Euromax Announces Board Appointment

Euromax Resources Ltd. 17 November 2017 (TSX: EOX; OTCQB: EOXFF): (“Euromax” or the “Company”) is pleased to announce that Ljupco (Lou) Naumovski has been appointed as a Non-Executive Director of the Company.

Mr. Naumovski, a Canadian Citizen born in Macedonia, is a senior executive with broad multi-disciplinary experience, including general management and business development in gold mining and banking.  Mr. Naumovski also serves as a Non-Executive Director on boards of Amur Minerals Corporation and Trans-Siberian Gold; both companies are listed on the London Stock Exchange AIM market.  Mr. Naumovski is an Honorary Member of the Board of Directors of Macedonia 2025 and serves as a Director of the Canada Eurasia Russia Business Association and the Canadian Executive Service Organisation.

Mr. Naumovski retired from Kinross Gold Corporation in January 2017, where he served for ten years as Vice President and General Director in Moscow, responsible for Kinross’ Government relations and new business development in Russia.  Prior to this role, Mr. Naumovski served as Senior Vice President and General Manager at Visa International Service Organisation and, prior to this as a Senior Banker in the Russian Team and also Resident Representative for the for the European Bank of Reconstruction and Development in Moscow.  Mr. Naumovski holds a BA (Honours) in Economics and Political Science from the University of Toronto and an MA in International Relations (majoring in Russian / Soviet affairs) from the Norman Patterson School of International Affairs at Carleton University in Ottawa, Canada.

Concurrently with Mr. Naumovski’s appointment, Mr. Patrick Forward will step down from the Company’s Board, but will remain in his position as the Company’s Chief Operating Officer and a member of the Board’s Technical Committee steering the development of Euromax’s Ilovica-Shtuka project.

Martyn Konig, Chairman, stated: On behalf of the Company’s board of directors we warmly welcome Lou as a director. As a Macedonian Canadian with extensive experience of both mining and financing, we are sure that he will be a valuable asset to the Company and will contribute greatly towards the successful development of Ilovica-Shtuka.”

About Euromax Resources Ltd.

Euromax is focused on building and operating the Ilovica-Shtuka copper-gold project in Macedonia.

Euromax Appoints New President & CEO and New CFO

Euromax Resources Ltd., 6th November 2017  (TSX: EOX; OTCQB: EOXFF): ("Euromax" or the "Company"), announces that it has appointed Varshan Gokool as President and Chief Executive Officer and Nikola Gulev as Chief Financial Officer of the Company with immediate effect.  Varshan was previously the Company’s Chief Financial Officer and Nikola was the Company’s Group Accountant.  Steve Sharpe, the former President & CEO, will continue to serve as a Director of Euromax in a non-executive capacity.

In his new role Varshan, together with Pat Forward, the Company’s Chief Operating Officer, will represent the key leadership of the Company, reporting to the Board and more regularly to the Executive Chairman Martyn Konig.  Varshan’s key responsibilities over the next year will be the delivery of value engineering work for the Ilovica-Stuka copper-gold project in Macedonia (the “Project”), finalisation of permitting and the completion of the finance plan to construct the Project, utilising the network he has developed in Macedonia over the past five years and his fifteen years of mining finance experience.

Commenting on the announcement, Varshan Gokool, President & CEO, noted:

“I am very excited to pick up the reins from Steve and drive the Company forward through the successful development of the Ilovica-Stuka Project.  I am also pleased that we have appointed our second company officer from Macedonia, Nikola, in a key executive role.  Nikola has already been with us two years and I am already familiar with his excellent work.  Ausenco are up and running on the value engineering work, working towards the delivery of a Guaranteed Maximum Price and EPC contract.  With the stabilised political situation in Macedonia we can focus on building our relationships with the new government to complete the Project permitting.  I wish Steve well as he takes time out to pursue his other interests and appreciate him being available for us to benefit from his network in Macedonia. ”

Nikola Gulev Biography

Nikola Gulev joined Euromax as Group Accountant in July 2015.  Before joining Euromax, Mr. Gulev worked for two years at KPMG in its bookkeeping practice in Skopje, Macedonia.  Prior to this, Nikola had roles in internal audit at a Macedonian bank and at PwC in Skopje.  Mr. Gulev holds a Master’s degree from Ss. Cyril and Methodius University in Skopje for Audit and Accounting, and has been a member of the Association of Chartered Certified Accountants in UK since 2014.

