Euromax Update on Mining Concession
Euromax Update on Mining Concession
Euromax Resources Ltd, Vancouver, December 17, 2019 - (TSX: EOX): ("Euromax" or
the "Company") has today seen publication of the outcome of yesterday’s 171st
Government Session, and statements surrounding it. From this we understand that the
Government of North Macedonia has made a decision to unilaterally terminate the
concession agreement for the Ilovica 6.
This is a political decision that completely contradicts recent official public statements made
by the Government – as recently as in the last few days – that they would wait for the
Macedonian Administrative Court to rule on the matter. That the matter can be decided on
by the executive seriously questions the Rule of Law in North Macedonia.
As per the Company’s press release dated 30th September 2019, the option of International
Arbitration remains open and will be pursued as appropriate. We can now confirm that
Euromax has appointed renowned and prestigious international law firm LANSKY,
GANZGER & Partner to prepare for that outcome. In addition to our strong legal position
within North Macedonia, we are reassured that Euromax has a strong case for international
investor protection and the Government of North Macedonia should be certain that the
Company is ready to exhaust all domestic and international legal remedies.
The decision concerns the Company’s Ilovica 6 concession and the Ilovica 11 concession
remains unaffected.
Commenting, Varshan Gokool, CEO of Euromax Resources said:
“This is deeply disappointing. As the largest foreign direct investment partner in North
Macedonia the company currently has been treated more than shabbily under this
Government.
Earlier this year the European Commission raised concerns about the Rule of Law in North
Macedonia. It is clear that the difficulty we are having is evidence of that whilst there is a
legal remedy to all this - and we are very strong in our legal position – this path only results
in needless delay and inaction, preventing us from delivering much needed jobs and
investment in North Macedonia.
We have been working with the local community for a number of years. Sadly, it is they who
lose out most by this Government decision.”
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Commenting, Dr. Gabriel Lansky, Managing Partner of LANSKY, GANZGER & Partner
said:
“We are convinced that Euromax has a very strong case. Therefore, we are instructed and
ready to exhaust all existing domestic and international legal remedies.”
About Euromax Resources Ltd.
Euromax has a major development project in North Macedonia and is focused on building
and operating the Ilovica-Shtuka copper-gold project. It is the largest mining project in the
country and the biggest greenfield development in the Balkans for many years.
About LANSKY, GANZGER & Partner Rechtsanwälte GmbH
With more than 100 employees and lawyers from more than 20 countries, Lansky, Ganzger
+ partner (LGP) ranks among the biggest corporate law firms in Austria and Slovakia. The
firm, with offices in Vienna (Austria), Bratislava (Slovakia), Nur-Sultan (Astana, Kazakhstan)
and Skopje (North Macedonia), has many years of in-depth experience.
Forward-Looking Information
This news release contains statements that are forward-looking, such as those relating to
results of operations and financial condition, permitting and licensing, 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 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 or contact:
Robert Winstanley (Public Relations)
+44 7946 103 410 or [email protected]