Euromax Announces New Legal Decision
Euromax Announces New Legal Decision
VANCOUVER, BC
,
May 4, 2023
/CNW/ -
Euromax Resources Ltd
(TSX: EOX) ("
Euromax
" or the
"
Company
") announces that the Administrative Court (the "
Court
") has issued its decision in respect
of the Company's appeal challenging the termination of the Ilovica 6 concession by the Government
of the Republic of
North Macedonia
. The Court has upheld the Company's lawsuit and annulled the
disputed decision to terminate the Ilovica 6 concession. The Court has returned the case to the
respective authority to reconsider and redecide.
As part of this decision, the Court, having recognised that the merger of the Ilovica 6 and Ilovica 11
concessions ("
Concessions Merger
") represents a prior legal matter, rejected the Company's
proposal that the Government be required to decide on the Concessions Merger, citing the matter
being out of the Court's authority. 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:
"We are encouraged by the fact that the
Administrative Court has restored the legal status of the Ilovica 6 concession. The Company looks
forward to a constructive and forward looking engagement with the relevant stakeholders to take
the next steps."
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.
For more information, please visit
www.euromaxresources.com
.
SOURCE
Euromax Resources
View original content:
http://www.newswire.ca/en/releases/archive/May2023/04/c9176.html
%SEDAR: 00009131E
For further information:
Tim Morgan-Wynne, Executive Chairman, +44 20 3918 5160,
CO: Euromax Resources
CNW 09:25e 04-MAY-23