About Euromax Resources Ltd.

Euromax has a major development project in Macedonia were we are focused on building and operating the Ilovica-Shtuka copper-gold project.

Euromax Announces Intention to Complete Non-Brokered Private Placements

Euromax Resources Ltd., 25th September 2017  (TSX: EOX; OTCQB: EOXFF): ("Euromax" or the "Company"), is pleased to announce that it has entered into subscription agreements to complete private placement transactions (together, the "Transaction") which will result in Company’s receipt of aggregate gross proceeds of $7,900,000.

The Transaction will consist of two separate non-brokered private placement offerings which will include:

  • the issuance and sale of 14,666,667 units (the "Units") consisting of (i) one Common Share and (ii) one Common Share purchase warrant (each, a "Warrant") at an offering price of $0.30 per Unit for aggregate gross proceeds of $4,400,000. The Warrants will each be exercisable for the purchase of one Common Share for a period of three years following closing of the Transaction at a an exercise price of $0.33 (the "Unit Offering"); and
  • the issuance and sale of 10,000,000 common shares in the capital of the Company (the "Common Shares") at an offering price of $0.35 per Common Share for aggregate gross proceeds of $3,500,000 (the "Share Offering").

The first tranche of the Unit Offering consisting of 13,333,333 Units for gross proceeds of $4,000,000 closed today. The remaining portion of the Unit Offering is expected to close on a future date to be determined by the Company. Pursuant to the requirements of the Toronto Stock Exchange (the "TSX"), the Company will seek shareholder approval to complete the Share Offering, and closing of that portion of the Transaction is expected to occur following receipt of such approval. The Transaction has been conditionally approved by the TSX, subject to receipt of customary post-closing documentation.

The proceeds of the Transaction will be used to progress the design and engineering for the the Company’s Ilovica-Shutka copper-gold project in Macedonia, (the "Project").  The funds will be used to establish a guaranteed maximum price for the construction of the Project so that it can progress towards a final engineering, procurement and construction contract.

Further to the Company’s news release dated 23rd February 2017, when the Company has agreed a binding Memorandum of Understanding (the "MOU") with Ausenco Engineering Canada Inc, ("Ausenco"),  Ausenco will proceed with further initial detailed engineering and design and 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 Company’s Ilovica-Shtuka copper-gold 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. Ausenco is expected to commence its work in early October 2017.

The Common Shares issued pursuant to the Transaction, including those issued upon the exercise of the Warrants, will be subject to a hold period of four months and one day from the closing date of the Transaction, in accordance with applicable Canadian securities laws.

Commenting on the announcement, Martyn Konig, Executive Chairman stated:

“We are very excited to welcome two new shareholders to our register as we progress to the next steps of engineering and development of Ilovica-Shtuka.  We look forward to building a strong, long term relationship with Ausenco who will become a key partner as we progress this critical phase of the development.  The combination of the stabilised political situation and new government in Macedonia and with the completion of these next engineering steps puts us well on track towards the construction of our Ilovica-Shtuka Project”.

About Euromax Resources Ltd.

Euromax has a major development project in Macedonia were we are focused on building and operating the Ilovica-Shtuka copper/gold project in Macedonia.

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.

Euromax Announces Closing of Non-Brokered Private Placement

Euromax Resources Ltd., 23 August 2017  (TSX: EOX; OTCQB: EOXFF): ("Euromax" or the "Company"), is pleased to announce it has closed a non-brokered private placement (the “Private Placement”) of 1,666,666 units (the “Units”) each consisting of one common share in the capital of the Company (the “Common Shares”) and one warrant (the “Warrants”), at an offering price of $0.30 per Unit for gross proceeds of $499,999.80. The Warrants entitle the holder thereof to acquire one Common Share at an exercise price of $0.33 for a period of three years following the closing of the Private Placement.

The Company intends to use the proceeds of the Private Placement for the 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 nectary regulatory approvals, including approval of the Toronto Stock Exchange. The Common Shares issued pursuant to the Private Placement and the exercise of the Warrants will be subject to a hold period of four months and one day from the closing date of the Private Placement and the exercise date, respectively, in accordance with applicable Canadian securities laws.

