Euromax Resources Ltd. (EOX.V), prompted by a technical review by the British Columbia Securities Commission, today issued a news release to clarify its disclosure.
Trun Property Technical Report
The Company refers to its report dated January 31, 2011 titled "Technical Report on the Gold Resources at Trun Property, Trun and Breznick Municipalities, Pernik District, Bulgaria" prepared by Broad Oak Associates. Following its review, the British Columbia Securities Commission identified concerns regarding the Broad Oak Report including with respect to the disclosure of assumptions, parameters in the Broad Oak Report and the estimation practices used. Accordingly, the Company advises that the resource estimate provided in the Broad Oak Report is not NI 43-101 compliant, and should not be relied upon.
A new mineral resource estimate and supporting NI 43-101 compliant technical report for the Trun Property is being prepared by Tetra Tech WEI Inc. The new report was commissioned in December 2012 and is expected to be completed in April. The new resource estimate is expected to include the mineralized zone described in the Broad Oak Report as well as additional areas of mineralization within the Trun Property that were the target of recent drilling.
Ilovitza Preliminary Economic Assessment
Following this review, the Company is preparing and will file an amended Preliminary Economic Assessment for the Ilovtiza Gold Project in Macedonia, for which the results are the same, but which is expected to provide additional explanation of adjustment procedures used.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
