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EurOmax Discovers New Gold Zones at Trun
http://www.streetinsider.com/Press+Releases/EurOmax+Discovers+New+Gold+Zones+at+Trun/6579043.html
On the Cusp of a big discovery
http://www.stockhouse.com/Columnists/2011/Jun/3/These-gold-prospectors-might-be-on-the-cusp-of-lar#
EurOmax Intercepts 369 Meters at 0.22% Copper and 0.33 Grams Per Tonne Gold at Ilovitza
http://www.streetinsider.com/Press+Releases/EurOmax+Intercepts+369+Meters+at+0.22%25+Copper+and+0.33+Grams+Per+Tonne+Gold+at+Ilovitza/6540521.html
EurOmax Commences Drilling and Geophysical Programs
Press Release Source: EurOmax Resources Ltd. On Tuesday May 3, 2011, 9:00 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/03/11) - EurOmax Resources Limited (TSX-V:EOX - News) (PINK SHEETS:EOXFF - News) ("EurOmax" or the "Company") is pleased to announce the commencement of its 2011 exploration programs on the Company's four advanced stage projects in Southeastern Europe.
Dr. Quinton Hennigh, technical advisor to the Company, comments "With funding already in place, EurOmax is in an excellent position to advance its portfolio of potentially world-class projects. Our Company has initiated work on multiple geophysical programs and on over 10,000 meters of drilling, all of which is managed by the Company's superb exploration team headed by Dimitar Dimitrov, Senior VP Exploration. We anticipate an exciting year with many promising results."
Trun Gold Project, Bulgaria
The 2011 drill program recently commenced at the Company's 100% controlled Trun Gold Project in western Bulgaria. Approximately 4,000 meters of diamond core drill holes will test extensions of the Logo resource and the K2 zone along with at least six untested gold in soil anomalies. The first drill holes target the northerly and northeasterly extensions of the Logo resource, a NI 43-101 compliant inferred resource (see news release dated February 8, 2011) of 91 million tonnes at a grade of 0.70g/t Au (0.3g/t Au cut-off) for 2.1 million ounces contained gold, and three untested gold targets within the northern Big Hill intrusion. Assays from this drill program will be released upon availability.
In addition to drilling, geophysical surveys will soon commence including magnetics and induced polarization-resistivity over the southern Little Hill intrusion, which will examine extensions of known targets and test new targets on the 67 square kilometer property. Results from these surveys are expected back by the third quarter of 2011.
Gold mineralization at Trun is associated with a series of large granite and syenite stocks that intrude a broad anticline of metamorphic rocks. The geologic setting and styles of mineralization display striking similarities to that of the Tintina Gold Belt of the Yukon and Alaska that includes the Ft. Knox gold deposit, Alaska and the Eagle gold deposit, Dublin Gulch, Yukon.
Ilovitza Copper-Gold Porphyry Project, Macedonia
EurOmax recently commenced a 4,000 meter diamond drill program at its Ilovitza Copper-Gold Porphyry Project, Macedonia. The objectives of this program are to increase the confidence level in the quality and consistency of the current resource and step-out where the system remains open to the northwest, northeast and east. Results from these holes will be released upon availability, following which the Company anticipates that it will initiate an updated NI 43-101 compliant technical report.
Ilovitza hosts a NI 43-101 compliant inferred resource (see press release dated August 12, 2008) of 303 million tonnes grading 0.23% Cu and 0.32 g/t Au. Currently, the deposit remains open in all directions. The project consists of a 5 square kilometre exploration concession under option from a major international mining company. To meet an end-of-August, 2011 deadline, the Company is in the process of filing for an Application for a Mining Concession. In preparation, various assessment reports are targeted for completion by the end of the month. A Mining Concession may be granted late in 2011 or early 2012 pending approval of the application.
KMC or Karavansalija Mineralized Complex Copper-Gold Project, Serbia
An extensive geophysical program, including 100 km of induced polarization-resistivity lines and magnetics and gravity surveys, is slated to begin mid-year. To date, several drill holes have identified a copper-gold skarn, a gold skarn, and gold-bearing siliceous breccias in several locations. The Company believes a buried intrusion may be the source for these widely occurring mineralized zones. The objective of these surveys is to identify such a potential buried intrusion as well as additional skarn and breccias drill targets on this 42 square kilometer project. The KMC Copper-Gold Project is under option from a major international mining company.
Pending results of the geophysical surveys, a 2,500 meter diamond drill program is planned beginning in the third quarter to test new anomalies as well as extensions of known mineralized zones on the property.
Breznik Gold-Silver Project, Bulgaria
Induced polarization-resistivity and magnetics surveys were recently completed testing areas believed to be underlain by a porphyritic intrusion at the Company's 100% controlled, 19 square kilometer Breznik Gold-Silver Project in Bulgaria. Although vein mineralization has been the main focus of exploration to date, evidence suggests a shallowly buried intrusion may lie under cover to the southeast of the vein system. Initial results from these surveys are expected back within the next few weeks.
Gold-silver veins at Breznik host a NI 43-101 compliant inferred resource (see press release dated March 29, 2011) of 2.4 million tonnes at a grade of 5.9 g/t Au and 26.7 g/t Ag (2g/t Au cut-off) for 463,000 ounces of contained gold and 2.1 million ounces of silver.
The Company is in the process of applying for a Commercial Discovery Certificate to transition Breznik from an exploration permit to a mining concession. Various assessment reports have been initiated and are expected to be completed in order to meet an end-of-May, 2011 deadline. A Mining Concession may be granted late in 2011 or early 2012 pending approval of the application.
