Issued Capital:
43,199,155 common shares
Stock Exchange
TSX Venture Exchange
Symbol: EOX
VANCOUVER, Feb. 26 /CNW/ - EurOmax Resources Limited ("EurOmax") is pleased to announce that Teck Cominco Limited ("Teck Cominco") has provided notice of exercise of their option to proceed with exploration on the Trun property in western Bulgaria. In connection with the option Teck Cominco has also exercised 2.8 million warrants at C$0.40 raising C$1.12 million for EurOmax.
EurOmax and Teck Cominco executed an agreement in 2006 under which Teck Cominco could elect to fund exploration through several stages on the Trun property to earn up to a 70% interest in the Trun property.
Under the 2006 agreement, Teck Cominco invested C$700,000 for 2,800,000 Units of EurOmax as a private placement at a price of $0.25 per Unit. Each Unit consisted of one share and one warrant. Each warrant was exercisable at C $0.40 during the first year of the agreement and C$0.65 during the second year of the agreement. Upon EurOmax completing a preliminary exploration program, Teck Cominco has the option to earn a 55% interest in the Trun property by spending C$3 million over 4 years. Upon Teck Cominco earning its initial 55% interest, it has the option to increase its interest to 70% by spending an additional C$10 million on the Trun property.
As part of the 2006 agreement EurOmax has completed its initial program expenditure requirement with a program of mapping, trenching and drilling. The results of two holes drilled in late 2006 are pending.
"John Menzies"
Chairman & CEO
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or accuracy of this release.