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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$0.20  (-4.76% Descending)
52-week High: C$0.40
52-week Low: C$0.15
Market Cap: C$33.32M
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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 hits 345 metres at 0.24% copper, 0.32 g/t gold at Ilovitza

2nd Nov 2011, 4:14 pm by Deborah Sterescu

EurOmax Resources (CVE:EOX) announced Wednesday additional results from its 2011 diamond drill program at its Ilovitza copper-gold porphyry project in Macedonia, showing good continuity of mineralization and consistent grades.

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.

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