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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  (0,00%)
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 rallies on maiden 2.1 million ounce resource estimate for Logo Gold Prospect

9th Feb 2011, 8:51 am

EurOmax Resources (TSX-V:EOX) underlined the potential of its Logo Gold Prospect, with a maiden 2.1 million ounces resource estimate.  Logo is part of the larger Trun Project, situated in Bulgaria. EurOmax has been focused on advancing a number of base and precious metal projects in Bulgaria, Serbia and Macedonia.


Applying a 0.3 grams per tonne gold cut-off, the 43-101 inferred resource currently stands at 91.2 million tonnes at an average grade of 0.7 grams per tonne gold, for 2.1 million ounces of gold. This estimate was the ‘mid-range’ number, with the resource also calculated at cut-off grades of 0.15 grams per tonne and 0.4 grams per tonne, which delivered inferred ounces of 2.5 million and 1.2 million respectively.


Despite the relatively low grade of the resource, EurOmax has nonetheless made solid progress at Logo, and noted to investors and shareholders that the prospect remains open to the north, east and west.   Of particular interest, grades and thickness of the mineralization improve to the north and northeast.


The south-eastern Europe focused company also noted that while the resource fell into  the inferred category due to drill hole spacing, to date the mineralization at Logo has shown itself to be “extensive” with “reasonable continuity”.


"This initial resource is a major milestone for the Trun Property and for EurOmax, as the Company works to unlock the value we believe to be contained in our property portfolio,” Dr. Roger Moss, technical advisor to the Company stated.


Looking to this year’s exploration ambitions, EurOmax confirmed that is was planning to drill again in the summer, with an emphasis on the north and northeast strike of the project. Drilling is also being considered on at least five other high priority targets within the wider 7,500 hectare Turn Project.


Shares in the junior explorer climbed steadily after the announcement, rising as much as 7%.

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