Quality Control and Quality Assurance
Roger Moss, Ph.D., P.Geo., a member of the EurOmax Technical Advisory Board and a "qualified person" as defined by NI-43-101, supervised the preparation of the technical information contained in this news release.
About EurOmax Resources Limited
EurOmax is a Canadian company focused on precious and base metal projects in Southeastern Europe. Our strength is the local staff, knowledge and technical expertise in Bulgaria, Serbia and Macedonia.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, resource estimates, metallurgical testing, geophysical and geochemical surveys, drilling, geological interpretations, receipt of mining concessions and property titles, potential mineral recovery processes and potential partners. Forward looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements, and readers are 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". These documents describe the material factors and assumptions that were applied in drawing the conclusions and making the forecasts and projections as reflected in the forward-looking statements and information, and the material factors that could cause our actual results, performance or achievements to differ materially. We undertake no obligation to update or revise any forward-looking statements or information made in this news release.
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.
They have many properties with many different commodities. Oil, Gas, Gold, and unexplored. Here is one opinion.
Bob Moriarty, 321gold (02/10/11)
"EurOmax has made a lot of progress in the last two months. . .[and] made an announcement on Feb 8 that should serve to put a floor under the shares and show investors it is forging ahead. EOX reported a new 43-101 resource of 2.1 Moz. gold at the Trun project in Bulgaria. The deposit is open on three sides and the resource will expand as the company does more drilling. . .With a current market cap of only $43M, the stock is a safe investment if you like the future of gold."
I have my own but I agree with Bob's assessment.
I got in when it was really cheap but this is still a very safe entry point. IMO
It's very cheap anyway.
Will keep an eye here.
Do some more research on this company. Obviously you have no clue what this company holds.
Good luck.
EurOmax Reports 0.5 Million Ounces Gold and 2.1 Million Ounces Silver Initial Resource Estimate for Breznik Project, Bulgaria
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Press Release Source: EurOmax Resources Ltd. On Tuesday March 29, 2011, 9:00 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 03/29/11) - EurOmax Resources Limited (TSX-V:EOX - News)(PINK SHEETS:EOXFF - News) ("EurOmax" or the "Company") is pleased to announce an initial National Instrument 43-101 compliant resource estimate for its 100% controlled Breznik Gold-Silver Project, Bulgaria. The estimate is based on data generated to the end of the 2010 field season. The deposit remains open for expansion at depth.
Highlights of the 2.0 g/t gold cut-off Resource Estimate:
-- At the base case 2.0 g/t gold cut-off grade, the Breznik project
contains an inferred resource of 2.4 million tonnes at a grade of 5.91
g/t Au and 26.78 g/t Ag for 463,217 ounces of contained gold and
2,100,112 ounces of silver.
-- This shallow resource lies within an upper Cretaceous volcanic-
sedimentary sequence comprising andesitic volcanic rocks with
intercalated siltstone. These rocks are cross cut by diorite porphyry
stocks and dykes. Within the 19 square kilometre license, gold and
silver mineralization has been identified in eight zones that have an
east west strike extent of up to 2.5 kilometers. The zones consist of
delicately banded quartz-rhodochrosite veins and breccia veins within
altered volcanic rocks.
-- Most of the previous work has focused on Zone 1, which is well
delineated, but remains open at depth below 250 metres where it appears
to become thicker and higher grade.
-- Of the eight known zones, seven remain open at depth and Zones 4 and 6
are open to the east, while Zones 7 and 8 are open to both east and
west. It is believed that further step-out and down dip drilling could
quickly expand this initial resource.
-- The mineralized zones are hosted by the andesitic volcanic rocks and
siltstones, and dip to the south, shallowing at a depth of about 250
meters. The shallowing of the veins and the presence of diorite porphyry
stocks and dykes combined with a chargeability anomaly to the south
suggests the potential for associated porphyry-style mineralization.
Inferred resources were also estimated at cut-off grades of 1.0 g/t Au and 3.0 g/t Au and are summarized in the table below. A drill hole location plan and sections can be seen in the technical report on the Company's website.
Breznik initial mineral resource estimate:
----------------------------------------------------------------------------
Cut - off Grade Tonnes Gold Grade Silver Grade Silver
g/t Au (000's) g/t Au g/t Ag Gold Ounces Ounces
----------------------------------------------------------------------------
1.00 4,128 4.03 18.03 535,416 2,392,823
----------------------------------------------------------------------------
2.00 2,439 5.91 26.78 463,217 2,100,112
----------------------------------------------------------------------------
3.00 1,427 7.63 29.61 349,972 1,358,586
----------------------------------------------------------------------------
EUROMAX ANNOUNCES FINAL TSXV APPROVAL OF $7.875 MILLION PRIVATE PLACEMENT
Vancouver Canada: EurOmax Resources Limited (TSX-V: EOX) (“EurOmax” or the “Company”) announced today that it has received final approval from the TSX Venture Exchange for its previously announced $7,875,000 non-brokered private placement.
Mark Gustafson, President and Chief Executive Officer, stated “We are very pleased to have completed this financing as it allows us to fund in full the Company's 2011 exploration plans on our core properties in Southeastern Europe.”
You should post over there.
Yes that is doing well for me too. Good times.
Not bad at all, but chump change compared to the Panther!
Double your money in 2 months? That's not bad.
