Environmental and Social Impact Assessment Study

The  Environmental Impact Assessment (EIA) is an assessment of the potential environmental and social impacts of the Ilovica Project. It is based on the Ilovica Project Feasibility Study project design and detailed environmental and social surveys and baseline studies.
It meets all Macedonian national regulations and is part of the application package required by the Macedonian authorities for the issuance of a full Exploitation Permit for the Ilovica Project.

► Environmental Impact Assessment (EIA)

► EIA Non-Technical Summary

The international Environmental and Social Impact Assessment (ESIA) has been prepared to fulfil the requirements of Euromax’s lenders and equity partners. It has been prepared in line with EBRD’s Performance Requirements and IFC’s Performance Standards and associated legislation and good practice guidance. A suite of Management Plans is in preparation which address the implementation of mitigation measures identified in the Macedonian EIA and the ESIA, as well as meeting local regulatory requirements and stakeholder concerns.

The ESIA document and Non Technical Summary are provided below:

Environmental and Social Impact Assessment (ESIA)

ESIA Non-Technical Summary

Access to the Appendices (381 MB) is available on request by contacting us.

Post Event Summary – Metal Riches of the Western Tethyan Belt, Sunday March 5 at PDAC 2017

Bright and early on the first day of PDAC 2017, it was standing room only at the “Metal Riches of the Western Tethyan Belt” session, which began with Pat Forward, COO of Euromax Resources, introducing the ‘3 pillars’ of projects in this region: resource quality, skilled people and a low-cost setting.

He passed the microphone to Mac Canby, VP Eurasia Exploration for Freeport McMoRan, to discuss the metallogeny of the region. Among several memorable lines was Mac’s comparison of the Western Tethys to the Cordillera – but like an accordion, twisted and bunched instead of smooth!

The country talks began with Serbia, with Trade Commissioner Djurdja Ceramilac providing an detailed overview of the business environment and incentives available for miners in the country, including reduced taxes and administrative burdens, the double taxation agreement and more. Frazer Bourchier, COO of Nevsun, then took the mic to speak on his company’s project Timok project, which is anticipated to add 300% to growth in copper production in the next 4-5 years, with the Upper Zone pre-feasibility underway and Lower Zone drilling by early 2018. Teo Dechev, CEO of Mundoro followed, highlighting her company’s extensive and prospective land holdings and exploration projects across Serbia and Bulgaria. Mundoro is carried through commercial production on its Timok North projects through the JOGMEC joint venture.

Bulgaria was up next, with Richard Gosse, SVP Exploration for Dundee Precious Metals, describing a country offering stability, a rich mining history, regulatory transparency and prospectivity. Continuing to a discussion of Dundee’s projects, he noted that Chelopech’s operating results were in the upper end of guidance for 2016 at 38.5Mlbs copper and 166koz gold at cash costs of $610 per ounce gold sold, and an ongoing focus on optimization through innovation. Meanwhile, earthworks were commenced at Krumovgrad in late 2016 with this project anticipated to produce 86koz gold annually over 8 years.

The Honourable Vladimir Peshevski, Deputy Prime Minster of Macedonia spent the next few minutes discussing the country’s economic strategy, which includes creating macroeconomic stability through GDP growth, low indebtedness and low inflation, as well as reforms to create an investment-friendly environment.  As a result of this strategy, Macedonia has improved its standing to #1 in Continental Europe and #10 in the World in the World Bank’s 2017 “Ease of Doing Business” rankings.  Euromax’ Dimitar Dimitrov, Executive Director of Euromax Exploration Services, then outlined the discovery of the Illovica-Shtuka copper-gold porphyry deposit, followed by host Pat Forward, who highlighted the simplicity of project, which benefits from a 1:1 open pit strip ratio, crush-grind-flotation process with truck transport to the Pirdop smelter in Bulgaria, low costs and a natural gold-copper hedge.

We then had a triple mix of Turkish projects, beginning with Han Ilhan, CEO of Aldridge, who first provided an overview of the country, which offers a productive and low cost labour pool as well as investment incentives, and which is ranked the #1 gold producer in Europe, having developed over 10 mines in the past 15 years.  Han then spoke about Aldridge’s Yenipazar project, a high grade open pit VMS polymetallic deposit in central Turkey, which boasts low capital and operating costs and upside potential with nearly 90% of the property unexplored. Alamos’ Mehtap Ozcan, Manager of Exploration, then took the stage to discuss the Kirazli, Agi Dagi and Camyurt gold projects, located on the far west of Turkey, which boast almost 2Moz in total Reserves. Eric Roth, COO of Mariana Resources, then proceeded to discuss the hot topic of the session, the Hot Maden gold-copper project. Located at the far east end of Turkey, Hot Maden has an IRR of 153%, with gold-equivalent grades of 15 g/t and over 3.4 Moz in Indicated Resources, with a pre-feasibility study and further drilling underway.

