Business
EurOmax announces sale of Chinese Bulagou property for US $15 million
/THIS NEWS RELEASE AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR DISTRIBUTION IN THE UNITED ST...
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\n/THIS NEWS RELEASE AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR\nDISTRIBUTION IN THE UNITED STATES/\n\n\nVANCOUVER, July 16 /CNW/ - EurOmax Resources Ltd. ("EurOmax" or the\n"Company") is pleased to announce that the sale of its Bulagou Property (the\n"Property") in China to Chenzhou Mining Group Co. Ltd. (listed on the Shenzhen\nstock exchange) closed on July 16, 2009. The total proceeds from the sale of\nthe Property net of withholding taxes were US$ 14,992,274. EurOmax previously\nreceived an advance payment on the sale of US$ 13,531,418.\n\n\nThe Company intends to use the proceeds of the sale of the Property for\nexploration on its South East European mineral properties.\n\n\nAbout EurOmax\n\n\nAt Ilovitza, EurOmax anticipates the first phase of the 2009 program will\ninvolve drilling two 750 metre diamond drill holes to test the potential core\nof the porphyry copper-gold system. A NI 43-101 compliant inferred mineral\nresource of 303 million tonnes grading 0.51% copper equivalent has been\nidentified immediately above and adjacent to this potential core of the\nporphyry copper-gold system.\n\n\nAt Kazandol, the drilling program will consist of 5,000 metres of reverse\ncirculation drilling, 4,000 metres of trenching and metallurgical testing.\nThis program is designed to identify a potential mineral resource on the\nnorthern portion of the licence at Kazandol North and complete reconnaissance\nfor potential expansion in the southern portion of the licence.\n\n\nAt Ceovishte, a geophysical survey is planned to better define drill\ntargets within a 1.4 kilometre by 1 kilometre silica breccia at the southern\nend of a 5 kilometre long zone of strong alteration and ancient mine workings.\nA 2,000 metre drilling program is planned for the identified drill targets.\n\n\nFor further information regarding the resource estimate on the Ilovitza\nproject, please refer to EurOmax's technical report entitled "Technical Report\nwith Copper Gold Resources on the Ilovitza Project, Macedonia, on behalf of\nEurOmax Resources Limited, dated August 7, 2008 by G.S. Carter, P. Eng. and\nBroad Oak Associates" which is available under EurOmax's profile at\nwww.sedar.com.\n\n\nJohn Menzies, a qualified person as defined by National Instrument\n43-101, supervised the preparation of the information...