Business
EurOmax Announces US$13.5 million advance from sale of Chinese Bulagou property
/THIS NEWS RELEASE AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR DISTRIBUTION IN THE UNITED ST...
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\n/THIS NEWS RELEASE AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR\nDISTRIBUTION IN THE UNITED STATES/\n\n\nVANCOUVER, July 8 /CNW/ - EurOmax Resources Ltd. ("EurOmax" or the\n"Company") is pleased to announce that it has received US$ 13,531,418 as an\nadvance payment on the sale of its Bulagou property in China. This advance\npayment represents approximately 90% of the funds from the sale of the\nproperty after withholding taxes. The sale is expected to close during July\n2009 at which time the remaining 10% of the sale price of approximately\nUS$1.46 million will be received by the Company.\n\n\nAbout EurOmax\n\n\nEurOmax is a mineral exploration company focused on properties in\nBulgaria, Macedonia and Serbia. The Company completed a Plan of Arrangement\n(the "Plan") to acquire Silk Road Resources Ltd. the original owner of the\nBulagou property. As a result of the Plan, EurOmax has 119,062,039 shares\noutstanding.\n\n\nAs a result of the receipt of the proceeds from the sale of the Bulagou\nproperty, EurOmax intends to:\n\n(i) commence drilling programs on its Ilovitza and Kazandol projects\n in Macedonia;\n\n(ii) commence a geophysical and drilling program on its Ceovishte\n project in Serbia; and\n\n(iii) complete the minimum drilling program required by its option\n agreements with Freeport McMoRan Exploration Company.\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 adjacent to this potential core of the porphyry\ncopper-gold system.\n\n\nAt Kazandol, the program will consist of 5,000 metres of reverse\ncirculation drilling, 4,000 metres of trenching and metallurgical testwork.\nThis program is designed to identify a potential mineral resource on the\nnorthern portion of the Kazandol licence and complete reconnaissance for\npotential expansion in the southern portion of the licence.\n\n\nAt Ceovishte, the geophysical survey is designed to identify 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 working...