The Hon. Vardan Gevorgyan, Deputy Minister of Energy, Infrastructure and Natural Resources spoke about mining in Armenia, which sees the sector as an opportunity to strengthen its economy and both recover and develop other feeder industries. The country already has 10 operating mines, and offers skilled professionals, streamlined and clear regulatory processes as well as a transparent royalty structure and a competitive tax regime.  Lydian International’s Hayk Aloyan, Managing Director of Lydian Armenia, presented the final corporate talk, highlighting the Amulsar gold project’s annual production of 225koz at all-in costs of US$585/oz with an IRR of over 21.6% at today’s prices and over 2.6Moz gold in reserves. The project is currently in construction, having been discovered initially from the road side as a highly visible alteration.

Pat Forward thanked the group in closing, drawing cards for wine and brandy door prizes, sourced from the Ezimit Winery in Macedonia. Many lingered to stay on for further discussions on the Western Tethys, a popular topic for over 200 people in attendance that Sunday morning at PDAC!

Euromax Announces Closing of Non-Brokered Private Placement

Euromax Resources Ltd.,  Vancouver, 14th March 2017  (TSX: EOX; OTCQX: EOXFF): (“Euromax” or the “Company“), is pleased to announce the closing of its previously announced non-brokered private placement (the “Private Placement”) of 3,325,582 common shares of the Company at a price of C$0.43 per share to a consortium of investors for net proceeds of C$1.43 million. The Company has also issued 166,279 shares to a third party finder as a commission related to the Private Placement.

The securities issued pursuant to the Private Placement will be subject to a hold period of four months and one day from the closing date of the Private Placement, in accordance with applicable Canadian securities laws.

Euromax Announces Non-Brokered Private Placement

Euromax Resources Ltd.,  10th March 2017  (TSX: EOX; OTCQX: EOXFF): (“Euromax” or the “Company“), is pleased to announce a non-brokered private placement (the “Private Placement”) of 3,325,582 common shares of the Company at a price of C$0.43 per share to a consortium of investors for net proceeds of C$1.43 million. The Company will also issue 166,279 shares to a third party finder as a commission related to the Private Placement.

The Company intends to use the proceeds of the Private Placement for development of its flagship Ilovica-Shtuka project and for general working capital purposes. Closing of the Private Placement is subject to the receipt of all necccary regulatory approvals, including approval of the Toronto Stock Exchange. Any securities issued pursuant to the Private Placement will be subject to a hold period of four months and one day from the closing date of the Private Placement, in accordance with applicable Canadian securities laws.

Join us at PDAC

Date: Sunday, March 5, 2017
Time: 8:00am – 12:00pm
Location: Metro Toronto Convention Centre North Building | Room 206D

Euromax (or “the Company”) is pleased to announce that the Company will be hosting a presentation session at the Prospectors and Developers Association of Canada (PDAC) Convention in Toronto on March 5, 2017.

The session titled “Metal Riches of the Western Tethyan Belt” will focus on the western segment of the Tethyan Belt, bringing together companies active in the region and country representatives to discuss the metal wealth of the region and respective business climates.

Euromax will present the Ilovica-Shtuka copper/gold project in Macedonia as well as the exploration expertise within its subsidiary in Bulgaria.

The Company invites all interested parties to attend the presentations and to learn more about the significant recent discoveries and development projects in Eastern Europe.

For more information, please visit the following link.

Ilovica-Shtuka Project Update

23rd February 2017 – Vancouver, British Columbia. Euromax Resources Ltd (“Euromax” or the “Company”) (TSX:EOX) (OTCQX:EOXFF) is pleased to provide an update with respect to its wholly owned Ilovica-Shtuka copper gold project in Macedonia, (the “Project”).


Two key milestones have been achieved towards the granting of the exploitation permit.  The first is the merger of the Company’s two exploitation concessions, Ilovica 6 and Ilovica 11 (over which the Ilovica-Shtuka Project footprint extends), that has been approved by the Macedonian Ministry of Economy and submitted to the Government for ratification.

