VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2011) - EurOmax Resources Ltd. (News - Market indicators)(PINK SHEETS:EOXFF) ("EurOmax" or, the "Company") is pleased to announce the results of its first drill hole to test the recently identified magnetic low and chargeability high to the south of the currently outlined resource at the Company's 100% controlled Breznik project in western Bulgaria.
Hole BR-882 intersected 3.03 grams per tonne gold, 8.9 grams per tonne silver and 2.01% zinc over a vein interval of 2.6 metres from a depth of 238 metres down hole, approximately 80 metres deeper than previously intersected veins. The vertical hole, drilled to a total depth of 308 metres, approximately 130 metres to the south of the currently outlined resource, tested an east-west trending magnetic low that measures approximately 1,700 metres by 400 metres. This is the southernmost hole drilled on the Breznik property and the successful test of the geophysical anomaly indicates the potential for further gold-silver mineralization associated with the anomaly.
EurOmax has applied for a Commercial Discovery Certificate for the Breznik project. Subsequent to the submission of this application on May 12, 2011, EurOmax has received positive feedback from both local and national regulatory agencies. The Commercial Discovery Certificate application, a first step toward granting of a Mining Concession, extends over approximately 1.5 square kilometres and covers the NI 43-101 compliant resource as discussed in the technical report dated March 28, 2011. Approval of the Commercial Discovery Certificate is expected by late 2011 or early 2012.
"This is a great development for our Breznik property," comments Dimitar Dimitrov, Senior Vice-President Exploration of EurOmax. "In seven years, our team in Sophia has advanced Breznik from a grass roots discovery to a sizeable resource, which is moving towards a commercial operation. We are now in an excellent position to seek a developer to put this deposit into production."
About the Breznik Gold-Silver Project, Bulgaria
The Breznik Gold-Silver project, an hour's drive west of Sofia, covers a 2 kilometre long, east-west corridor hosting a series of epithermal gold-silver veins. Veins occur in a sequence of Late Cretaceous volcano-sedimentary rocks, the Banat-Srednogorie belt that also hosts the world-class Chelopech deposit being mined by Dundee Precious Metals.
EurOmax first discovered significant mineralization at Breznik through drilling in 2007. To date, drilling and trenching has identified a NI 43-101 compliant resource (see Technical Report on the Gold and Silver Resources at Breznik Property dated March 28, 2011 which is available under the Company's profile on SEDAR at www.sedar.com) of 2.44 Mt at 5.91 g/t Au and 26.78 g/t Ag containing 463 thousand ounces Au and 2.1 million ounces Ag at a 2 g/t Au cut-off and 1.5 metre minimum vein width. This resource lies within 150 metres of surface and average vein width is 2.4 meters. As indicated by the recent drilling, the potential for increasing the initial resource remains very favorable. Metallurgical testwork on vein material indicates 89% of gold and 85% of silver report to a concentrate produced through a combination of gravity separation and flotation.
Quality Control and Quality Assurance
Drill core was logged, cut and sampled by EurOmax personnel at the Company's sample preparation facility in Bulgaria. Samples were prepared and assayed by SGS Chelopech Laboratory in Bulgaria. SGS Chelopech follows SGS Global methods and procedures and has stringent quality control and assurance practices. Quality control samples, including duplicates, standards and blanks, were submitted by EurOmax. Gold was assayed by a 50 gram fire assay with an AAS finish; silver and lead were assayed by ICP-OES following an aqua regia digest. Overlimit silver and lead assays were reassayed by AAS.
Roger Moss, Ph.D., P.Geo., a member of the EurOmax Technical Advisory Board and a "qualified person" as defined by NI 43-101, supervised the preparation of the technical information contained in this news release.
About EurOmax Resources Ltd.
EurOmax is a Canadian company focused on precious and base metal projects in Southeastern Europe. Our strength is our local staff, knowledge and technical expertise in Bulgaria, Serbia and Macedonia.
This news release contains forward-looking statements including but not limited to statements regarding resource estimates, drilling and geological interpretations and approval of the Commercial Discovery Certificate that has been applied for by the Company for its Breznik project. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company's current beliefs and assumptions made by the Company, including that the key assumptions and parameters on which such resource estimates and drilling and geological interpretations are based are reasonable and that the Company will be able to obtain all necessary government approvals for the Commercial Discovery Certificate in a timely manner and on acceptable terms. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, that actual results of exploration activities will be different than anticipated, data and assumptions underlying the resource estimate or drilling and geological interpretations may prove to be inaccurate, incomplete or to have been incorrectly interpreted, the general risk of unexpected variations in mineral resources, grade or recovery rates and unanticipated delays in obtaining, or failure to obtain the Commercial Discovery Certificate. Readers are also encouraged to review all Company documents filed with the securities authorities in Canada, including the Management Discussion and Analysis in respect of the Company's recent financial statements under the heading "Operational and Other Business Risks", which documents describe material factors and assumptions and risks that apply to the forward-looking statements in this release. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly 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 required by law.
For further information please visit www.EurOmaxResources.com.
