/THIS NEWS RELEASE AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR DISTRIBUTION IN THE UNITED STATES/
VANCOUVER, July 16 /CNW/ - EurOmax Resources Ltd. ("EurOmax" or the "Company") is pleased to announce that the sale of its Bulagou Property (the "Property") in China to Chenzhou Mining Group Co. Ltd. (listed on the Shenzhen stock exchange) closed on July 16, 2009. The total proceeds from the sale of the Property net of withholding taxes were US$ 14,992,274. EurOmax previously received an advance payment on the sale of US$ 13,531,418.
The Company intends to use the proceeds of the sale of the Property for exploration on its South East European mineral properties.
About EurOmax
At Ilovitza, EurOmax anticipates the first phase of the 2009 program will involve drilling two 750 metre diamond drill holes to test the potential core of the porphyry copper-gold system. A NI 43-101 compliant inferred mineral resource of 303 million tonnes grading 0.51% copper equivalent has been identified immediately above and adjacent to this potential core of the porphyry copper-gold system.
At Kazandol, the drilling program will consist of 5,000 metres of reverse circulation drilling, 4,000 metres of trenching and metallurgical testing. This program is designed to identify a potential mineral resource on the northern portion of the licence at Kazandol North and complete reconnaissance for potential expansion in the southern portion of the licence.
At Ceovishte, a geophysical survey is planned to better define drill targets within a 1.4 kilometre by 1 kilometre silica breccia at the southern end of a 5 kilometre long zone of strong alteration and ancient mine workings. A 2,000 metre drilling program is planned for the identified drill targets.
For further information regarding the resource estimate on the Ilovitza project, please refer to EurOmax's technical report entitled "Technical Report with Copper Gold Resources on the Ilovitza Project, Macedonia, on behalf of EurOmax Resources Limited, dated August 7, 2008 by G.S. Carter, P. Eng. and Broad Oak Associates" which is available under EurOmax's profile at www.sedar.com.
John Menzies, a qualified person as defined by National Instrument 43-101, supervised the preparation of the information in this release.
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the operations of EurOmax. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Many of these assumptions are based on factors and events that are not within the control of EurOmax and there is no assurance they will prove to be correct. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of EurOmax to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions, risks related to international operations, actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined and although EurOmax has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. EurOmax does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
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" Chief Executive Officer ------------------------------------------------------------------------- EurOmax Resources Limited is listed on TSX Venture Exchange Symbol: EOX -------------------------------------------------------------------------