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EurOmax Options Four Properties in Macedonia
EurOmax Options Four Properties in Macedonia.
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\nIssued Capital:\n\n\n43,199,155 common shares\n\n\nStock Exchange\n\n\nTSX Venture Exchange\n\n\nSymbol: EOX\n\n\nVANCOUVER, June 14 /CNW/ - EurOmax Options Four Properties in Macedonia\nEurOmax Resources Limited is pleased to announce it has executed an option\nagreement with Freeport McMoran Copper & Gold Inc. subsidiaries, Phelps Dodge\nVardar DOOEL and Phelps Dodge Exploration Corporation (together, PDX), to\nacquire a 100% interest in four exploration properties in Macedonia. Under the\nterms of the agreement EurOmax has purchased an option to acquire a 100%\ninterest in the properties by the payment to PDX of USD600,000 and the\nissuance of 100,000 EurOmax shares. In order to exercise the option EurOmax\nmust fulfill all concession requirements, fulfill a certain minimum volume of\ndrilling and complete a US$1.5 million exploration program over 3 years. PDX\nretains a one time only back in-right on each concession, whereby PDX may\nelect to earn a 70% interest, after EurOmax has completed 10,000 metres on any\nsuch property. In order to earn its interest PDX must repay EurOmax twice its\nexploration expenditure on that property and fund the property through\ncompletion of a final feasibility study. The transfer of the properties to\nEurOmax, is subject to government approval and the transaction is subject to\nregulatory approval.\n\n\nKazandol Copper Project\n\n\nThe Kazandol concession covers gneiss and schist intruded by granite\nstocks and andesite dykes. Outcropping copper mineralisation has been mapped\nalong a north-west striking zone over a length of five kilometres. Within this\nzone two large copper oxide targets have been defined: Kazandol North and\nKazandol South. No drilling has been conducted at Kazandol.\n\n\nKazandol North\n\n\n--------------\n\n\nAn 800 by 400m zone of copper oxide mineralisation has been defined at\nKazandol North. PDX undertook trenching and soil geochemistry with values\nlocally in excess of 1% copper. Contoured copper in soil and PDX trenches are\nplotted on the attached graphic.\n\n\nAll trenches reported significant results and these are listed in the\ntable below (at a 0.1% copper cut-off):\n\n\n-------------------------------------------------------------------------\n Kazandol North - Trench Results\n---------------------------------------------------------------------...