Euromax Announces Results of Annual General & Special Meeting Senior Management Appointments and Update on Drilling and Technical Programmes Euromax Resources Ltd. 23rd June 2015 (TSX-‐V: EOX): ("Euromax" or the "Company") is pleased to report that all
TSX-‐V: EOX OTCPK: EOXFF
www.euromaxresources.com
Euromax Announces Results of Annual General & Special Meeting Senior Management Appointments and Update on Drilling and Technical Programmes
Euromax Resources Ltd. 23rd June 2015 (TSX-‐V: EOX): ("Euromax" or the "Company") is pleased to report that all resolutions proposed, as set out in the Notice of Meeting dated 20 May 2015, have been duly passed at its Annual General & Special Meeting held in Skopje, Macedonia today, 23 June 2015.
The Board & Management wishes to express its thanks to all shareholders for their support.
Senior Management Appointments
The Company also is pleased to announce the following Senior Management Appointments:
Jana Nikodinovska – Vice President Legal Affairs and Company Secretary Jana Nikodinovska was previously Manager Legal with TGS Technical Gases (SOL Group) and prior to that a Junior Partner with Mens Legis Law Firm. She holds a Bachelor degree in Law from the Faculty of Law in Skopje, Award from the Vrije University Brussels and Dipolomatic Academy of Vienna as well as an Executive MBA in General Management from the University of Sheffield, where she specialized in Corporate and Business Law. Having spent over 6 years in legal advisory, serving an international clients base across various sectors, she has a deep knowledge and understanding of foreign direct investments in Macedonia. She is a regular contributor to international publications such as the World Bank's Doing Business Report and others. Her experience also includes project based engagement for the alignment of Macedonian legislation with the EU law.
Borche Ilioski -‐ Assistant Vice President Corporate Development & Investor Relations Prior to joining Euromax, Borche Ilioski held various management and engineer positions such as Senior Audit Manager / IP Core Engineer at Macedonian Telekom and T-‐Mobile Macedonia (member of Deutsche Telecom Group), Vice President and Coordinator of Innovation and Technical Development Committee at ISLAA, Guest Speaker at school for TOP Managment at Motiva Management Education, Project Manager at Nexcom. He is also a Junior Board Member (Leaders Club) of Macedonia 2025, having been appointed in March 2013. He has an extensive academic record, including an Executive development program from York University (Schulich Business School -‐ Toronto), Executive MBA in Finance from the University of Sheffield, a BA and MSc in Telecommunication from Techinical University, Sofia and Awards from the Pacific Institute and the Leadership School of President of Republic of Macedonia.
Steve Sharpe, President & CEO noted:
“We are very grateful to our Shareholders for roundly endorsing our strategy by way of the annual vote. In that context, the appointment of Jana Nikodinovska and Borche Ilioski mark a key milestone in the transfer of our corporate functions to Skopje, Macedonia.
Jana Nikodinovska has an unrivalled knowledge of the legal aspects of the project’s development and with her considerable international legal and corporate experience, will provide strong and talented leadership of our new Skopje HQ. Similarly, with his international training, significant corporate exposure, as well as his initiatives as a Junior Board Member of MK2025, Borche Ilioski is very well qualified to help advance the corporate development of Euromax as a truly International Macedonian based Company.”