EurOmax Completes Private Placement for Gross Proceeds of $7.875 Million
Feb. 25, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA --
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
EurOmax Resources Limited (TSX VENTURE:EOX) (PINK SHEETS:EOXFF) ("EurOmax" or the "Company") is pleased to announce the completion, subject to final approval from the TSX Venture Exchange, of its previously announced non-brokered private placement consisting of 22,500,000 units ("Units") in the Company at a price of $0.35 per Unit for gross proceeds of $7,875,000. Each Unit is comprised of one common share and one-half of one common share purchase warrant. Each full warrant entitles the holder to acquire one additional common share of the Company at any time until February 24, 2012 at an exercise price of $0.50.
The Company's President and CEO has subscribed for and received 500,000 Units as part of this placement. The Company will pay a cash commission of $231,000 to an arm's length third party relating to the issuance of a certain portion of the Units.
All securities issued pursuant to the private placement will be subject to a hold period of four months and one day expiring on June 25, 2011. The proceeds of the private placement will be used to fund the Company's 2011 exploration programs in Southeastern Europe and for general working capital purposes.
Mark Gustafson, President and Chief Executive Officer, stated "We are extremely pleased that a very credible and knowledgeable institutional investor has invested $7 million in our Company. Knowing that our 2011 budget requirements of $6.7 million are fully funded will allow us to pursue our exploration plans on an orderly and efficient basis."
About EurOmax Resources Limited
EurOmax is a Canadian company focused on precious and base metal projects in Southeastern Europe. Our strength is the local staff, knowledge and technical expertise in Bulgaria, Serbia and Macedonia.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, resource estimates, metallurgical testing, geophysical and geochemical surveys, drilling, geological interpretations, receipt of mining concessions and property titles, potential mineral recovery processes and potential partners. Forward looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements, and readers are 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". These documents describe the material factors and assumptions that were applied in drawing the conclusions and making the forecasts and projections as reflected in the forward-looking statements and information, and the material factors that could cause our actual results, performance or achievements to differ materially. We undertake no obligation to update or revise any forward-looking statements or information made in this news release.
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.
San Diego Torrey Hills Capital
www.torreyhillscapital.com
EurOmax Resources Limited
President & CEO
(604) 454-8677
markg@euromaxresources.co
www.EurOmaxresources.com
EUROMAX PROPOSES PRIVATE PLACEMENT FOR UP TO $7.875 MILLION
Vancouver Canada: EurOmax Resources Limited (TSX-V: EOX) (“EurOmax” or “the Company”) is pleased to announce a non-brokered private placement of up to 22,500,000 units priced at $0.35 per unit for gross proceeds of up to $7,875,000. Each unit is comprised of one common share and one-half of one share purchase warrant. Each full warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.50 for a period of 12 months following the date of issuance. The Company will pay a cash commission equal to 3%ofthegrossproceedsfromthesaleofcertainoftheunits. Theprivateplacementissubject to acceptance by the TSX Venture Exchange.
Any securities issued pursuant to the private placement will be subject to a hold period of four months from the closing date of the private placement in accordance with applicable Canadian securities laws. The proceeds of the private placement will be used to fund the Company’s exploration programs in Southeastern Europe and for general working capital purposes.
EurOmax Intercepts 336.5 Meters at 0.30% Copper and 0.37 Grams Per Tonne Gold at Ilovitza
VANCOUVER, BRITISH COLUMBIA, Feb. 17, 2011 (Marketwire) --
EurOmax Resources Limited (TSX VENTURE:EOX) (PINK SHEETS:EOXFF) ("EurOmax" or "the Company") is pleased to announce that drill hole EOIC-10-18 intercepted 336.5 meters at 0.30% copper and 0.37 grams per tonne gold, including 166.5 meters at 0.36% copper and 0.46 grams per tonne gold, at its Ilovitza project in Macedonia. Seven drill holes totaling nearly 3,400 meters were completed by the Company in its 2010 drill campaign designed to expand the existing NI 43-101 resource of 303 million tonnes grading 0.23% copper and 0.31 grams per tonne gold. Six of these holes were drilled north of the existing resource and one hole, EOIC-10-14, tested the eastern side of the system. All holes encountered significant copper and gold mineralization.
"We are very pleased with these results," comments Dr. Quinton Hennigh, technical advisor to the Company. "In 2010, we successfully vectored in on what appears to be the higher grade core of the system at Ilovitza and have now expanded its footprint by nearly double. These holes will enable us to calculate a new NI43-101 compliant resource."
Summary of results:
-- Hole EOIC-10-18 intercepted 570.5 meters at 0.25% copper and 0.27 grams
per tonne gold including 336.5 meters at 0.30% copper and 0.37 grams per
tonne gold and 166.5 meters at 0.36% copper and 0.46 grams per tonne
gold. Mineralization begins near surface.
-- One hundred meters north of EOIC-10-18, hole EOIC-10-16 intercepted 503
meters at 0.20% copper and 0.24 grams per tonne gold, including 137
meters at 0.28% copper and 0.34 grams per tonne gold beginning at
surface.
-- Hole EOIC-10-19, collared 140 meters northwest of EOIC-10-18,
intercepted 338 meters at 0.20% copper and 0.25 grams per tonne gold.
-- Hole EOIC-10-20 was collared 100 meters west of EOIC-10-18 and
intercepted 373 meters at 0.22% copper and 0.26 grams per tonne gold
including 245 meters at 0.26% copper and 0.29 grams per tonne gold,
beginning at surface.
-- Approximately 400 meters northeast of EOIC-10-18, hole EOIC-10-17
intercepted 293 meters at 0.13% copper and 0.29 grams per tonne gold.
