Euromax Significantly Grows Resource Estimate at Ilovitza

Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) has completed an updated compliant resource estimate at Ilovitza to inlcude approximately 7,400 metres of drilling during 2010 and 2011.  The updated resource estimate consists of sulphide and mixed resources, which is comprised of gold, copper and molybdenum, and oxide gold resources.

The table below summarizes the updated 43-101 compliant resource estimate at Ilovitza.  Ilovitza now has an indicated resource of 0.2 million gold ounces and 111.5 million pounds of copper and an inferred resource of 4.4 million gold ounces and 1.7 million pounds of copper.  In the aggregate on a gold equivalent basis, Ilovitza’s combined indicated and inferred resource is approximately 8.2 million gold equivalent ounces.

 

 

 

 

 

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Euromax Outlines Aggressive Drill Program at KMC Copper-Gold Property in Serbia

Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) has outlined an aggressive drill program to test multiple new targets at its 100% controlled KMC Copper-Gold Project, Serbia, in 2012.  Multiple new targets defined by magnetic, induced polarization (IP) and resistivity data collected in late 2011 will be tested by a planned 8,000 meter diamond drill program beginning in April of this year.

According to Quinton Hennigh, Chief Geologist of Euromax Resources, “Now that we have analyzed our comprehensive geophysical dataset from KMC, we are planning an aggressive drill program to test multiple new drill targets at our KMC project.  Previous drilling at KMC has already identified a robust copper-gold skarn system at Copper Canyon. Our new dataset clearly indicates the presence of at least seven additional large geophysical anomalies similar in nature to Copper Canyon. Some of these are associated with strong surface geochemical anomalism. Beginning in late April, we will undertake systematic drilling of these new targets that we believe could generate significant results at KMC.”

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First Berlin Initiates Coverage of Euromax Resources with $0.45 Price Target

First Berlin Equity Research initiated research coverage of Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) with a “BUY” rating and a price target of $0.45.  According to the report,

“EurOmax has a NI 43-101 compliant resource base in excess of 5 million oz gold at 0.90 grammes/tonne. The EurOmax share is currently very conservatively valued at an EV/oz gold of C$5.74 per share. This compares with an average of C$68 for the companies in our peer group and C$20 for the next cheapest company. We expect newsflow to push EurOmax’s valuation higher this year. First, we expect positive news on the resource base with the publication of updated resource estimates for the Ilovitsa and Trun properties. Second, there is a significant chance that the current drilling programme at the KMC property will yield a major gold discovery in submerged porphyry intrusions.  Our price target is C$0.45 per share and our recommendation is Buy.”

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Euromax Resources Appoints Quinton Hennigh to Board of Directors

Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) has appointed Quinton Hennigh to its board effective immediately.  Hennigh is an economic geologist with more than 20 years of exploration experience.  Currently, he is the President & Chief Executive Officer of Novo Resources Corp, a junior mineral exploration company.  He is also a technical advisor and director of Gold Canyon Resources where he helped build a very successful exploration program at Gold Canyon’s Springpole deposit in Ontario. Dr. Hennigh has been a technical advisor to EurOmax Resources since November 30, 2010 and Chief Geologist for EurOmax since January 9, 2012.

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Euromax Resources Intersects 1.76 g/t Gold Over 86 Meters at Trun Gold Property in Bulgaria

Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) continues to report positive results at its 100% owned Trun Gold Property in Bulgaria, including 1.76 g/t gold over 86 meters starting at surface in the Ruy Zone.  Additional positive near-surface results can be found in the Logo Zone, including 3.03 g/t gold over 24.1 meters and 4.1 g/t gold over 25.1 meters.

According to Quinton Hennigh, Euromax Resources’ Chief Geologist, “In 2011, we drilled approximately 10,600 meters at Trun, in part to meet drilling requirements in order to apply for a commercial discovery certificate this July.  Drill results at Trun have continued to produce several significant intercepts, from which we have developed a very focused 6,000 meter drill program for this year. The 2012 program is expected to be completed by the end of April, which allows the results to be included in the commercial discovery certificate application.”

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Euro Pacific Mining Specialist Covering Euromax Resources

Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) is gaining traction within the analyst community, beginning with a recently completed report by Euro Pacifc.  EurOmax has a portfolio of projects in the Republic of Bulgaria, Serbia and Macedonia.  Several mineral targets have been identified with potential for significant expansion of the current resource calculations.  Highlights from the report include the following excerpts.

REASONS TO WATCH

Portfolio of Projects:  The Trun project is divided into the Big Hill project and Little Hill project and is comprised of 11 mineral targets along with several additional targets on the various projects owned by EurOmax. 

Resource Calculation:  EurOmax has a global NI 43-101 compliant inferred resource of 5.79M oz gold, 1.56B lbs of copper, 2.10M oz silver and 34.6M lbs of Molybdenum. The most advanced project is Ilovitza in Macedonia with an NI 43-101 inferred sulphide resource of 303M tonnes grading 0.23% copper, 0.32 g/t gold, and 0.005% molybdenum.  The Logo Project on the Trun Property is a highly prospective target and the most advanced at Trun with an inferred resource calculation of 2.10M oz gold.

Favourable Geology: The KMC project has several different types of mineralization including proximal copper-gold skarn, distal gold skarn, lead-zinc-copper-gold skarn, volcanic hosted gold and silica breccia hosting gold mineralization. The Trun project is comprised of multiple gold occurrences which are hosted in granite or, in the case of Logo, in the overlying hornfels. The Ilovitza project is a large copper-gold porphyry with significant potential for expansion.