Ilovica Drilling Update
Euromax is pleased to announce drilling results from its 100% owned Ilovica project, located in southeast Macedonia. Ilovica's mineralisation is typical copper gold porphyry style. The current drill programme comprises infill drilling to a nominal hole spacing of 50 metres and is aimed at converting indicated mineral resource category material in to the measured category and converting in-‐pit inferred resource category material to the indicated category using CIM guidelines. The programme was designed to provide at least measured resources within the planned open pit’s first five years of production at least. To date a total of twenty drill holes totalling 4,897 metres have been drilled. The results can be summarised as follows: -‐
| DH № | Easting Northing Azimuth | Dip | Depth From (m) To (m) Length (m) Au (g/t) Cu (%) | ||||||
|---|---|---|---|---|---|---|---|---|---|
| EOIC1572 7654296 | 4595269 | 215 | -‐55 | 300.1 | 149 | 300.1 | 151.1 | 0.51 | 0.27 |
| Including | 164.6 | 300.1 | 135.5 | 0.54 | 0.30 | ||||
| EOIC1573 7654162 | 4595354 | 0 | -‐90 | 202.2 | |||||
| 132.7 | 200 | 67.3 | 0.16 | 0.15 | |||||
| EOIC1575 7654324 | 4594976 | 68 | -‐66 | 342.4 | 342.4 | ||||
| 76.2 | 266.2 | 0.36 | 0.20 |
101.7 342.4
| Including | 240.7 | 0.39 | 0.20 |
| EOIC1576 7654158 4595164 0 -‐90 308 | 233 | ||
| 3.5 229.5 | 0.45 | 0.21 |
3.5 52 Including 48.5 0.84 0.02 70 191
| And also including 121 | 0.40 | 0.34 |
| EOIC1578 7654159 4595291 90 -‐55 342.6 291 | ||
| 81 210 | 0.35 | 0.20 |
95.5 158 Including 62.5 0.29 0.20 176 291
| Including | 115 | 0.42 | 0.23 |
| EOIC1579 7654061 4595451 0 -‐90 425.4 | 425.4 | ||
| 17 408.4 | 0.28 | 0.22 |
135.5 370
| Including | 234.5 | 0.37 | 0.28 | ||||||
| EOIC1580 7654054 | 4595054 | 0 | -‐90 | 232 | 89 | ||||
| 38 | 51 | 0.21 | 0.09 | ||||||
| EOIC1582 7654008 | 4595343 | 0 | -‐90 | 200 | 200 | ||||
| 7.7 | 192.3 | 0.32 | 0.30 |
19.5 89 Including 69.5 0.44 0.55 107 200
| Including | 93 | 0.25 | 0.18 |
| EOIC1583 7653945 4595453 0 -‐90 198.9 | 131 | ||
| 18 113 | 0.90 | 0.24 |
18 131
| Including | 113 | 0.90 | 0.24 |
| EOIC1584 7654073 4595268 0 -‐90 200.4 | 200.4 | ||
| 11 189.4 | 0.42 | 0.20 |
58 200.4
| Including | 142.4 | 0.45 | 0.26 | ||||||
| EOIC1585 7653751 | 4595039 | 256 | -‐55 | 232 | 191 | ||||
| 2 | 189 | 0.21 | 0.13 | ||||||
| EOIC1586 7653910 | 4595358 | 315 | -‐60 | 360.8 | 124 | ||||
| 20 | 104 | 0.39 | 0.24 | ||||||
| Including | 29 | 85 | 56 | 0.50 | 0.37 |
| 154 | 36 | 0.17 | 0.09 | |
| 319 | 349 | 30 | 0.18 | 0.12 |
| EOIC1587 7653750 4595255 0 -‐90 170.5 | 170.5 | |||
| 0 | 170.5 | 0.22 | 0.27 |
0 82 Including 82 0.29 0.35 126 159
| And also including 33 | 0.18 | 0.24 |
| EOIC1588 7653946 4595249 0 -‐90 453.7 453.7 | ||
| 18 435.7 | 0.35 | 0.21 |
18 233 Including 215 0.46 0.23 266 367
| And also including 101 | 0.30 | 0.22 |
| EOIC1590 7653873 4595309 0 -‐90 230.7 230.7 | ||
| 4 226.7 | 0.35 | 0.36 |
4 63 Including 59 0.46 0.67 78.3 204
| And also including 125.7 | 0.35 | 0.28 |
| EOIC1591 7653851 4595455 0 -‐90 107 14.1 90 | ||
| 75.9 | 0.47 | 0.13 |
14.1 90 Including 75.9 0.47 0.13
| DH № | Easting Northing Azimuth | Dip | Depth From (m) To (m) Length (m) Au (g/t) Cu (%) |
|---|---|---|---|
| EOIC1593 7653853 | 4595227 | 0 -‐90 | 295.4 5.5 295.4 |
| 289.9 0.30 0.536 |
68 295.4
| Including | 227.4 | 0.27 | 0.67 |
| EOIC1594 7653782 4595348 270 -‐66 295.2 | 8 215 | ||
| 207 | 0.28 | 0.226 |
34.4 186 Including 151.6 0.31 0.259 Intercepts calculated to a 0.3 g/t gold equivalent cut-‐off ($1250/ozAu, $3/lbCu), including intercepts calculated to a 0.5 g/t gold equivalent cut-‐off ($1250/ozAu, $3/lbCu) assuming 100% recovery. Coordinate system is GCS Hermannskogel. Mineralisation is of a pervasive porphyry style comprising vein stockwork and impregnations and widths are therefore considered representative of the overall body.
