VANCOUVER, Sept. 30, 2019 /CNW/ - (TSX: EOX):
("Euromax" or the "Company") has received a
notification from the Ministry of Economy of the Republic of
North Macedonia ("Ministry of
Economy") that the State Commission for Acting Upon
Administrative and Employment proceedings in the Second Instance
("State Commission") has rejected the Company's appeal
against the Ministry of Economy's Rejection Resolution, as outlined
in the Company's press release dated 12th July
2019. The notification concerns the Company's Ilovica 6
concession and the Ilovica 11 concession remains
unaffected.
The notification allows for the Company to appeal the State
Commission's decision within 30 days via the Administrative Court
of North Macedonia. Based on a strong legal case the Company
intends to submit an appeal. Other legal avenues, including
International Arbitration, remain open and these will be persued as
appropriate.
Euromax Resources looks forward to resolving the situation with
all relevant Government Institutions in accordance with the
Minerals and Administrative Laws of North
Macedonia.
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.
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.
SOURCE Euromax Resources