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EurOmax Options Five Properties in Serbia
EurOmax Options Five Properties in Serbia.
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\nIssued Capital: 43,199,155 common shares\n\n\nStock Exchange\n\n\nTSX Venture Exchange\n\n\nSymbol: EOX\n\n\nVANCOUVER, June 14 /CNW/ - EurOmax Resources Limited is pleased to\nannounce it has executed an option agreement with Phelps Dodge Exploration\nCorp. (PDX), a subsidiary of Freeport-McMoran Copper & Gold Inc., to acquire\nall of the issued capital of Company for Mining and Geology South Danube\nMetals Beograd (SDM). Under the terms of the agreement EurOmax has an option\nto acquire a 100% interest in SDM, subject to exclusion of one of the SDM\nlicenses, by the issuance of 2.40 million shares of EurOmax. In order to\nexercise the option EurOmax must meet license requirements and complete a USD\n1.5 million exploration program over 3 years. PDX retains a one time back\nin-right on each of SDM's licenses, wherein PDX may elect to earn a 70%\ninterest, after EurOmax has completed 10,000 metres of drilling on any such\nlicense. In order to earn its interest PDX must repay EurOmax twice its\nexploration expenditure on that license and fund the property though\ncompletion of a final feasibility study. This transaction is subject to\nregulatory approval.\n\n\nRudnitza Property\n\n\nThe Rudnitza license is located in the 500 km(2) Rashka mineral field.\nThe license covers Jurassic serpentinite and Tertiary andesitic volcanics\nintruded by diorite dykes. There are two well defined mineralised targets at\nRudnitza: the Rudnitza copper-gold porphyry and high grade lead-zinc-silver\nveins and stockworks.\n\n\nMining in the Rudnitza licence area commenced in ancient times as\nevidenced by more than 130 pits and shafts. Exploration from the 1970s focused\non lead-zinc-silver veins which saw the discovery of the Karadak vein\nlead-zinc-silver deposit just to the north of the Rudnitza license.\n\n\nRudnitza Copper - Gold Porphyry (see attached plan and section)\n\n\n--------------------------------\n\n\nThe Rudnitza copper-gold porphyry consists of a large iron oxide +/-\nquartz vein stockwork zone outcropping over an area of approximately 400 metre\nby 300 metres. The quartz stockwork, with vein density greater than 30 veins\nper metre, is developed within a quartz-magnetite alteration zone with biotite\nat depth. This is surrounded by larger argillic and advanced argillic\nalteration zones.\n\n\nIn 2004 PDX recognized the p...