EurOmax Releases Third Quarter (September 30) Unaudited Financial Results

November 24, 2010

Vancouver, Canada:  EurOmax Resources Limited (TSX-V: EOX) ("EurOmax" or, the "Company") announced today the release of the financial statements and related management, discussion and analysis for the quarter ended September 30, 2010. Please refer to www.sedar.com for the complete set of financial statements, notes and MD&A. Highlights for the quarter include the following:

As of September 30, 2010 (see attached excerpt):
Cash balance - $2.8 million
Accounts payable - $1.3 million
Working capital - $2.3 million

For the quarter ended September 30, 2010 (see attached excerpt):
Net loss for the quarter - $5.8 million
Shareholder meeting expense - $1.9 million
Write-off of mineral properties - $3.5 million

Cash depletion - the $1.9 million cost of the contested shareholder meeting, which concluded on September 23, 2010, has significantly reduced the cash available for exploration programs and other corporate purposes. After payment of accounts payable and accrued liabilities as of September 30, the actual cash available was $1.5 million. The Company's new board of directors has factored this available cash balance into its ongoing transition process and corporate planning.

Property review - a formal review of all the Company's prospects and properties was initiated in October and is expected to be completed shortly. Based upon a preliminary review of the exploration results on the properties to date, it was concluded that the Ceovishte property in Serbia and the Kazandol property in Macedonia would not justify any additional exploration expenditures by the Company. Accordingly, the $3.5 million carrying value of both these properties has been written off. There may be additional property write-offs pending the completion of the Company's review of its property portfolio.

Drilling program at Ilovitza, Macedonia - in order to drill a sufficient number of holes and gather the appropriate technical data to prepare a detailed application for a Mining Concession on this property before the Company's exploration permit expires in May 2011, the Company has an active drilling program in place which is expected to continue for at least the balance of 2010.  This drilling program is the only drilling the Company is conducting pending the completion of the Company's review of its property portfolio.

Mark Gustafson, President & CEO, stated "The third quarter results reflect all the significant costs related to the contested shareholder meeting and the write-offs due to the lack of exploration success on two of the Company's properties. Our current cash balance is approximately $1 million and we are continuing to implement our transition plan. The new board of directors of the Company would like to thank our CFO, Mr. Christopher Serin, for providing his professional and timely assistance in preparing these quarterly results."

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information:

Mark Gustafson, President  & CEO
(604) 454-8677
markg@euromaxresources.co

For further information please visit www.EurOmaxresources.com    

Media and Investor Contacts

Mark Gustafson
E: markg@euromaxresources.com
T: +1 604 454 8677