Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) has 100% control of its Ilovitza Copper Gold Porphyry Project in Macedonia. Prior to this release, Freeport-McMoran held a back-in right to acquire a 70% interest in the Ilovitza property. However, Freeport has elected not to exercise the back-in right (see November 29 news release).
According to Quinton Hennigh, the Company’s Chief Geologist, “Our drilling has already demonstrated that Ilovitza is a large Cu-Au porphyry complex, and we also have good geologic and geophysical evidence which indicates that further drilling could significantly expand the known mineralization.” comments Quinton Hennigh, Chief Geologist for EurOmax. “In gaining 100% control over this project, we are now free to proceed with exploration in areas to the southeast and east where we have indications there is significant potential for growth of our resource. We are planning step-out drilling in these areas for 2012. In addition, an updated NI43-101 compliant resource estimate for Ilovitza is expected to be completed this quarter.”