Euromax Resources fka EOXFF

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Euromax faces Dundee Precious Metals lawsuit

2007-08-01 10:20 ET - News Release
Shares issued 44,449,155
EOX Close 2007-07-31 C$ 0.64

Also News Release (C-DPM) Dundee Precious Metals Inc


Mr. John Menzies of Euromax Resources reports

EUROMAX SUED BY DUNDEE OVER PEROTO PROPERTY NEW CHIEF FINANCIAL OFFICER APPOINTED

Dundee Precious Metal Ltd. has filed a lawsuit against Euromax Resources Ltd. and eight other parties in connection with the acquisition by a subsidiary of Euromax Resources of the Peroto licence in Bulgaria.

Dundee Precious Metals alleges that Euromax Resources acquired the property in breach of fiduciary duties owed to Dundee Precious Metals in relation to a consulting arrangement between Dundee Precious Metals and third parties, including Euromax Resources's chairman and chief executive officer. Dundee Precious Metals has requested substantial damages as a remedy for these alleged breaches of fiduciary duties. Euromax Resources considers the lawsuit to be without merit and has instructed its counsel to vigorously defend the company.

Euromax Resources also announces that Michael Mason has resigned as chief financial officer of the company. He will continue to act as a director of Euromax Resources. The company also announces that Christopher A. Serin has been appointed as chief financial officer of Euromax Resources. Mr. Serin is a mining engineer with a master of business administration. He has been a director of the company since 2002 and previously was chief financial officer of Royal Oak Mines Ltd., among a number of executive positions that he has held during a career of more than 30 years.