-- Previously reported hole EOIC-10-14, collared approximately 350 meters
southeast of EOIC-10-18, intercepted 235 meters at 0.25% copper and 0.32
grams per tonne gold and hole EOIC-10-15, collared approximately 250
meters northeast of EOIC-10-18, intercepted 351 meters at 0.25% copper
and 0.41 grams per tonne gold.
----------------------------------------------------------------------------
Gold eq
Gold (grams
From To Length Copper (grams per Copper per
Hole (meters) (meters) (meters) (%) tonne) eq (%) tonne)
----------------------------------------------------------------------------
EOIC-10-16 0.6 503.6 503.0 0.20 0.24 0.34 0.58
includes 0.6 33.0 32.4 0.72 0.62 1.08 1.85
includes 255.0 392.0 137.0 0.28 0.34 0.48 0.82
EOIC-10-17 280.0 573.0 293.0 0.13 0.29 0.30 0.51
EOIC-10-18 4.5 575.0 570.5 0.25 0.27 0.41 0.70
includes 4.5 341.0 336.5 0.30 0.37 0.52 0.88
includes 4.5 171.0 166.5 0.36 0.46 0.63 1.08
EOIC-10-19 73.0 126.5 53.5 0.15 0.29 0.32 0.55
153.0 491.0 338.0 0.20 0.25 0.35 0.59
EOIC-10-20 0.0 373.0 373.0 0.22 0.26 0.37 0.64
includes 0.0 245.0 245.0 0.26 0.29 0.43 0.74
EOIC-10-
14(i) 0.0 235.0 235.0 0.25 0.32 0.44 0.75
EOIC-10-
15(i) 99.0 450.0 351.0 0.25 0.41 0.49 0.84
----------------------------------------------------------------------------
will make you 5 times your money from here if not more. Be patient.
Whoa...that is a lot of gold! I'm not familiar with how they value gold in the ground but $30/oz sounds ridiculously low. I guess that gives a lot of room to the upside without feeling too much pressure from below. I may have to add if there are any more dips. This stock seems hard to get. I had to chase it while it was going up a couple of times but when I finally got some shares the price came down to me. I don't think that happens too much.
Thanks for the post. I thought something good must be happening with the jump in share price. Volume has been running low for a while. When people discover this stock, it will have a nice push.
EurOmax Reports 2.1 Million Ounces Gold Initial Resource Estimate for Logo Prospect, Trun Project, Bulgaria
VANCOUVER, BRITISH COLUMBIA, Feb. 8, 2011 (Marketwire) --
EurOmax Resources Limited (TSX VENTURE:EOX) ("EurOmax" or the "Company") is pleased to announce an initial National Instrument 43-101 compliant resource estimate for the Logo Gold Prospect at its 100% controlled Trun Project, Bulgaria. The estimate is based on data generated to the end of the 2010 field season. The deposit remains open for expansion to the north, east and west and additional drilling is being planned for these areas.
Highlights of the 0.3 g/t gold cut-off Resource Estimate:
-- At the base case 0.3g/t gold cut-off grade, the Logo Prospect contains
an inferred resource of 91.2 million tonnes at a grade of 0.70g/t Au for
2.1 million ounces of contained gold.
-- This resource lies within a gently dipping, sheet-like body at, or close
to surface and remains open for expansion to the north, east and west.
Grades and thicknesses of mineralization are improving to the north and
northeast.
-- Gold mineralization is hosted by hornfels immediately overlying the Big
Hill granite and shares similarities to the Dublin Gulch and Fort Knox
"tombstone" type gold deposits of the Tintina belt in North America.
-- Mineralization occurs in stockwork quartz carbonate veins with sulphide
contents generally less than 3%. Significant scheelite accompanies gold
in places.
Dr. Roger Moss, technical advisor to the Company stated "This initial resource is a major milestone for the Trun Property and for EurOmax, as the Company works to unlock the value we believe to be contained in our property portfolio."
Inferred resources were also estimated at cut-off grades of 0.15g/t Au and 0.4g/t Au and are summarized in the table below. A drill hole location plan and cross sections can be seen in the technical report on the Company's website.
Logo initial mineral resource estimate
----------------------------------------------------------------------------
Material Category Cut-off Tonnes (Mt) Gold (g/t) Gold (Moz)
Grade
----------------------------------------------------------------------------
Sulphide Inferred 0.15 131.8 0.59 2.5
----------------------------------------------------------------------------
Sulphide Inferred 0.3 91.2 0.70 2.1
----------------------------------------------------------------------------
Sulphide Inferred 0.4 39.6 0.98 1.2
----------------------------------------------------------------------------
EurOmax Issues Stock Options
Vancouver, Canada: EurOmax Resources Limited (TSX-V: EOX) (“EurOmax” or the “Company”) announces that it has issued 1,075,000 stock options pursuant to the Company’s stock option plan, including 250,000 options to an officer of the Company.
The options have been issued subject to regulatory approval and are exercisable at $0.31 per share with a five year term.
About EurOmax Resources Limited
EurOmax is a Canadian company focused on precious and base metal projects in Southeastern Europe. Our strength is the local staff, knowledge and technical expertise in Bulgaria, Serbia and Macedonia.
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.
For more information, please contact:
San Diego Torrey Hills Capital
(858) 456-7300
www.torreyhillscapital.com
Mark Gustafson, President & CEO
(604) 454-8677
markg@euromaxresources.co
I will be surprised if we go much higher without significant news. We should hold .30 without a problem and trade range between the new high and .30. JMO
EUROMAX RECEIVES $822,000 FROM WARRANTS AND OPTIONS
January 04, 2011
Vancouver, Canada: EurOmax Resources Limited (TSX-V: EOX) ("EurOmax" or the "Company") is pleased to announce that it has received $780,000 from the exercise of 3,850,000 warrants and $42,000 from the exercise of 198,403 stock options.
