Euromax Announces New Legal Decision
Euromax Announces New Legal Decision
VANCOUVER, BC
,
Nov. 1, 2021
/CNW/ -
Euromax Resources Ltd.,
(TSX: EOX): ("
Euromax
" or
the "
Company
") announces a new decision in its legal process to reinstate the Company's Ilovica 6
concession. The Company has received official notification that the Administrative Court (the "
Lower
Court
") has ignored the decision of the Higher Administrative Court (the "
Higher Court
") which had
accepted our appeal, as announced on the 20
th
August 2021
. The Lower Court has repeated the
same decision that had previously been overturned by the Higher Court, stating that the Government
of
North Macedonia's
termination of the Ilovica 6 Exploitation Concession is legal.
Following legal advice, the Company remains convinced of its strong legal position and that the
Lower Court has made a decision that is both factually incorrect and which misinterprets the
applicable material laws. The Company will again appeal this decision to the Higher Court.
Tim Morgan-Wynne
, Executive Chairman, stated: "
The decision by the Lower Court both
misinterprets the facts and the laws and ignores the instructions of the Higher Court. Therefore, the
Company shall continue using all legal avenues to resolve this situation and we remain confident
in our strong legal position and the benefits that the Ilovica-Shtuka gold-copper project will bring to
the Country."
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 the recent decision by the Lower
Administrative Court of the Republic 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. 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 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.
For more information, please visit
www.euromaxresources.com
SOURCE
Euromax Resources
View original content:
http://www.newswire.ca/en/releases/archive/November2021/01/c6228.html
%SEDAR: 00009131E
For further information:
Tim Morgan-Wynne, Executive Chairman, +44 20 3918 5160,
CO: Euromax Resources
CNW 17:15e 01-NOV-21