VANCOUVER, July 14 /CNW/ - EurOmax Resources Limited (TSX-V: EOX) is pleased to announce that ASX listed Balkans Gold Limited ("Balkans") in which EurOmax is the largest shareholder, has signed a binding Heads of Agreement to acquire 100% of the issued capital of West African Resources Limited (West African), an exploration company with an advanced gold project in Burkina Faso and exploration permit applications in Niger. West African's management team will also join Balkans to advance the projects.
The highlights of this transaction are:
- Burkina gold project located 3 kilometres along strike from TSX
listed Orezone Resources Inc's 1.1 million ounce Bombor gold deposit
- 2000 square kilometre project covering 70 kilometres of prospective
greenstone belt.
- Extensive soil geochemistry and geophysics with high grade trench,
rock chip and drillhole results including one drill-hole with 8
metres grading 12.47 grams per tonne gold starting at 34 metres in
depth. Only 8 holes have been drilled on the licence.
Following the acquisition EurOmax will have 9 million shares and 4.5 million options being 14% and 12% of the issued shares and options respectively.
John Menzies, Chairman and CEO of EurOmax commented, "this is an excellent acquisition for Balkans with a large project area immediately to the north of the advanced 1.1 million ounce Orezone Resources Bombor gold project. There are numerous gold geochemical anomalies within a substantial exploration database but surprisingly very few drillholes on the property. The potential for discovery would appear to be excellent."
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
On Behalf of the Board of Directors
"John C. Menzies"
Chairman and CEO
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EurOmax Resources Limited is listed on TSX Venture Exchange Symbol: EOX
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