These funds were received in late December and will be used for general working capital purposes, including continued drilling at the Company's Ilovitza porphyry copper-gold project in Macedonia. As of December 31, 2010 the Company has 124,110,442 common shares outstanding.
The .30's will soon be the incubator for the next leg up. I hope everyone loaded up the past couple of weeks.
I'm surprised at how little of a pull-back there has been. I was waiting to buy more but it may be this is a cheap as it's going to get. I have a buy in at .20 but it may not fill.
EUROMAX SET TO ACCELERATE ADVANCED PROJECTS IN 2011
December 15, 2010
Vancouver, Canada: EurOmax Resources Limited (TSX-V: EOX) ("EurOmax" or the "Company") is pleased to announce the results of its property review and plans for its five advanced stage projects in Southeastern Europe. The Company's management considers the Trun gold project in Bulgaria, Karavansalija copper-gold Mineralized Complex ("KMC") in Serbia and Ilovitza porphyry copper-gold project in Macedonia to be the priority projects for 2011. In addition, the Breznik and Rakitovo gold projects in Bulgaria are also considered to be quality projects that should be advanced towards mining concession status.
"Seldom does one see a collection of potentially world-class projects within a junior exploration company," comments Dr. Quinton Hennigh, technical advisor to the Company. "EurOmax has some of the best properties in the Balkans and a superb geologic team to advance them. With the successful start-up of Dundee Precious Metals' operation at Chelopech, people are beginning to recognize that the Balkans region is a good place to operate. Through diligent exploration, EurOmax is in a great position to deliver more projects that may be developed by partners into mines."
The following is a brief description of each of the advanced projects:
Trun
- The Trun Gold Project covers 136 square kilometers of 100% EurOmax-controlled exploration licenses in western Bulgaria. Gold mineralization is associated with a series of granite and syenite stocks that intrude a broad anticline of metamorphic rocks and displays striking similarities to that of the Tintina Gold Belt of the Yukon and Alaska. The Tintina Gold Belt hosts the Ft. Knox deposit (Kinross Gold Corporation - proven and probable reserves of 253 million tonnes at 0.45 grams/tonne ("g/t") Au) and Dublin Gulch deposit (Victoria Gold - resource of 163 Mt at 0.82 g/t Au).
- At Logo, the northern-most gold zone identified at Trun, the company has identified a shallowly dipping, near-surface, sheet-like zone of gold mineralization measuring approximately 1,200 meters long, 300 meters wide and 100 meters thick. Drilling to date has produced results including 138 meters at 0.8 g/t Au and 152 meters at 0.69 g/t Au with accessory tungsten in low-sulfide mineralization. The Logo Zone is open to the north and northeast where grades and thickness improve.
- K2, a prospect in the southern-most area of gold mineralization on the property, is associated with a moderately-dipping, sheeted syenite dike complex approximately 600 meters and 150 meters long. Drill results include 50 meters at 0.94 g/t Au and 65 meters at 0.75 g/t Au. This zone remains open along strike and down-dip.
- Six other targets, including the past producing Zlata and KD prospects, remain underexplored.
- A resource estimate is underway for the Logo area and an NI43-101 report is expected in early 2011. EurOmax plans to advance the Trun exploration permit towards a mining concession in 2011 by defining in situ resources and conducting preliminary metallurgical testing. Additional drilling is planned at Logo and K2 where it is believed both zones can be expanded. Drilling is also planned to test the six additional targets at Trun.
KMC
- The KMC Project, located in southern Serbia, is under option from a leading international mining company (see the Company's May 23, 2008 press release). It hosts extensive zones of skarn and siliceous breccia presumed to be associated with possible buried porphyry centers. Alteration and mineralization are evident throughout an area of approximately 12 square kilometers within the Company's 60 square kilometer exploration concession.
- At least four types of mineralization have been encountered in drilling: 1) Cu-Au skarns, 2) Au skarns, 3) Au-bearing siliceous breccias and 4) polymetallic replacement mineralization. Although porphyry mineralization has yet to be encountered by drilling, the styles of mineralization discovered to date suggest the likelihood of associated porphyry mineralization nearby.
- At Copper Canyon, a zone of Cu-Au skarn measuring 500 meters long, 300 meters wide and 80 to 90 meters thick has been intercepted by drill holes. Results include 113 meters at 0.32% Cu and 0.52 g/t Au. The skarn formed in a thick sequence of limestone overlying serpentinized basement and its high temperature nature indicates it is close to the source. This zone is open to the northwest and southeast and grades outwards to gold skarn to the southwest. Other Cu-Au skarn mineralization has been encountered in historic drilling to the north of copper canyon.
- Distal to the Cu-Au skarn is a Au skarn measuring 500 meters long, 200 meters wide and over 100 meters thick. Results of drilling in the gold skarn mineralization include 143 meters grading 1.60 g/t Au. This zone remains open to the southwest and results of an induced polarization/resistivity survey indicate the potential for a further 1,000 meters of gold skarn mineralization. Gold skarn has also been encountered 1,600 meters to the north in historical drilling, with results of 0.50g/t Au over 265 meters, including 1.08g/t Au over 68 meters.
- The Company is planning to undertake geophysical and geochemical surveys in the spring of 2011 to better define the skarn, as well as potential buried porphyry targets for drilling.
Ilovitza
- Ilovitza is a large Tertiary age porphyry Cu-Au system in Macedonia that shows similarities to other porphyry deposits of the Balkans. It is also under option from an international mining company (see the Company's June 14, 2007 press release).
