VANCOUVER, Jan. 5 /CNW/ - EurOmax Resources Limited (TSX-V: EOX) announces that on December 31, 2008 it closed $485,000 in a previously announced financing. Under this financing EurOmax issued 4.85 million Units at $0.10 per Unit for gross proceeds of $485,000. Each Unit will consist of one Common Share and one Warrant. Each Warrant entitles the holder to purchase one Common Share at a price of $0.15 for 12 months or $0.20 from 12 months to 24 months following the Closing Date. The Common Shares issued and any Common Shares issued from the exercise of the Warrants are subject to a hold period until May 1, 2009.
The net proceeds of the Common Shares shall be used for general corporate purposes and development of the Company's mineral properties in Southeast Europe.
Kazandol
EurOmax has commenced its 2009 program at Kazandol. The first phase will include trenching over the 3 kilometre extension found at the end of the 2008 program. Following trenching, reverse circulation drilling to define an oxide copper resource and metallurgical testing is planned. Successful results from this program will allow a preliminary feasibility study to be completed during 2009.
Mineralization occurs within and above a 25 metre to more than 100 metre thick shallowly dipping thrust which has now been defined over a strike approaching 5 kilometres. At Kazandol North an oxide copper zone has been trenched and drilled over an 800 metre by 400 metre area. At Kazandol South the extension of the Kazandol North zone has been mapped over more than 3 kilometres with the highest copper grades seen on the property.
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 ------------------------------------------------------------------------- EurOmax Resources Limited is listed on TSX Venture Exchange Symbol: EOX -------------------------------------------------------------------------