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09/12/2011

EurOmax CEO says it has a “substantial inferred resource base” of 5.8Moz gold

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Additional Information
Market: TSX-V
Sector: General Mining - Gold
EPIC: EOX
Latest Price: C$0.21  (40.00% Ascending)
52-week High: C$0.40
52-week Low: C$0.14
Market Cap: C$34.98M
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EurOmax Resources
www.euromaxresources.com

EUROMAX RESOURCES LIMITED is a Canadian company focused on gold and copper exploration in the resource rich region of Bulgaria, Macedonia and Serbia. Our technical excellence, local expertise and international contacts have made us one of the most successful exploration companies in Southeastern Europe.

Our aim is to explore high-quality, potentially world class gold and copper systems, then partner with local or international companies that have the financial and technical resources to develop them, thereby generating long-term value for EurOmax shareholders.

Full EurOmax Resources profile here
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EurOmax Resources to accelerate three advanced projects in southeastern Europe next year

16th Dec 2010, 10:53 am

EurOmax Resources (TSX-V: EOX) said Wednesday it is set to accelerate its advanced stage projects in southeastern Europe next year.

The company said that its three priority projects for 2011 will be the Trun gold project in Bulgaria, the Karavansalija copper-gold Mineralized Complex in Serbia and the Ilovitza porphyry copper-gold project in Macedonia.

EurOmax also plans to advance the Breznik and Rakitovo gold projects in Bulgaria towards mining concession status.

"With the successful start-up of Dundee Precious Metals' operation at Chelopech, people are beginning to recognize that the Balkans region is a good place to operate.  Through diligent exploration, EurOmax is in a great position to deliver more projects that may be developed by partners into mines," said the company's technical adviser Dr. Quinton Hennigh.

The company's Trun project covers 136 square kilometers of exploration licenses in western Bulgaria. At Logo, the northern-most gold zone identified at Trun, the company  identified a shallowly dipping, near-surface, sheet-like zone of gold mineralization measuring approximately 1,200 meters long, 300 meters wide and 100 meters thick.

Drilling to date has produced results including 138 meters at 0.8 g/t Au and 152 meters at 0.69 g/t Au, with accessory tungsten in low-sulfide mineralization.  A resource estimate is underway for the Logo area and an NI43-101 report is expected early next year.

The KMC project, located in southern Serbia, which is under option from a large international mining company, hosts extensive zones of skarn and siliceous breccia presumed to be associated with possible buried porphyry centers.

EurOmax said that alteration and mineralization are evident throughout an area of approximately 12 square kilometers within the company's 60 square kilometer exploration concession at KMC. 

The company is planning to undertake geophysical and geochemical surveys in the spring of 2011 to better define the skarn, as well as potential buried porphyry targets for drilling.

The third project of note is Ilovitza, a large Tertiary age porphyry copper-gold system in Macedonia that shows similarities to other porphyry deposits of the Balkans. The property has a NI43-101 compliant inferred resource of 303 million tonnes grading 0.23% Cu 0.32 g/t Au and 0.005% Mo.

Currently, EurOmax is drilling the last two holes of a program designed to expand the resource at Ilovitzia, for which the results are expected early next year.

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