Translate
VANCOUVER, March 17 /CNW/ - EurOmax Resources Limited (TSX-V: EOX) is pleased to announce that it has entered into an agreement with International Resource Holdings Limited ("IRH") to acquire all of the shares of Thrace Resources EOOD ("Thrace"). Thrace owns the Breznik and Rakitovo gold-silver projects in Bulgaria. The Breznik project has been the subject of systematic diamond and reverse circulation drilling, trenching and metallurgical testwork resulting in a JORC (2004) code (similar to NI 43-101) compliant Indicated and Inferred Mineral Resource estimate. The total Indicated resource at a cut-off of 0.5 grams per tonne is 1.08 million tonnes at 2.01 grams per tonne gold and 6.05 grams per tonne silver, containing 70,000 ounces of gold, 210,000 ounces of silver. The inferred mineral resource at a 0.5 grams per tonne cut-off grade is 0.69 million tonnes at 1.79 grams per tonne gold and 5.66 grams per tonne silver, containing 40,000 ounces of gold and 125,000 ounces of silver.
The consideration for the acquisition will be an amount of US$112,000 being 50% of the principal of a Convertible Note issued by IRH to EurOmax subsidiary Martern EOOD in December 2008.
The information in this report that relates to Mineral Resources is based on a historic JORC compliant resource estimate complied by Mr Stephen Hyland of Ravensgate Pty Ltd in July 2007. Mr Hyland is a member of the AusIMM and a qualified person with respect to ASX and NI 43-101 reporting requirements.
The acquisition is conditional upon all necessary regulatory approval and the transaction is expected to close in May 2009.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. On Behalf of the Board of Directors "John C. Menzies" Chairman and CEO ------------------------------------------------------------------------- EurOmax Resources Limited is listed on TSX Venture Exchange. Symbol: EOX -------------------------------------------------------------------------