Business
EUROMAX REPORTS SECOND QUARTER RESULTS
EUROMAX REPORTS SECOND QUARTER RESULTS
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\n Aug. 31, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n\n TSX.V. EOXFrankfurt. OMZ\n \n\n VANCOUVER, Aug. 31 /CNW/ - EurOmax Resources Ltd (TSX‐V: EOX)\n EurOmax Resources (“Euromax” or the “Company”)\n reports that it has completed and filed its Second Quarter 2010\n unaudited Financial Statements and Management Discussion and Analysis\n for the six months ended June 30, 2010.\n \n\n During 2010, EurOmax has completed approximately 5,000 metres of\n drilling at Ilovitza, Kazandol, Breznik and Trun during the six months\n ended June 30, 2010. This compares to no drilling being conducted during\n the same period in 2009. Since June 30, 2010 EurOmax has continued\n drilling on four of its properties in South‐east Europe. Results for the\n ongoing extensive drilling are expected to be released in the next few\n weeks.\n \n\n Euromax has working capital of $5,934,347 at June 30, 2009 compared to\n $8,628,342 at December 31, 2009.\n \n\n The Company recorded a comprehensive loss for the six months ended June\n 30, 2010 of $1,653,914 ($0.01 per share), compared with $273,708 ($0.00\n per share) for the same period in 2009. The comprehensive loss for the\n second quarter of 2010 was $442,339 compared to a net income of $40,038\n in 2009.\n \n\n The main differences in the loss are a result of increased\n administration charges of $514,409 and a foreign exchange loss of\n $259,531 in 2010. The administration charges include a severance payment\n of $247,500 in 2010 to the Company’s former Chief Executive Officer. The\n foreign exchange loss is a result of losses on cash reserves which are\n held in United States dollars and Euros. Much of the Company’s future\n expenditures will be denominated in Euros and United States dollars. In\n 2009 the Company had limited cash reserves. In addition in 2009 the\n Company had an unrealized gain on its investment in an Australian\n company...