- Ilovitza has a NI43-101 compliant inferred resource, dated August 7, 2008, of 303 million tonnes grading 0.23% Cu 0.32 g/t Au and 0.005% Mo. Recent geophysical work by the Company has identified the potential for a higher grade core to this large porphyry system. Hole EOIC 1015 (see the Company's July 29, 2010 press release), the first step-out hole nearing this core area, returned 351 meters grading 0.25% Cu and 0.42 g/t Au.
- The Company is presently drilling the last two holes of a program designed to significantly expand and upgrade the Ilovitza resource. Results are expected in the first quarter of 2011, at which time the Company will commission an update of the resource statement. Euromax plans to convert the Ilovitza exploration concession to a mining concession during 2011.
Breznik
- Breznik is located about 30 kilometers west of Sofia in Western Bulgaria in an area of excellent infrastructure.
- The gold mineralization at Breznik occurs in eight zones that have an east west strike extent of up to 2.5 kilometers. These zones are hosted by andesitic volcanic rocks and siltstones, and dip to the south, shallowing at a depth of about 250 meters. The shallowing of the veins, combined with a chargeability anomaly to the south suggests potential for associated porphyry mineralization.
- Recent drilling results returned 7.08g/t Au and 30.2g/t Ag over 3.1 meters, and 4.23g/t Au and 2.6g/t Ag over 5 meters in zone 1 and 1.29g/t Au and 6.3g/t Ag over 14.9 meters in Zone 2.
- A resource estimate has been commissioned for Breznik, with results expected in early 2011. EurOmax will focus on converting the Breznik exploration permit into a mining concession during 2011.
Rakitovo
- Mineralization at Rakitovo is associated with a quartz veined shear zone in a granite porphyry stock. Within the shear zone, the granite is intensely altered and commonly has a vuggy texture. Three mineralized zones have been identified with an average width of about 9.7 meters in Zone 1.
- Recent drilling intersected gold-silver mineralization in Zone 1 that graded 5.38g/t Au and 108g/t Ag over 10.1 meters.
- During 2011, EurOmax will focus on finding a partner to advance the Rakitovo project.
Yes, this is a very good day. I am glad I was sitting on a bunch of cash today because there are some excellent buys today in the mining sector.
I have been in for almost a year waiting for them to get their management problems solved. I thought it would have been a lot sooner but I am happy now. I love buying stocks that are tanked because of problems that will eventually be worked out. You get them for nothing that way.
Are you in yet?
I am a bit pessimistic to invest as I don't have any experience but COLT was good to see. I should take your word? Yeah, anything can happen but is it a bit safer play in the making?
Downside vs upside.
Regards.
Now that all the management problems are behind them we should start seeing a regular flow of news. It will all be good. This company is so undervalued it catch a lot of people off guard but make us rich.
You have a very good insight on mining stocks--No bid/ask?
wonder why...
Any news coming soon--Eoxf?
Much, much, bigger.
Is it another COLT in the making sir??
I would expect a short term pull-back here and then into the .30's where it will consolidate and wait for news.
As an Evolving Gold shareholder, I like this addition here:
Dr. Hennigh is an economic geologist with more than 20 years of exploration experience. Over the past three years as President and Chief Geologist of Evolving Gold Corp., Dr. Hennigh developed a world class portfolio of gold exploration properties. Prior to joining Evolving Gold, he was an Exploration Geologist with Newmont Mining Corp., Newcrest Mining, and Homestake Mining, during which time he worked on projects in North America, Europe, Australia, Asia, and South America. More recently, Dr. Hennigh has taken on advisory roles with companies including Gold Canyon Resources where he helped build a successful exploration program giving new life to Gold Canyon's Springpole deposit in Ontario. He earned a M.Sc. and a Ph.D in geology and geochemistry from the Colorado School of Mines in 1993 and 1996, respectively.
This is a very promising project.
http://www.euromaxresources.com/projects.html?project_id=21
This will be a sweet ride up. Slow and steady I hope. Not too fast.
Not in yet, I need to sell something else. I'm pennies away from selling half of GPRLF. Almost 100% on that one.
Thanks for the heads up!
EurOmax Strikes Gold
Bob Moriarty
Archives
Dec 2, 2010
After taking the time to get organized and to get their feet on the ground, the new EurOmax (EOX-V) management team made a major announcement yesterday. Investors have been waiting patiently and some not so patiently to hear good news after a year of nothing but disasters from the prior “management” group.
EOX management has hired Dr Roger Moss and Dr Quinton Hennigh to their new Technical Advisors Board. I don’t know Roger Moss so I can’t really comment on him but Quinton Hennigh is as good as it gets. EurOmax is loading for bear with this team.
Yesterday Evolving Gold announced a blistering 405 meters of 1.3 g/t gold at Rattlesnake Hills. Quinton Hennigh is the president of EVG. I first wrote about them in late 2008. The stock was $.20 then. It’s $1.17; give all the credit to Quinton Hennigh. He did it.
But that isn’t all that he’s done. He works as an advisor for Akiko Levinson of Gold Canyon Resources. Quinton was begging me to buy it six months ago when it was $.25. Now it’s $2.55. You should be seeing a pattern. I’ve known Quinton for over two years now and everything he touches turns to gold. Literally. He’s got a 500% return on EVG and a 900% return on GCU.
I visited Eastern Europe over a year ago to look at the major projects of EOX. I liked the projects but wasn’t impressed by the management at the time. I bought a lot of shares starting at $.40 and was buying all the way down to $.10. My belief in the projects has cost me a lot of money, as I am sure it has anyone who listened to me.