The second milestone is the approval of the Strategic Environmental Impact Assessment by the Macedonian Ministry of Environment within the process of the urbanization of the mine footprint.

An Environmental and Social Impact Assessment (ESIA) produced by Golder Associates to international standards and requirements has also been prepared. This follows the Macedonian Environmental Impact Assessment published last year and will facilitate project financing and requirements of various project stakeholders.  The ESIA will be published on the Company’s website during March 2017.

Capital Expenditure

Mine Planning and Contract Mining
Following additional mine plan work completed during 2016 aimed at achieving a mine schedule with the required detail to start planning of operations, the Company initiated a Contract Mining tender process in November 2016.  The tender was aimed at covering the first 7 years of mine life (i.e. the 2-year construction and pre-strip period plus 5 years of operation).

As a result of this tender process, the Company has received indicative offers from three international companies for the provision of Contract Mining Services.  The Company is currently evaluating these bids, seeking clarifications and assessing the economic impact.  However, the average cost per tonne mined of material during production from the bids received is US$ 1.79/t of material moved with capex of approximately US$ 58.5m (including prestrip costs), compared to the Company’s Feasibility Study Technical Report (February 2016), which indicated US$ 1.62/t and capex of US$ 100.7m (including prestrip costs) over the same period.

Engineering, Procurement and Construction Contract (“EPC”)

The Company has agreed to a binding Memorandum of Understanding (the “MoU”) with Ausenco Engineering Canada Inc. (“Ausenco”) for further initial detailed engineering and design and a framework to allow Ausenco to proceed through a two-step process to ultimately provide the Company with a Lump Sum Turnkey Price for the construction of the process plant and related infrastructure for the Project.

The first step is for Ausenco, on an open book basis, to provide the Company with a Guaranteed Maximum Price (“GMP”) based on an agreed scope of work within 90 days of commencing the work to do so.  Following the delivery of the GMP, provided only that the GMP is at or below the Project capital expenditure as per the Company’s Feasibility Study Technical Report, Ausenco would proceed with the second step in preparing and negotiating with the Company a Lump Sum Turnkey EPC contract for the development of the Ilovica-Shtuka Project, the substantial terms of which are included in the MOU.

As per the MOU, the cost of Ausenco’s work to deliver the GMP will be settled through the issuance of Euromax shares to Ausenco, at a premium to the share price immediately prior to delivery and announcement of the GMP. Based on the current market price, the amount of common shares to be issued to Ausenco in connection with the MoU would be less than 5% of those currently issued and outstanding. The commencement of Ausenco’s work towards the GMP is contingent upon Euromax independently funding an agreed amount.  The proposed issuance of common shares to Ausenco is subject to the final approval of the Toronto Stock Exchange.

Commenting on the announcement, Steve Sharpe, President & CEO stated:

“The strong support of the Macedonian authorities has yet again been shown by the approval of the merger of Concessions and Strategic EIA. The achievement of these Key Milestones, sets a very clear path to the timely development of the Ilovica-Shtuka Project.  The offers for Contract Mining have come in at rates far lower than we had anticipated. With the potential for a US$40 million capex reduction, they seem a very compelling alternative to the owner operated mining plan presented in the Feasibility study. Finally, the faith in the project shown by Ausenco’s willingness to not only guarantee a maximum price for the Project at or below the Feasibility Study Price, but further, to undertake the detailed engineering and design work required to deliver this price commitment in exchange for equity, issued at a premium, is not only a resounding endorsement of the technical and economic viability of the project, but also a definitive indicator of their confidence and ability to optimize and deliver value for the Euromax shareholders. In addition to a fixed price, Ausenco’s ability to provide schedule and plant performance certainty will significantly enhance our ability to optimize and deliver the financing plan for the Project”.

About Ausenco

Ausenco is a private, diversified, engineering, construction and project management company, majority owned by Resource Capital Funds (“RCF”), providing services to the global resource and energy sectors. Ausenco’s experience in precious and base metal projects ranges from conceptual studies for new project developments to execution with EPC or EPCM delivery.

Ausenco has delivered a number of projects under Lump Sum Turnkey contracts which provide cost, schedule and performance certainty often required by financiers and investors.  Ausenco is currently completing the process plant and other support infrastructure for a gold project in Nova Scotia under a Lump Sum Turnkey contract and is often pioneering the entry into new jurisdictions and/or innovative technologies focused on the delivery of superior shareholder returns.