VANCOUVER, BC, Aug. 20, 2021 /CNW/ - Euromax Resources
Ltd, (TSX: EOX): ("Euromax" or the "Company")
announces a new decision in its legal process to reinstate the
Company's Ilovica 6 concession. The Company has received official
notification of the decision by the Higher Administrative Court
("the Higher Court") of the Republic of North Macedonia to rule in favour of Euromax
and overturn the previous ruling by the Lower Administrative Court
("the Lower Court"). The case was originally brought
by the Company challenging the legality of the Government of
North Macedonia's termination of
the Ilovica 6 Exploitation Concession, one of two concessions
concerning the Ilovica-Shtuka copper project ("the
Project"). The case will now return to the Lower Court to
be reheard.
In a separate case, Euromax had also challenged the initial
decision by the Ministry of Economy to reject the Company's
application for an exploitation permit for the Ilovica 6 concession
and on the 20th December
2020 the Higher Court also ruled in Euromax's favour in that
case.
Tim Morgan-Wynne, Euromax's
Executive Chairman, stated: "The ruling by the Higher
Administrative Court to overturn the Lower Administrative Court's
negative decision endorses the company's strong legal
position. We look forward to making further progress in both
the legal process and the Project development."
Nicolas Treand, Euromax's President and Executive Director,
commented: "Alongside our legal process, we also continue to
work with the local community, the relevant state institutions and
all relevant stakeholders to ensure the development of a world
class mine with our primary sponsor, Trafigura. The Project
will be developed to the highest safety and environmental standards
and will help the region recover from the economic hardships
imposed by the ongoing global pandemic."
About Euromax Resources Ltd.
Euromax has a major development project in North Macedonia and is focused on building and
operating the Ilovica-Shtuka gold-copper project.
Forward-Looking Information
This news release
contains statements that are forward-looking, such as those
relating to the Company's potential courses of action in response
to recent decisions by agencies of the government of North Macedonia, including potential legal
appeals to other courts of applicable jurisdiction in North Macedonia or the pursuit of
international arbitration processes; the results of any such
appeals or legal processes that may be pursued by the Company, if
any; any future decisions, whether by way of appeal or otherwise,
of any agency of the government of North
Macedonia or of any court of applicable jurisdiction;
whether or not any decision of any agency of the government of
North Macedonia or of any court of
applicable jurisdiction would be favourable to the Company's
interests; whether or not any decision of an agency of the
government of North Macedonia or
of any court of applicable jurisdiction that was favourable to the
Company's interests would be implemented by applicable government
authorities or could otherwise be enforced by the Company;
potential investments in the Ilovica-Shtuka Project, with or
without the support of any of the Company's current or future
third-party investors; the potential impact of any investment by
the Company or any third-party investor on the development of the
Ilovica-Shtuka Project; the effect of the development of the
Ilovica-Shtuka Project on the economy of North Macedonia, including the number of jobs
which may be produced in connection therewith; the results of
operations and financial condition of the Company; permitting and
licensing matters related to the Ilovica-Shtuka Project; capital
spending by the Company; financing sources available to the
Company, including from any current or future third-party investors
in the Company; 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.
This information is qualified in its entirety by cautionary
statements and risk factor disclosure contained in filings made by
the Company, including its annual information form for the year
ended December 31, 2019 and financial
statements and related MD&A for the financial years ended
December 31, 2019 and 2018, and the
three months ended September 30,
2020, filed with the securities regulatory authorities in
certain provinces of Canada and
available on SEDAR. 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,
except as otherwise required by applicable law.
SOURCE Euromax Resources