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Euromax Update on Mining Concession
Euromax Update on Mining Concession Canada NewsWire VANCOUVER, Dec. 17, 2019 ...
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\nEuromax Update on Mining Concession\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Dec. 17, 2019\n\n\n\nVANCOUVER, Dec. 17, 2019 /CNW/ - (TSX: EOX): (\"Euromax\" or the \"Company\") has today seen publication of the outcome of yesterday's 171st Government Session, and statements surrounding it. From this we understand that the Government of North Macedonia has made a decision to unilaterally terminate the concession agreement for the Ilovica 6.\nThis is a political decision that completely contradicts recent official public statements made by the Government – as recently as in the last few days – that they would wait for the Macedonian Administrative Court to rule on the matter. That the matter can be decided on by the executive seriously questions the Rule of Law in North Macedonia.\nAs per the Company's press release dated 30th September 2019, the option of International Arbitration remains open and will be pursued as appropriate.  We can now confirm that Euromax has appointed renowned and prestigious international law firm LANSKY, GANZGER & Partner to prepare for that outcome. In addition to our strong legal position within North Macedonia, we are reassured that Euromax has a strong case for international investor protection and the Government of North Macedonia should be certain that the Company is ready to exhaust all domestic and international legal remedies.\nThe decision concerns the Company's Ilovica 6 concession and the Ilovica 11 concession remains unaffected.\nCommenting, Varshan Gokool, CEO of Euromax Resources said:\n\"This is deeply disappointing. As the largest foreign direct investment partner in North Macedonia the company currently has been treated more than shabbily under this Government.\nEarlier this year the European Commission raised concerns about the Rule of Law in North Macedonia. It is clear that the difficulty we are having is evidence of that whilst there is a legal remedy to all this - and we are very strong in our legal position – this path only results in needless delay ...