The infill drilling forms part of the current feasibility study (FS) following the successful completion of the pre-‐ feasibility study (PFS) last year. The FS is due for completion by the end of the year, is to date on schedule and on budget and comprises but is not restricted to following major pieces of work:
Mineral Resource Update –Tetra Tech
Aimed at improving the resource classification and revised block model following completion of drilling.
Mining Study – DMT
Re-‐optimisation of the open pit using the revised block model and pit slope stability following a programme of 7 geotechnical drill holes (complete), detailed pit design and scheduling, waste dump planning, mining operating and capital costs and an updated reserve.
Metallurgical Testwork – SGS Mineral Services
Programme of representative large scale comminution tests accompanied by variability tests on samples taken from across the in-‐pit mineralisation to verify comminution circuit, process route, reagent levels, recoveries and waste rock characteristics.
Plant and Mine Infrastructure – Amec Foster Wheeler
This is the largest single contract for the FS and as well as the process engineering and design the study will include geotechnical, civil, structural, mechanical, electrical, piping, control and instrumentation engineering and design for the plant and mine site. The study also will include capital and operating cost estimation, procurement, contract and execution planning.
Tailings Management Facility – Golder Associates in Association with the Saint Cyril and Methodius University Faculty of Civil Engineering in Skopje
Based on the preliminary design in the PFS, detailed geotechnical site investigation, civil engineering and tailings characterisation modelling, capital cost estimation.
Hydrology and Hydrogeology -‐ Schlumberger Water Services (SWS)
A programme of monitoring of all surface water, selected wells, exploration drill holes, dedicated hydrogeological holes an da collection of all publicly available data has been underway under the management of SWS for approximately two years. SWS are also constructing detailed hydrological, hydrogeological and geochemical models based on the monitoring and on waste and processed rock characterisation. The programme includes a detailed assessment of acid rock drainage and planning for mitigation of any associated risks.
Social and Environmental Impacts – Golder Associates with Schlumberger Water Services This will be based on the above engineering studies and baseline data that has been collected over the past two years in a programme managed by Golder Associates and SWS and in collaboration with various environmental and social study experts in Macedonia. The work forms part of the programme both companies are carrying out towards an updated Environmental and Social Impacts Assessment.
KMC Drilling Update
Euromax is pleased to announce positive results of the diamond core drilling completed at the Gradina target at the KMC project in Serbia. The Gradina target is in the southern part of the 23 square kilometre KMC licence. The KMC licence mineralisation includes thick sequences of gold-‐copper skarns, gold skarns, zinc-‐lead-‐copper-‐ gold skarns and volcanic hosted gold mineralised silica breccias.
The 2015 drill programme comprises a single hole, EOKSC1565, drilled to test the extension of the skarn gold intercepts encountered in EOKSC 1361b, in 2013. The drill hole location and technical parameters are:
Estimated true
| DH № | Easting Northing Azimuth Dip Depth From (m) To (m) Length (m) | Width (m) | Au (g/t) Zn (%) | ||||
|---|---|---|---|---|---|---|---|
| EOKSC1565 7472185 | 4766005 030 | -‐75 1100 375 | 409 | 34 | 29 | 0.37 | 1.68 |
| 542 | 572 | 30 | 25 | 1.44 | -‐ | ||
| 736.8 | 743 | 6.2 | 5.27 | 5.47 | -‐ |
Intercepts are calculated to a 0.8% zinc cut-‐off for zinc rich intercepts and a 1g/t cut-‐off for gold intercepts. Coordinate system is GCS Hermannskogel.
