VANCOUVER, Dec. 17, 2019 /CNW/ - (TSX: EOX):
("Euromax" or the "Company") has today seen
publication of the outcome of yesterday's 171st
Government Session, and statements surrounding it. From this we
understand that the Government of North
Macedonia has made a decision to unilaterally terminate the
concession agreement for the Ilovica 6.
This is a political decision that completely contradicts recent
official public statements made by the Government – as recently as
in the last few days – that they would wait for the Macedonian
Administrative Court to rule on the matter. That the matter can be
decided on by the executive seriously questions the Rule of Law in
North Macedonia.
As per the Company's press release dated 30th
September 2019, the option of
International Arbitration remains open and will be pursued as
appropriate. We can now confirm that Euromax has appointed
renowned and prestigious international law firm LANSKY, GANZGER
& Partner to prepare for that outcome. In addition to our
strong legal position within North
Macedonia, we are reassured that Euromax has a strong case
for international investor protection and the Government of
North Macedonia should be certain
that the Company is ready to exhaust all domestic and international
legal remedies.
The decision concerns the Company's Ilovica 6 concession and the
Ilovica 11 concession remains unaffected.
Commenting, Varshan Gokool, CEO of Euromax Resources said:
"This is deeply disappointing. As the largest foreign direct
investment partner in North
Macedonia the company currently has been treated more than
shabbily under this Government.
Earlier this year the European Commission raised concerns
about the Rule of Law in North
Macedonia. It is clear that the difficulty we are having is
evidence of that whilst there is a legal remedy to all this - and
we are very strong in our legal position – this path only results
in needless delay and inaction, preventing us from delivering much
needed jobs and investment in North
Macedonia.
We have been working with the local community for a number of
years. Sadly, it is they who lose out most by this Government
decision."
Commenting, Dr. Gabriel Lansky,
Managing Partner of LANSKY, GANZGER & Partner said:
"We are convinced that Euromax has a very strong case.
Therefore, we are instructed and ready to exhaust all existing
domestic and international legal remedies."
About Euromax Resources Ltd.
Euromax has a major development project in North Macedonia and is focused on building and
operating the Ilovica-Shtuka copper-gold project. It is the largest
mining project in the country and the biggest greenfield
development in the Balkans for many years.
About LANSKY, GANZGER & Partner Rechtsanwälte
GmbH
With more than 100 employees and lawyers from more than 20
countries, Lansky, Ganzger + partner (LGP) ranks among the biggest
corporate law firms in Austria and
Slovakia. The firm, with offices
in Vienna (Austria), Bratislava (Slovakia), Nur-Sultan (Astana, Kazakhstan) and Skopje (North
Macedonia), has many years of in-depth experience.
Forward-Looking Information
This news release contains statements that are
forward-looking, such as those relating to results of operations
and financial condition, permitting and licensing, capital
spending, financing sources, commodity prices, mineral resources
and property evaluation plans and programmes. Forward-looking
statements are frequently characterised by words such as "plan",
"expect", "project", "intend", "believe", "anticipate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the dates the statements
are made, and are subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking
statements. The forward-looking statements contained in this
document are as of the date of this document, and are subject to
change after this date. Readers are cautioned that the assumptions
used in the preparation of such information, although considered
reasonable at the time of preparation, may prove to be imprecise
and, as such, undue reliance should not be placed on
forward-looking statements. Euromax disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
SOURCE Euromax Resources
