Business
EurOmax Responds to Dissidents' Claims
EurOmax Responds to Dissidents' Claims
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\n Sep. 7, 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, Sept. 7 /CNW/ - EurOmax Resources Limited (TSX‐V: EOX) ("EurOmax"\n or, the "Company") responded today to\n misleading statements made by the dissident shareholders (the\n "Dissidents") in their news release dated August 31, 2010 concerning\n cash expenditures by EurOmax. EurOmax is a mineral exploration company\n which by its nature must spend funds to explore its properties and\n enhance shareholder value. A failure to explore its properties\n diligently would result in the cancellation or non‐renewal of critical\n government licenses, which in turn could result in a total loss of value\n to shareholders for the affected properties.\n \n\n The Dissidents criticism of cash deployment in the second half of 2009\n is disingenuous and misleading. The exploration programs undertaken by\n the Company were those that were proposed by the former Chief Executive\n Officer of EurOmax, with the strong support and approval of Mr.\n Patriarco, who was a director of the Company at the relevant time. The\n major expenditures did not materially advance the Euromax property\n values, unlike the more targeted drilling program that has occurred\n since that time.\n \n\n Contrary to the lack of relative success under the previous leadership,\n since their departure, EurOmax has spent approximately one third of the\n funds they spent, and achieved much greater results. The results of\n these expenditures can be summarized as follows:\n \n\n\n Drilling at Ilovitza significantly extended the potential porphyry\n gold - copper deposit by 100 metres to the east and 150 metres to the\n north from the previously defined 303 million tonne inferred mineral\n resource grading 0.23% copper, 0.31 grams per tonne gold and 0.005%\n molybdenum. This resource contains approximately 1.6 billion pounds of\n copper, 2....