VANCOUVER, BC, May 4, 2023
/CNW/ - Euromax Resources Ltd (TSX: EOX)
("Euromax" or the "Company") announces that the
Administrative Court (the "Court") has issued its decision
in respect of the Company's appeal challenging the termination of
the Ilovica 6 concession by the Government of the Republic of
North Macedonia. The Court has
upheld the Company's lawsuit and annulled the disputed decision to
terminate the Ilovica 6 concession. The Court has returned the case
to the respective authority to reconsider and redecide.
As part of this decision, the Court, having recognised that the
merger of the Ilovica 6 and Ilovica 11 concessions ("Concessions
Merger") represents a prior legal matter, rejected the
Company's proposal that the Government be required to decide on the
Concessions Merger, citing the matter being out of the Court's
authority. Until a final approval for the Concessions Merger is
concluded, the Company acknowledges that there is still material
uncertainty related to intended development of the Ilovica-Shtuka
Project.
Tim Morgan-Wynne, Executive
Chairman, stated: "We are encouraged by the fact that the
Administrative Court has restored the legal status of the Ilovica 6
concession. The Company looks forward to a constructive and forward
looking engagement with the relevant stakeholders to take the next
steps."
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, 2022 and financial
statements and related MD&A for the financial years ended
December 31, 2022 and 2021, 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.
For more information, please visit www.euromaxresources.com.
SOURCE Euromax Resources