Euromax Announces Final Legal Decision
Euromax Announces Final Legal Decision
VANCOUVER, BC
,
Dec. 11, 2023
/CNW/ - (TSX: EOX): ("
Euromax
" or the "
Company
") announces
that the Higher Administrative Court (the "
Higher
Court
") has issued its decision in respect of the
Company's appeal challenging the rejection of the Company's application for an exploitation permit
for the Ilovica 6 concession. The Higher Court has upheld the Company's lawsuit and annulled the
disputed decision to reject the Company's application for an exploitation permit for the Ilovica 6
concession. This reconfirms the decisions made by the Administrative Courts in 2020.
As part of this decision, the Higher Court stated not only that the merger of the Ilovica 6 and Ilovica
11 concessions ("
Concessions Merger
") represented a prior legal matter, but also that the
Government was obligated to make a decision on the Concessions Merger. The Higher Court
pointed out that the application to merge the concessions was due to the rational and economic
exploitation of the two concessions, since the Ilovica 6 and Ilovica 11 concessions were adjacent to
each other and exploiting the same type of material. The Higher Court also stated that the Ministry
of Economy had completed an inspection in relation to the Concessions Merger and, on
8 February
2016
, minuted the fact that Company had met all the legal conditions required for a merger.
The Higher Court's decision now returns the Company to the same position it was in prior to the
decision of the Ministry of Economy in
July 2019
, with all its concessions in good legal standing but
waiting for the Government to approve the Concessions Merger. The Higher Court has again
highlighted the obligation on the Government to make a decision upon the Concessions Merger.
This decision now removes the basis to challenge the legal validity of the Ilovica 6 concession, and is
the third final decision in the Company's favour since the start of legal procedings in 2019. The only
case now left undecided relates to the Government's unfounded withdrawal of its approval of the
Concessions Merger on 25 July 2023.
However, until a final approval for the Concessions Merger is concluded, the Company
acknowledges that there is still material uncertainty related to intended development of the Ilovica-
Shtuka Project.
Tim Morgan-Wynne
, Executive Chairman, stated:
"All of our legal cases challenging the actions by
Government in relation to the Ilovica 6 concession have now been resolved in our favour. The
Higher Court has determined that the Government is obligated to decide on the Concessions
Merger, and also highlighted that the Company has met all the legal requirements to do so. We
now hope that the Government has the full legal justification to reconsider the Concessions Merger
and decide this again in favour of the Project.
If the Government approves the Concessions Merger and then continued to act in accordance with
their legal obligations, we could rapidly start to develop the Ilovica-Shtuka Project, thereby
delivering its powerful economic benefits, and allowing the shadow of International Arbritration to
start to recede."
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, such as those relating to the
Company's potential courses of action in response to recent decisions by agencies of the
government of
North Macedonia
, including potential legal appeals to other courts of applicable
jurisdiction in
North Macedonia
or the pursuit of international arbitration processes; the results of
any such appeals or legal processes that may be pursued by the Company, if any; any future
decisions, whether by way of appeal or otherwise, of any agency of the government of
North
Macedonia
or of any court of applicable jurisdiction; whether or not any decision of any agency of
the government of
North Macedonia
or of any court of applicable jurisdiction would be favourable
to the Company's interests; whether or not any decision of an agency of the government of
North
Macedonia
or of any court of applicable jurisdiction that was favourable to the Company's interests
would be implemented by applicable government authorities or could otherwise be enforced by the
Company; potential investments in the Ilovica-Shtuka Project, with or without the support of any of
the Company's current or future third-party investors; the potential impact of any investment by the
Company or any third-party investor on the development of the Ilovica-Shtuka Project; the effect of
the development of the Ilovica-Shtuka Project on the economy of
North Macedonia
, including the
number of jobs which may be produced in connection therewith; the results of operations and
financial condition of the Company; permitting and licensing matters related to the Ilovica-Shtuka
Project; capital spending by the Company; financing sources available to the Company, including
from any current or future third-party investors in the Company; 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. 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, filed with the securities
regulatory authorities in certain provinces of
Canada
and available on SEDAR. 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, except as otherwise required by
applicable law.
SOURCE
Euromax Resources
View original content:
http://www.newswire.ca/en/releases/archive/December2023/11/c6452.html
%SEDAR: 00009131E
For further information:
please visit www.euromaxresources.com or contact: Tim Morgan-Wynne,
Executive Chairman, +44 20 3918 5160, [email protected]
CO: Euromax Resources
CNW 08:00e 11-DEC-23