VANCOUVER, BC, Jan. 27, 2021 /CNW/ - Euromax Resources
Ltd, (TSX: EOX): ("Euromax" or the "Company")
announces that, following the final decision of the Higher
Administrative Court (the "Court") of the Republic of
North Macedonia ("North Macedonia") in favour of Euromax
announced on the 7th December
2020, the North Macedonia
state commission (the "State Commission") responsible for
implementing the Court's decision has disregarded this final Court
ruling. The State Commission has instead reconfirmed the Minister
of Economy's decision rejecting Euromax's application for an
exploitation permit for the Ilovica 6 concession. The Company will
again appeal this decision by the State Commission in the North
Macedonia Administration Courts and any further ruling by the
Administration Court is enforceable under the law upon
government institutions. Based on advice of its legal counsel, the
Company remains convinced of its strong legal position and that the
actions of the State Commission are unlawful.
Whilst this is a setback in the processes to reinstate the
Ilovica 6 concession, Euromax will continue to request that the
Government of North Macedonia
engage meaningfully to resolve the issue. The Company notes that,
despite numerous attempts on its part to do so, including through
the formal notification of a potential international arbitration
case in March 2020, the Government of
North Macedonia has failed to
enter into discussions on the outstanding issues. Euromax will
continue to pursue all legal rights within North Macedonia, and maintains the option of
pursuing its case by way of international arbitration under the
Swiss-Macedonian Bilateral Investment Treaty.
Alongside their strong legal position, the Company highlights
that the Ilovica-Shtuka Project provides an opportunity entirely in
keeping with the government's stated intention to prioritize
economic growth and encourage foreign capital investment. In fact,
through the development of the Ilovica-Shtuka Project, we believe
Euromax to be the largest potential foreign investment into
North Macedonia, and the Company
is backed by large international investors. Euromax and its
investors are willing to invest significantly in the Ilovica-Shtuka
Project, which is expected to create nearly 3,000 direct and
indirect jobs and increase national and local GDP materially.
Tim Morgan-Wynne, Euromax's
Executive Chairman, stated: "The decision by the State
Commission to ignore the Administrative Court's final ruling is a
disappointing setback to our legal process of reinstating the
Ilovica 6 concession. In particular, we note that both the Minister
of Economy and the Minister of Justice stated publicly in
interviews that they saw no reason to change the original negative
decision, despite both admitting that they had neither seen nor
analysed the Court's verdict."
Nicolas Treand, Euromax's President and Executive Director,
commented: "In the current desperate economic situation, where
lack of jobs is forcing many Macedonian individuals and families to
leave Macedonia permanently, the
Government is actively frustrating what could be the largest
investment into the country. Euromax wishes to develop a world
class mine to the highest safety and environmental standards that
provides a fantastic opportunity to offset the terrible impact of
the current pandemic and revitalise the region."
About Euromax Resources Ltd.
Euromax has a major development project in North Macedonia and is focused on building and
operating the Ilovica-Shtuka gold-copper project.
Forward-Looking Information
This news release
contains statements that are forward-looking, such as those
relating to the Company's potential courses of action in response
to recent decisions by agencies of the government of North Macedonia, including potential legal
appeals to other courts of applicable jurisdiction in North Macedonia or the pursuit of
international arbitration processes; the results of any such
appeals or legal processes that may be pursued by the Company, if
any; any future decisions, whether by way of appeal or otherwise,
of any agency of the government of North
Macedonia or of any court of applicable jurisdiction;
whether or not any decision of any agency of the government of
North Macedonia or of any court of
applicable jurisdiction would be favourable to the Company's
interests; whether or not any decision of an agency of the
government of North Macedonia or
of any court of applicable jurisdiction that was favourable to the
Company's interests would be implemented by applicable government
authorities or could otherwise be enforced by the Company;
potential investments in the Ilovica-Shtuka Project, with or
without the support of any of the Company's current or future
third-party investors; the potential impact of any investment by
the Company or any third-party investor on the development of the
Ilovica-Shtuka Project; the effect of the development of the
Ilovica-Shtuka Project on the economy of North Macedonia, including the number of jobs
which may be produced in connection therewith; the results of
operations and financial condition of the Company; permitting and
licensing matters related to the Ilovica-Shtuka Project; capital
spending by the Company; financing sources available to the
Company, including from any current or future third-party investors
in the Company; 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.
This information is qualified in its entirety by cautionary
statements and risk factor disclosure contained in filings made by
the Company, including its annual information form for the year
ended December 31, 2019 and financial
statements and related MD&A for the financial years ended
December 31, 2019 and 2018, and the
three months ended September 30,
2020, filed with the securities regulatory authorities in
certain provinces of Canada and
available on SEDAR. 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,
except as otherwise required by applicable law.
SOURCE Euromax Resources
