Euromax Resources (OTC Other: EOXFF; TSX-V: EOX) and a major international mining company have amended an existing option agreement on the Karavansalija Mineralized Complex (“KMC”) Property in Serbia. Under the terms of the amendment, the major international mining company has agreed to forego its option to acquire a 70% interest in the KMC Property in exchange for a 2% net smelter returns royalty on gold, and a 1.5% net smelter returns royalty on all base and precious metals other than gold, extracted from the KMC property. The Company, through a wholly owned subsidiary, now owns a 100% interest in the KMC property, subject to these royalty obligations.
“This is a significant milestone for EurOmax,” comments Mark Gustafson, President and Chief Executive Officer of the Company. “Elimination of this back-in right allows us better control over exploration and development activities at KMC, including this year’s aggressive geophysical and drilling program.”