But I’ve never sold a share and my advice to the naysayers who moaned at the low price of the stock was to either hang tight or buy more. A new team has taken over at EurOmax and they are making the right decisions. Quinton Hennigh is a pearl beyond measure and I’m thrilled they recognized his talent.
This is what he does best; tell well-managed companies how to maximize their world-class projects. I see a bright future for EOX for the first time in almost a year.
Stay tuned for more news and more progress. The stock isn’t going to be selling for pennies for long.
EOX is my largest share holding. EOX is an advertiser and as such I am double biased in what I say. Do your own due diligence and research. Nothing in life is guaranteed except death and taxes.
EurOmax Announces New Technical Advisory Board, Chief Financial Officer and Investor Relations Firm
VANCOUVER, BRITISH COLUMBIA, Dec. 1, 2010 (Marketwire) -- EurOmax Resources Limited (TSX VENTURE:EOX) ("EurOmax" or the "Company") is pleased to announce the appointment of the following personnel, all of whom have been selected for their ability to contribute to the execution of the Company's transition plan.
Technical Advisory Board - On November 30, 2010, Dr. Roger Moss and Dr. Quinton Hennigh were appointed to the Company's newly formed technical advisory board.
Dr. Moss is a professional geologist with 15 years of international exploration experience, including ten years in senior management positions with Amerigo Resources Ltd., Nikos Explorations Ltd., and Los Andes Copper Ltd. Dr. Moss was instrumental in the discovery of the Navachab gold deposit in Namibia, which after 13 years of operation still contains reserves and resources of 3.7 million gold ounces. Dr. Moss has conducted extensive research on hydrothermal ore deposits, culminating with a Ph.D. in geology at the University of Toronto in 2000, and has held the post of Adjunct Professor in the Division of Mineral Engineering at the University of Toronto since 2008.
Dr. Hennigh is an economic geologist with more than 20 years of exploration experience. Over the past three years as President and Chief Geologist of Evolving Gold Corp., Dr. Hennigh developed a world class portfolio of gold exploration properties. Prior to joining Evolving Gold, he was an Exploration Geologist with Newmont Mining Corp., Newcrest Mining, and Homestake Mining, during which time he worked on projects in North America, Europe, Australia, Asia, and South America. More recently, Dr. Hennigh has taken on advisory roles with companies including Gold Canyon Resources where he helped build a successful exploration program giving new life to Gold Canyon's Springpole deposit in Ontario. He earned a M.Sc. and a Ph.D in geology and geochemistry from the Colorado School of Mines in 1993 and 1996, respectively.
"We are very fortunate to have secured the experience and talent of both Roger and Quinton", commented John Nugent, Executive Chairman of EurOmax. "We look forward to their technical contributions as we complete our formal properties review and beyond."
Chief Financial Officer - Effective November 30, 2010, Ms. Aurora Davidson has assumed the role of Chief Financial Officer of the Company. Ms. Davidson holds a Certified General Accountant designation from the Certified General Accountants Association of British Columbia and a BSc in Business Administration from Alliant International University in San Diego, California. She has more than 20 years of experience in financial and general business management assisting private and public companies in the roles of Chief Financial Officer, Vice-President, Finance and Corporate Controller within the mining and high technology sectors. Since 2003, Ms. Davidson has focused on providing CFO services predominantly to companies in the mining sector, including Amerigo Resources Ltd.
Investor Relations Firm - Effective December 1, 2010, EurOmax has retained San Diego Torrey Hills Capital, Inc. ("Torrey Hills Capital") to act as investor relations consultants to the Company.
Torrey Hills Capital is a leading investor and financial public relations firm specializing in small and micro-cap companies, primarily in the natural resource sector. Torrey Hills Capital has been retained to increase awareness about EurOmax through its established relationships with investment professionals, investment advisors, and money managers focused on the microcap market space. This will allow EurOmax to build and maintain an informed investor audience in both the U.S and Canadian marketplace.
Torrey Hills Capital has also agreed to develop a profile on EurOmax for coverage on its website, www.babybulls.com, a website developed to showcase and provide exposure for emerging micro-cap companies to an audience of proven micro-cap investors.
Torrey Hills Capital has been engaged for an initial term of six months at a monthly fee of US$6,000 with an option to renew for a further term at the mutual agreement of both parties. In addition, EurOmax has agreed to grant to Torrey Hills Capital options to purchase 375,000 common shares. These options are exercisable for five years at a price of $0.13 per share and vest 25% on grant, 25% after 3 months, 25% after 6 months and 25% after 9 months.
Stock Options - The Company has granted a total of 5,200,000 stock options to directors, officers, consultants and employees of the Company pursuant to the Company's stock option plan. The options are exercisable for five years at a price of $0.13 per share and, with the exception of the options granted to Torrey Hills Capital, vest 34% on grant, 33% after six months and 33% after 12 months. Insiders of the Company were granted a total of 3,750,000 options.
"As part of implementing our transition plan we are very fortunate to recruit Aurora as our CFO," commented Mark Gustafson, President and Chief Executive Officer of EurOmax. "Aurora has worked with two of our directors on several mining projects in the past and we are pleased to now welcome her to the EurOmax team. As for Torrey Hills Capital, I have worked with our new investor relations firm for the past five years on other projects and look forward to working together again to broaden and renew investor awareness for EurOmax."
