EurOmax Retains 100% Control of its Ilovitza Cu-Au Porphyry Project, Macedonia
January 25 2012 - 8:00AM
Marketwired
EurOmax Resources Ltd. (TSX VENTURE:EOX)(OTCQX:EOXFF) ("EurOmax" or
the "Company") is pleased to announce that it now has 100% control
of its Ilovitza Cu-Au Porphyry Project in Macedonia. The major
international mining company that held a back-in right to acquire a
70% interest in the Ilovitza property has elected not to exercise
the back-in right (see November 29 news release).
"This is another significant milestone for our Company,"
commented Mark Gustafson, President & CEO of EurOmax. "Through
our wholly-owned subsidiaries we now have 100% ownership and full
control over the exploration and development programs at all three
of our core properties."
"Our drilling has already demonstrated that Ilovitza is a large
Cu-Au porphyry complex, and we also have good geologic and
geophysical evidence which indicates that further drilling could
significantly expand the known mineralization." comments Quinton
Hennigh, Chief Geologist for EurOmax. "In gaining 100% control over
this project, we are now free to proceed with exploration in areas
to the southeast and east where we have indications there is
significant potential for growth of our resource. We are planning
step-out drilling in these areas for 2012. In addition, an updated
NI43-101 compliant resource estimate for Ilovitza is expected to be
completed this quarter".
About Ilovitza
Ilovitza is a Tertiary-aged porphyry copper-gold deposit in an
area with excellent infrastructure in eastern Macedonia. In 2008,
EurOmax reported a NI43-101 compliant inferred resource of 303
million tonnes at 0.23% copper and 0.32 grams per tonne of gold
(see Technical Report on the Copper Gold Resources on the Ilovitza
Project, Macedonia dated August 7, 2008 which is available under
the Company's profile on SEDAR at www.sedar.com). Additional
drilling conducted since the 2008 technical report will be included
in the upcoming NI43-101 compliant resource update.
Roger Moss, Ph.D., P.Geo., a member of the EurOmax Technical
Advisory Board and a "qualified person" as defined by NI43-101,
supervised the preparation of the technical information contained
in this news release.
About EurOmax Resources Ltd.
EurOmax is a Canadian company with three core properties in
Bulgaria, Serbia and Macedonia. We are focused on identifying,
acquiring and developing mineral resources in Southeastern Europe
with the objective of becoming a world-class mining company in the
region. Our strength is our local staff, knowledge and technical
expertise in Bulgaria, Serbia and Macedonia.
This news release contains forward-looking statements including
but not limited to statements regarding a drilling program,
geological interpretations by the Company for its Ilovitza project
and completion of an updated NI43-101 compliant resource estimate
for the Ilovitza project. In making the forward-looking statements
in this release, the Company has applied certain factors and
assumptions that are based on information currently available to
the Company as well as the Company's current beliefs and
assumptions made by the Company, including that the key assumptions
and parameters on which the geological interpretations are based
are reasonable, that the Company will have sufficient funds to
complete its planned exploration activities and that the planned
NI43-101 compliant Ilovitza technical report will be completed as
expected. Although the Company considers these beliefs and
assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect, and the
forward-looking statements in this release are subject to numerous
risks, uncertainties and other factors that may cause future
results to differ materially from those expressed or implied in
such forward-looking statements. Such risk factors include, among
others, unavailability or higher than expected costs of labour,
equipment, materials or third-party contractors, inability to
obtain any required funds and that data and assumptions underlying
the geological interpretations may prove to be inaccurate,
incomplete or to have been incorrectly interpreted. Readers are
also encouraged to review all Company documents filed with the
securities authorities in Canada, including the Management
Discussion and Analysis in respect of the Company's recent
financial statements under the heading "Operational and Other
Business Risks", which documents describe material factors and
assumptions and risks that apply to the forward-looking statements
in this release. Readers are cautioned not to place undue reliance
on forward-looking statements. The Company does not intend, and
expressly disclaims any intention or obligation to, update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: San Diego Torrey Hills Capital (858) 456-7300
www.torreyhillscapital.com EurOmax Resources Ltd. Mark Gustafson
President & CEO (604) 454-8677markg@euromaxresources.com
www.euromaxresources.com
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