1.77 g/t gold, and 14.43 g/t silver. The Zlata Mine operated from several open pits and an underground resource producing 0.72 million tonnes at 5.97 g/t gold for 138,000 ounces of gold. Additional drilling is planned at K2 and other targets at Trun.

The KMC Project is a 42 km² block, held under option from an international mining company, and is located in Serbia, approximately 100 kilometers to the northwest of Trun. The property contains a tertiary, volcanic intrusive complex containing at least five types of mineralization, including skarns of copper, gold, lead and zinc, along with volcanic hosted gold and breccia pipe hosted gold. One or more porphyries may be present at depth.

Drilling at the Copper Canyon Prospect has outlined a skarn measuring 500 meters by 300 meters, and 80 to 90 meters thick, where a recent drill intersection included 113 meters at 0.32% copper and 0.52 g/t gold. A second skarn recorded an intersection of 143 meters grading 1.60 g/t gold. An Induced Polarization survey indicates that the same 500 meter long skarn may extend for an additional 1,000 meters to the southwest. A historical hole 1,600 meters to the north reported 0.50 g/t gold over 265 meters, including 1.08 g/t over 68 meters, which are typical grades for substantial bulk tonnage gold deposits. Geophysical and geochemical surveys are underway to better define drilling targets to be drilled in 2011.

The Ilovitza Project is a large Tertiary age copper/gold porphyry system located in Macedonia, about 100 kilometers directly south of Trun, and is ideally located for power, access and supplies. The property has a 2008 NI 43-101 compliant Inferred Resource of 303 million tonnes grading 0.23% copper, 0.32 g/t gold, and 0.005% molybdenum.

Recent drilling includes EOIC-10-18, which intersected 570 meters at 0.25% copper and 0.27 g/t gold including 336.5 meters at 0.30% copper and 0.37 g/t gold, and further including 166.5 meters at 0.36% copper and 0.46 g/t gold. Seven drill holes totaling nearly 3,400 meters were completed in a 2010 drill campaign. Six of these holes were drilled north of the existing resource and one hole, EOIC-10-14, tested the eastern side of the system. All holes encountered significant copper and gold mineralization, and will enable calculation of an updated NI43-101 compliant resource.

Management says that this drilling has successfully vectored in on the higher grade core of the system, and has now expanded its footprint by nearly double, and confirms that mineralization remains open in all directions. 

The 19 km² Breznik Project is located nearby Trun, and approximately 30 kilometers west of Sofia, in Western Bulgaria. Breznik covers a 3,500 meter by 1,500 meter hydrothermal system which is both intensively altered and host to widespread gold mineralization, and has shed gold into placer gold deposits along its flanks. The Project lies within the Late Cretaceous Banat-Srednogorie copper gold belt hosting large gold and copper deposits straddling Bulgaria and neighboring countries.

This is a high grade gold and silver vein system, which has been drilled to a shallow depth of 150 meters, and remains open along strike and at depth. Gold mineralization is found in eight zones, with an east to west strike of up to 2.5 kilometers, with potential for associated porphyry mineralization. EurOmax has completed a NI 43-101 compliant Inferred Resource of 2.4 million tonnes grading 5.91 g/t gold and 26.78 g/t silver for a total contained metal content of 463,217 ounces of gold and 2,100,112 ounces of silver, at a cut off grade of 2 g/t gold. The company plans to convert the exploration permit into a mining concession later this year.

Breznik is the most advanced project in the entire property portfolio and is ready for a joint venture partner to develop into an operating gold-silver mine. Multiple mineralized zones have not yet been completely delineated along strike or at depth, and should lead to a substantial boost in gold and silver resources.The company is completing an IP/resistivity survey of 30 line kilometers and a magnetic survey over the same area to better define additional drilling targets.

The Rakitovo Project is located about 75 kilometers to the southeast of Trun, in Southern Bulgaria. Mineralization is associated with a quartz veined shear zone in a granite porphyry stock. Three mineralized zones have been identified. Drilling on the first zone has identified mineralization averaging 9.7 meters, with recent drilling intersecting 5.38 g/t of gold, and 108 g/t of silver over 10.1 meters. A joint venture partner is being sought to develop this property.

EurOmax intends to seek multiple partners to develop its properties, and is not interested in maintaining operator status on any mines. Considering the recent positive drill results, resource announcements and record prices for gold and silver in recent days, this is a great time to be seeking potential partners  and will help Euromax build out value for shareholders while also ensuring all of its projects continue to be advanced at a healthy clip. 2011 is looking very promising.

The company will offer up to 22.5 million units, priced at $0.35 per unit. Each unit will be comprised of one common share and one half of one share purchase warrant, with each full warrant entitling the holder to acquire one additional common share at a price of $0.50 for a period of one year following closing.

The new funds will be used to finance the Canada-based company’s exploration programs in southeastern Europe.

The offering is subject to approval from the TSX Venture Exchange.