EurOmax Releases Third Quarter (September 30) Unaudited Financial Results
VANCOUVER, ALBERTA, Nov. 24, 2010 (Marketwire) -- EurOmax Resources Limited (TSX VENTURE:EOX) (FRANKFURT:OMZ) ("EurOmax" or, the "Company") announced today the release of the financial statements and related management, discussion and analysis for the quarter ended September 30, 2010. Please refer to www.sedar.com for the complete set of financial statements, notes and MD&A. Highlights for the quarter include the following:
As of September 30, 2010 (see attached excerpt):
Cash balance - $2.8 million
Accounts payable - $1.3 million
Working capital - $2.3 million
For the quarter ended September 30, 2010 (see attached excerpt):
Net loss for the quarter - $5.8 million
Shareholder meeting expense - $1.9 million
Write-off of mineral properties - $3.5 million
Cash depletion - the $1.9 million cost of the contested shareholder meeting, which concluded on September 23, 2010, has significantly reduced the cash available for exploration programs and other corporate purposes. After payment of accounts payable and accrued liabilities as of September 30, the actual cash available was $1.5 million. The Company's new board of directors has factored this available cash balance into its ongoing transition process and corporate planning.
Property review - a formal review of all the Company's prospects and properties was initiated in October and is expected to be completed shortly. Based upon a preliminary review of the exploration results on the properties to date, it was concluded that the Ceovishte property in Serbia and the Kazandol property in Macedonia would not justify any additional exploration expenditures by the Company. Accordingly, the $3.5 million carrying value of both these properties has been written off. There may be additional property write-offs pending the completion of the Company's review of its property portfolio.
Drilling program at Ilovitza, Macedonia - in order to drill a sufficient number of holes and gather the appropriate technical data to prepare a detailed application for a Mining Concession on this property before the Company's exploration permit expires in May 2011, the Company has an active drilling program in place which is expected to continue for at least the balance of 2010. This drilling program is the only drilling the Company is conducting pending the completion of the Company's review of its property portfolio.
Mark Gustafson, President & CEO, stated "The third quarter results reflect all the significant costs related to the contested shareholder meeting and the write-offs due to the lack of exploration success on two of the Company's properties. Our current cash balance is approximately $1 million and we are continuing to implement our transition plan. The new board of directors of the Company would like to thank our CFO, Mr. Christopher Serin, for providing his professional and timely assistance in preparing these quarterly results."
EurOmax Resources Ltd.
Consolidated balance sheets
(unaudited - prepared by management)
September 30 December 31,
2010 2009
----------------------------------------------------------------------------
$ $
Assets
Current assets
Cash and cash equivalents 2,863,044 8,234,111
Accounts receivable, prepaids and deposits 780,561 689,580
----------------------------------------------------------------------------
3,643,605 8,923,691
Investment (Note 8) 221,519 475,190
Restricted cash (Note 6) 51,470 47,223
Property and equipment (Note 7) 6,325,969 7,240,205
----------------------------------------------------------------------------
10,242,563 16,686,309
----------------------------------------------------------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities 1,361,862 295,349
----------------------------------------------------------------------------
1,361,862 295,349
----------------------------------------------------------------------------
Shareholders' equity
Share capital (Note 9) 33,101,084 33,101,084
Warrants 897,038 897,038
Contributed surplus 1,785,872 1,613,272
Accumulated other comprehensive (loss) income (91,093) 156,352
Deficit (26,812,200) (19,376,786)
----------------------------------------------------------------------------
8,880,701 16,390,960
----------------------------------------------------------------------------
10,242,563 16,686,309
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Approved by the Board
(Signed) Mark G. Gustafson
Mark G. Gustafson, Director
(Signed) Donald R. Siemens
Donald R. Siemens, Director
EurOmax Resources Ltd.
Consolidated statements of loss (income)
(unaudited - prepared by management)
Three months ended Nine months ended
September 30 September 30
2010 2009 2010 2009
----------------------------------------------------------------------------
$ $ $ $
Expenses
General and administrative
(Note 10) 339,295 318,704 1,425,261 890,260
Shareholder meeting
(Note 10) 1,863,333 - 1,863,333 -
General exploration 13,480 340,794 108,034 381,002
Write-off of mineral
properties 3,521,055 - 3,521,055 -
Stock-based compensation - 203,910 172,600 250,293
Depletion, depreciation and
accretion 19,025 15,767 57,905 38,054
Other (5,482) 1,470 (7,496) 1,130
Foreign exchange loss 32,020 317,651 291,551 339,964
----------------------------------------------------------------------------
5,782,726 1,198,296 7,432,243 1,900,703
----------------------------------------------------------------------------
Other expenses (income)
(Gain) on conversion of
note receivable - (73,070) - (70,316)
(Gain) on investment - (9,615) - (435,806)
Loss on stock option held - 2,281 - 4,058
Loss (gain) on disposal of
property and equipment - (3,684,548) 4,440 (3,684,548)
Interest (income) expense (1,226) 19,280 (1,269) 12,242
----------------------------------------------------------------------------
(1,226) (3,745,672) 3,171 (4,174,370)
----------------------------------------------------------------------------
Net loss (income) and
comprehensive loss (income) 5,781,500 (2,547,376) 7,435,414 (2,273,667)
----------------------------------------------------------------------------
Net loss (income) and
comprehensive loss (income)
per share
Basic and diluted 0.05 (0.02) 0.06 (0.03)
----------------------------------------------------------------------------
Weighted average number of
shares
Basic and diluted 120,062,039 119,062,039 120,062,039 80,996,202
----------------------------------------------------------------------------
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.
EurOmax Resources Limited President & CEO (604) 454-8677 markg@euromaxresources.com www.EurOmaxresources.com
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