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EurOmax Closes Property Acquisitions in Macedonia and Serbia
EurOmax Closes Property Acquisitions in Macedonia and Serbia.
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\nIssued Capital:\n\n\n46,949,155 common shares\n\n\nStock Exchange\n\n\nTSX Venture Exchange\n\n\nSymbol: EOX\n\n\nVANCOUVER, July 13 /CNW/ - EurOmax Resources Limited is pleased to\nannounce it has closed the options to acquire four exploration properties in\nMacedonia and five exploration properties in Serbia from Freeport McMoran Inc\nsubsidiary Phelps Dodge Exploration Corporation (PDX) and its Macedonian and\nSerbian subsidiaries. Under the terms of the agreement EurOmax has an option\nto acquire a 100% interest in the Macedonian properties by the payment to PDX\nof USD$600,000 and the issuance of 100,000 EurOmax shares and an option to\nacquire 100% of the shares of Mining and Geology South Danube Metals Beograd\nSouth (SDM), a PDX Serbian subsidiary, subject to exclusion of one of the SDM\nlicenses, by the issuance of 2.40 million shares of EurOmax. In order to\nexercise the options EurOmax must fulfill all concession requirements, fulfill\na certain minimum volume of drilling, and complete a US$1.5 million\nexploration program in each of Macedonia and Serbia over 3 years. PDX retains\na one time only back in-right on each concession, whereby PDX may elect to\nearn a 70% interest, after EurOmax has EurOmax Resources Ltd. completed\n10,000 metres on any such property. In order to earn its interest PDX must\nrepay EurOmax twice its exploration expenditure on that property and fund the\nproperty though completion of a final feasibility study.\n\n\nEurOmax is commencing an exploration program in each of Macedonia and\nSerbia.\n\n\nIn Macedonia the initial program includes 1,500 metres of diamond\ndrilling at Ilovista and 1,000 metres of reverse circulation drilling and\n1,000 metres of trenching at Kazandol. At Ilovitza a large copper-gold bearing\nquartz stockwork variably exposed over an area of 800 by 400 metres and has\nbeen traced to a depth of 500 metres. PDX drilled seven diamond drill-holes at\nIlovitza, five of which intersected mineralised porphyry. The mineralised\nstockwork is centred on a dacite porphyry stock central to a 1.3 km diameter\nvolcanic diatreme. The stock is pervasively altered and stockworked at\nsurface. Included in this drilling was an intersection of 363 metres grading\n0.25% copper and 0.36 grams per tonne gold.\n\n\nIn Serbia, the initial program includes 900 metres of diamond drilling a...