Commenting on the results, Pat Forward, Chief Operating Officer of the Company said, “The Ilovica drilling has confirmed the continuity of the copper-‐gold porphyry mineralization and will support a reclassification of the resource model as part of the current feasibility study. In addition drilling of higher-‐grade intercepts has confirmed the zones identified in the PFS that provide up to 25% more metal production in the early years of the 23-‐year mine life. We are pleased that the comprehensive work programme for the current feasibility study continues on time and on budget and look forward to completing the study by the end of the year. The significant drill results at KMC on the Gradina target confirm the mineralisation extends from previous intercepts towards the Copper Canyon target, some 500 metres to the northeast. This is very exciting since it supports the interpretation that the two targets are in fact a single mineralised horizon. The results underline the potential of the KMC mineralised system to host significant widths and strike lengths of continuous mineralisation as indicated by geophysical surveys. We look forward to receiving further results from the Ilovica FS and continue to explore ways to unlock the fantastic potential offered at KMC."
Sampling, Analyses and Quality Assurance and Control ("QAQC")
At both Ilovica and KMC, drill hole orientations were surveyed at approximately 50-‐metre intervals. Samples were collected by the Company's geologists in compliance with the Company's standard procedures and in accordance with accepted industry best practice. Samples were collected as half HQ or NQ diamond drill core through the mineralised intervals as three-‐metre lengths and occasionally to a maximum of 4.5 metres to reflect geological boundaries. At the Euromax sample preparation laboratories, the half core sample is reduced to -‐2 millimetre and two 200-‐gram samples are split from the whole. One 200 gram sample is submitted to the Eurotest Control EAD Laboratory (ISO 9001:2008 and ISO 17025 accredited) in Sofia, Bulgaria, for sample preparation, comprising pulverisation to 95% -‐75 microns, and analysis. Gold analyses were carried out using the fire assay technique with an AAS finish on 30-‐gram aliquots. Copper and zinc were analysed using AES ICP methods. In addition to the laboratory's internal QAQC procedures, the Company conducted its own QAQC with the systematic inclusion of field duplicate samples, blank samples and certified reference samples. The analytical results from the Company's quality control samples have been evaluated and demonstrated to be within acceptable industry standard variances.
Qualified Person
Mr Patrick Forward, FIMMM, a Qualified Person under National Instrument 43-‐101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and COO of the Company, reviewed and approved the scientific or technical disclosure in this release and has verified the data included.
About Euromax Resources Ltd.
Euromax has a major development project in Macedonia and an exploration services company in Bulgaria. We are focused on building and operating the Ilovitza copper/gold project in Macedonia, as well profitably deploying the wealth of exploration experience within our Bulgarian Exploration Services subsidiary.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This document contains statements that are forward-‐looking, such as those relating to results of operations and financial condition, capital spending, financing sources, commodity prices, mineral resources and property evaluation plans and programmes. Forward-‐looking statements are frequently characterised by words such as “plan”, “expect”, “project”, ”intend”, ”believe”, ”anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-‐looking statements are based on the opinions and estimates of management at the dates the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-‐looking statements. The forward-‐looking statements contained in this MD&A are as of the date of this document, and are subject to change after this date. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-‐looking statements. Euromax disclaims any intention or obligation to update or revise any forward-‐looking statements, whether as a result of new information, future events or otherwise.
For more information, please visit www.euromaxresources.com or contact:
Steve Sharpe, President & CEO
+44 (0) 20 3667 2970 [email protected]
Varshan Gokool, CFO
+44 (0) 20 3667 2970 [email protected]
Borche Ilioski, AVP Corporate Development & Investor Relations
+389 (0) 23 220 998 [email protected]
Martina Kostovska, Investor Relations Associate
+389 (0) 23 220 998 [email protected]