Euromax Further Clarifies Disclosure
March 12 2013 - 11:24AM
Marketwired Canada
Euromax Resources Ltd. 12 March 2013 ("Euromax" or the "Company") (TSX
VENTURE:EOX) (OTCQX:EOXFF) is issuing the following news release to further
clarify its disclosure regarding the Preliminary Economic Assessment of the
Ilovitza Gold Project in Macedonia (the "Original Report") dated 5th December
2012, as a result of the previously announced technical review by the British
Columbia Securities Commission.
An amended Report will be filed shortly to correct minor items of non-compliance
in the Original Report. The amended Report will continue to disclose results of
a Preliminary Economic Assessment ("PEA") based on analysis of an 8 million ton
per annum ("Mtpa") base-case, as restated below.
The Company is in the process of carrying out a Pre-Feasibility Study analysis
of 12 Mtpa and larger production scenarios, based on indications from
sensitivity analysis that increased throughput is likely to deliver improved
economic parameters compared to the base-case 8 Mtpa PEA. The Company will
disclose any material changes to its PEA results when received, and file an
updated technical report to support the new Pre-Feasibility Study at that time.
Preliminary Economic Assessment Base Case Disclosure
The Company would also like to retract its previous disclosure of the Report
which emphasised the 12 Mtpa throughput sensitivity analysis results rather than
the 8 Mtpa throughput which is the Report's actual base case. This emphasis
implied that the results of the 12 Mtpa throughput sensitivity represented the
base case of the Ilovitza Preliminary Economic Assessment rather than being a
throughput sensitivity. Investors should therefore disregard this previous
disclosure of the Report.
For the avoidance of doubt, the results of the Ilovitza Preliminary Economic
Assessment on the 8 Mtpa base case are as follows:
----------------------------------------------------------------------------
Pre-Tax Initial
NPV @ 5% Capital Payback Mine Life
Base Case (US$M) IRR (%) (US$M) (Years) (Years)
----------------------------------------------------------------------------
8 Mtpa base case 252 10.8 405.6 7.6 19
----------------------------------------------------------------------------
The results of the throughput sensitivity analysis, adjusted from the 8 Mtpa
base case, are as follows:
----------------------------------------------------------------------------
Pre-Tax Initial
Throughput NPV @ 5% Capital Payback Mine Life
Sensitivity Analysis (US$M) IRR (%) (US$M) (Years) (Years)
----------------------------------------------------------------------------
12 Mtpa 352 13.7 476.0 6.2 13
16 Mtpa 378 14.9 552.2 5.2 10
----------------------------------------------------------------------------
The PEA is preliminary in nature. It includes Inferred mineral resources that
are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorised as mineral reserves.
There is no certainty that the PEA will be realised. Mineral resources that are
not mineral reserves do not have demonstrated economic viability.
Patrick Forward, the Company's Chief Operating Officer and a Qualified Person as
defined by NI 43-101, reviewed and approved the technical information contained
in this press release.
About Euromax Resources Ltd.
Euromax is a Canadian exploration and development company with three gold and
base metal assets in Macedonia, Bulgaria and Serbia. We are focused on
identifying, acquiring and developing mineral resources in South Eastern 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 the anticipated timing of updated resource estimates and
the filing and contents of an amended preliminary economic assessment. 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 Company will receive the updated resource estimates
and that the Company will be able to obtain the necessary regulatory approvals
in a timely manner. Although the Company considers these 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, that the Company will not
receive the updated resource estimates or the necessary regulatory approvals
within the anticipated time frame. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Euromax Resources Ltd.
Steve Sharpe
President & CEO
+44 (0)20 3667 2970
ssharpe@euromaxresources.co.uk
Euromax Resources Ltd.
Karen Atchison
Investor Relations Manager
+44 (0)20 3667 2970
katchison@euromaxresources.co.uk
www.euromaxresources.com
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