ACTION – ADD TO WATCH LIST

Euro Pacific believes that EurOmax has several highly prospective mineral targets on multiple projects. Trun and Ilovitza both remain attractive for exploration as they offer significant growth potential of current resources. The Trun property has 10 targets. Only one of these 10 targets at Trun have a resource calculation totalling 2.1M oz gold. The KMC project has five styles of mineralization and has yet to encounter the porphyry intrusions believed to be the cause of the widespread mineralized zones on the project.

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Dr. Copper In The House: Thom @ Large

By Thom Calandra

www.babybulls.com

VANCOUVER, Canada — Vancouver’s two January resources get-ups, Cambridge House for investors and B.C. Round Up for geos & technicians, gave us flogging five-day rains, one superb NHL hockey match … and plenty of hard-asset bravado:

• “I don’t own stocks any more; I own colored diamonds,” diamond seller Colin Ferguson told me at a private party I hosted with Cambridge House‘s Joe Martin. (I invite the guests and Joe entertains ’em.)  Mr. Ferguson, a 51-year-old Vancouver Island resident, says we’ll see reports of diamond warehousing by aggressive hedge funds. Worldwide demand for diamonds is on track to exceed supply by 7 million carats. The “coloreds,” champagnes (cognac hues), pinks, blues and greens, are beginning to flash in fashion-minded markets. Colin will be at Mr. Martin’s Palm Springs investment conference at Indian Wells, California, in two weeks. I want to see more of these stones. (See: www. cambridgehouse.com)
  

  Dr. Clarke At PMI Gold Booth

• “Poly-metallic mines and properties are always in demand,” Tom Macneill says. I came across Mr. Macneill, a lifelong  Saskatchewan resident and longtime chief of 49 North Resources (FNR in Canada), across the street from Waterfront at lunchtime. Tom, sitting at a lunch counter, is sitting on his merchant bank’s 10-percent-plus ownership of surging DNI Metals (DNI). DNI is a northern Canada smorgasbord of elements in an expansive property portfolio. I am fortunate to own FNR and DNI after a fishing trip a couple years back with Tom, Bob Bishop, Doug Casey and others, way up there in Saskatchewan. (By the way, Mr. Macneill is hot on uranium prospectors right now — especially one big one whose first letter is C and its last O.)
• I tested my latest think on the exhibit floor at the Joe show; copper-gold porphyrys will outpace market gains of all metals equities in coming weeks. “When Dr. Copper is in the house, it’s a very, very, very good house,” says Don Mosher. Don represents Riverstone Resources (RVS), a Burkina Faso prospector whose shares look ready to bust out after a largely ignored resource report. A geologist I rely on for analysis, Dr. Peter Megaw of Minaurum (Gold (MGG), Candente Gold and others, told me, “Copper is a big-company business. A billion tonnes of half-percent copper with the gold credit blended in, that takes care of a lot of the risk of taking on a development.”

Euromax Resources Retains 100% Control of its Ilovitza Copper Gold Porphyry

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.”

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EurOmax Starts Trading on OTCQX and is Now Published in Standard & Poors

EurOmax Resources Ltd. (OTCQX: EOXFF; TSX-V: EOX.V) announced today that its common stock began trading on the OTCQX® platform effective January 23, 2012. The Company’s ticker symbol on the OTCQX® will be EOXFF. OTCQX® is the highest tier of the OTC market, and is exclusively for companies that meet OTCQX®’s financial standards and undergo a qualitative review. EurOmax will also continue to be listed on the TSX Venture Exchange.

In the release Mark Gustafson, President & CEO of EurOmax stated; “Our move to the OTCQX is designed to further enhance our presence and visibility in the United States. The OTCQX platform bridges the gap between our growing U.S. investor base and access to information about our company.”

Also, EurOmax information is now available via S&P Capital IQ Corporation Records Listing Program. As part of the program, a full description of EurOmax has been published in the Daily News Section of S&P Capital IQ Corporation Records, a recognized securities manual for secondary trading in up to 38 States under the Blue Sky Laws. S&P Capital IQ Corporation Records is available in print, CD-ROM, and via the web at www.netadvantage.standardandpoors.com as well as through numerous electronic vendors.

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Euromax Closes $3.8 Million Financing

Euromax Resources (OTC Other: EOXFF; TSX-V: EOX) has completed the closing of a non-brokered private placement totaling 17,300,000 units (the “Units”) at a price of $0.22 per Unit for gross proceeds of $3,806,000.  Each Unit consists of one common share and one common share purchase warrant, each warrant entitling the holder thereof to purchase one additional common share for a period of 24 months at a price of $0.30.  The closing of the 17,300,000 Units is an increase over the 14,800,000 Units originally contemplated. 

The offering was comprised of four subscribers, including (i) an institutional investor, which is the Company’s largest current shareholder (7,000,000 Units); (ii) Novo Resources Corp. (7,000,000 Units); (iii) an institutional investor, which is a current shareholder; and (iv) Mark Gustafson, President and CEO of the Company (800,000 Units).  Dr. Quinton Hennigh, who was recently appointed Chief Geologist for EurOmax, is President and CEO of Novo Resources Corp.  Subsequent to the offering Mark Gustafson owns 4,316,000 common shares or 2.6% of the Company’s outstanding shares.

“The quick completion of this oversubscribed financing in a challenging capital market environment is a testament to the exploration success on our three core properties in Southeastern Europe”, commented Mark Gustafson, President & CEO of EurOmax. “The financing also speaks clearly to the long-term commitment level of some of our largest current shareholders as well as key members of the management team. Proceeds from this placement will be utilized to continue a very active drilling program in 2012 for EurOmax.”

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