Administrative Court refers case to Higher Administrative Court
Administrative Court refers case to Higher
Administrative Court
TSXV: EOX
www.euromaxresources.com
VANCOUVER, BC
,
March 27, 2024
/CNW/ -
Euromax Resources Ltd.
(TSXV: EOX): ("
Euromax
"
or the "
Company
"), announces that the Administrative Court has issued a decision in the Company's
appeal against the withdrawal of the previously granted approval of the Company's request to merge
the Ilovica 6 and Ilovica 11 Concessions ("
Merger Request
") by the Government of the Republic of
North Macedonia
(the "
Government
"). This new ruling disregarded key legal arguments presented
by the Company and simply agreed with the Government's decision. However, the Administrative
Court did not challenge the fact that all legal conditions for the Merger Request have been met.
Following this decision, which was delivered to the Company on
March 26, 2024
, Euromax reasserts
its determination to pursue its legitimate rights through all available legal avenues, including the
restoration of its merger approval. The Company remains resolute in its stance and will promptly
appeal this decision to the Higher Administrative Court.
The discrepancy in the Government's rationale for its withdrawal of the merger approval is clear: the
Government claimed that a period of 25 days was an "unduly long" period for signing the new
concession agreement, and yet the timeframe specified in the Minerals Law for concluding a new
concession agreement is 60 days. Not only does the Government's rationale directly contradict the
prevailing legal framework governing such matters, but the process for signing the new concession
agreement was in the control of the Government's Ministry of Economy.
The Company has already filed a letter notifying Government of a dispute under the Swiss-
Macedonian bi-lateral investment treaty. Through the filing of this dispute notification, the Company
has initiated the process of seeking damages which have arisen from arbitrary and inconsistent
decisions made by state institutions. Whilst international arbitration has never been the primary focus
of the Company's business in
North Macedonia
, the Company will pursue international arbitration if
that is the only way to redress the mistreatment it has endured.
Euromax will continue to navigate these legal challenges as each arbitrary and conflicting decision
from the Government or the courts adds further evidence of mistreatment by state institutions and
strengthens the Company's case for international arbitration. The Company remains steadfast in its
commitment to upholding its rights and interests, ensuring fair treatment, and seeking a resolution
that aligns with principles of justice and equity.
Tim Morgan-Wynne
, Executive Chairman, commented:
"
We are deeply disappointed by the Administrative Court's decision, which once again
demonstrates a disregard for the applicable laws and an unwarranted deference to the Higher
Administrative Court.
It is concerning to witness such a pattern of judicial oversight, especially
when international investors' rights are at stake.
The persistent disregard for
North Macedonia's
laws by the Government and relevant state institutions is alarming
, and international arbitration
looms as an inevitable consequence if this trend persists.
With the significant uptick in copper and
gold prices in recent years, the potential economic implications of such actions cannot be
overstated.
We cannot stand idly by as our rights are trampled upon, and our investments undermined.
We
remain steadfast in our resolve to protect our investment and uphold the rule of law
, and we will
utilize all available legal avenues to hold the Macedonian Government accountable.
"
About Euromax Resources Ltd.
Euromax has a major development project in
North Macedonia
and is focused on building
and operating the Ilovica-Shtuka gold-copper project.
Forward-Looking Information
This news release contains statements that are forward-looking. 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. This information is qualified in its entirety
by cautionary statements and risk factor disclosure contained in filings made by the Company,
including its annual information form for the year ended
December 31, 2022
and financial statements
and related MD&A for the financial years ended
December 31, 2022
and 2021, and the unaudited
condensed consolidated interim financial statements for the three and nine months ended
September
30, 2023
and 2022 along with the accompanying MD&A, filed with the securities regulatory
authorities in certain provinces of
Canada
and available on SEDAR+ at
sedarplus.ca
. The forward-
looking statements contained in this document 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, unless required by
applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this news release.
SOURCE
Euromax Resources Ltd.
View original content:
http://www.newswire.ca/en/releases/archive/March2024/27/c8833.html
%SEDAR: 00009131E
For further information:
For more information, please visit www.euromaxresources.com or
contact: Tim Morgan-Wynne, Executive Chairman, +44 20 3918 5160,
CO: Euromax Resources Ltd.
CNW 17:30e 27-MAR-24