Business
Balkans Gold acquires West African gold assets
VANCOUVER, July 14 /CNW/ - EurOmax Resources Limited (TSX-V: EOX) is pleased to announce that ASX...
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\nVANCOUVER, July 14 /CNW/ - EurOmax Resources Limited (TSX-V: EOX) is\npleased to announce that ASX listed Balkans Gold Limited ("Balkans") in which\nEurOmax is the largest shareholder, has signed a binding Heads of Agreement to\nacquire 100% of the issued capital of West African Resources Limited (West\nAfrican), an exploration company with an advanced gold project in Burkina Faso\nand exploration permit applications in Niger. West African's management team\nwill also join Balkans to advance the projects.\n\n\nThe highlights of this transaction are:\n\n- Burkina gold project located 3 kilometres along strike from TSX\n listed Orezone Resources Inc's 1.1 million ounce Bombor gold deposit\n- 2000 square kilometre project covering 70 kilometres of prospective\n greenstone belt.\n- Extensive soil geochemistry and geophysics with high grade trench,\n rock chip and drillhole results including one drill-hole with 8\n metres grading 12.47 grams per tonne gold starting at 34 metres in\n depth. Only 8 holes have been drilled on the licence.\n\n\nFollowing the acquisition EurOmax will have 9 million shares and\n4.5 million options being 14% and 12% of the issued shares and options\nrespectively.\n\n\nJohn Menzies, Chairman and CEO of EurOmax commented, "this is an\nexcellent acquisition for Balkans with a large project area immediately to the\nnorth of the advanced 1.1 million ounce Orezone Resources Bombor gold project.\nThere are numerous gold geochemical anomalies within a substantial exploration\ndatabase but surprisingly very few drillholes on the property. The potential\nfor discovery would appear to be excellent."\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n\n\nor accuracy of this release.\n\n\nOn Behalf of the Board of Directors\n\n\n"John C. Menzies"\n\n\nChairman and CEO\n\n\n-------------------------------------------------------------------------\n\n\nEurOmax Resources Limited is listed on TSX Venture Exchange Symbol: EOX\n\n\n-------------------------------------------------------------------------\n\n\n","length":2232,"tagName":"div"}]