Euromax Announces Executive Chairman

Euromax Resources Ltd., 16th August 2017 (TSX: EOX; OTCQX: EOXFF): ("Euromax" or the "Company"), is pleased to announce a management restructuring to facilitate the timely and efficient development of its Ilovica-Shtuka Copper-Gold Project in Macedonia (the “Project”).

Martyn Konig, currently Chairman, will become Executive Chairman and assume management responsibility for the overall day-to-day activities of the Company. This will allow the Management team to concentrate on the permitting, construction preparation and financing activities. In particular, Steve Sharpe, President and CEO, having made positive progress in liaising with the newly formed government of the Republic of Macedonia, will be primarily focused on securing the last remaining permits for the construction of the Project. Since coming to power in early June this year, the new government has provided a stable political environment and been supportive of the Project in recognition of the important contribution it can make to the national and local economies. Patrick Forward, Chief Operating Officer, will continue to manage the engineering, design and construction of the Project through the anticipated EPC contract with Ausenco, as announced in February of this year and Varshan Gokool, Chief Financial Officer, will be focused on the funding of the business and the construction finance plan.

Commenting on the announcement, Martyn Konig, Executive Chairman, stated: “I am pleased to be even more involved with the management of Euromax and to ensure the team is absolutely focused on securing the final construction permits and finalising finance plans for the Ilovica-Shtuka Project. By adding to and capitalising on the varied skills within the Management team we can ensure the timely completion of these activities to deliver a robust Ilovica-Shutka Project as quickly as possible.”


Community Development Projects

We aim to maximise local development by empowering communities, and to act with the highest ethical standards when managing the wellbeing and prosperity of host communities.

The overall objective of our socio-economic development programme is to improve the opportunities, benefits, and quality of life for our local employees, their families and immediate communities.

Euromax is already contributing to the socio-economic development of the communities through direct investments in the communities, which will be further intensified in the future with the development of the project.

Some of our projects are listed below.


Ilovica & Shtuka water wells

Euromax funded the construction of two new water wells situated in Ilovica and Shtuka villages.  The wells are used for providing drinking water to the surrounding community. The project brings long-term, sustainable benefits to the local community as it provides drinking water for a big part of the population from Ilovica and Shtuka. The construction of these wells also improved the social life of the local inhabitants as it is a nice place where they usually have a chat. To complete the construction of the wells, Euromax Resources appointed a local building contractor to carry out the work

Baba Vanga Fountain in Novo Selo


The Baba Vanga fountain was one of our key projects in 2013 as the fountain is a long-term, sustainable benefit to the region that preserves cultural heritage for many generations.  We were also able to support local business by appointing a local construction company to complete the work. Euromax appointed a local construction company to complete the building work in 2013. We see importance in supporting the cultural heritage of the local region for the benefit of the wider community over the long term.  Today, the well is a meeting point, memorial and a focal point for pilgrimage and we hope that this fountain will continue to attract visitors in the future.

School presentations and sports sponsorship


Supporting the local school and educational initiatives is of high priority for the company – we see huge value in building upon social capital by encouraging knowledge and understanding of key topics from a young age and look forward to collaborating with the school in the future to build awareness for the importance of topics such as environmental protection.


We also seek to promote an active and healthy lifestyle and support the school in their initiatives to do the same, promoting a healthy balance between sporting and classroom activities. We hope that the older students will inspire the younger students to be more involved in team sports as they grow up.

New village square in Ilovica


The development of the new sports hall at the St Cyril and Methodius school in Ilovica was a collaboration between the Ministry of Education, the Agriculture and Rural development agency and the Municipality of Bosilovo who were responsible for new grass, pavements and parking spaces.  Euromax supported the municipality in making the project a reality by working with a local construction company to construct paved access paths and landscaping of the grassed areas of the area in front of the school and the sports hall.

Support for the ‘Rusalii-Folklore’ cultural event

We are pleased to support the cultural heritage of the region and understand the importance of the annual ‘Rusalii-folklore’ festival during which music is played and the traditional ‘Rusalii’ dance takes centre stage.

New water pipeline in Novo Selo

Euromax started a project to support the municipality of Novo Selo in building of a new water pipeline that connects the existing water supply network with the new reservoir in the village of Mokrino.

Sponsorship of traditional clothes and shoes for CAA “Kavaldjii-Shtuka”

We value the efforts of the local association in preserving the tradition and the cultural heritage of the region and we are pleased to support them to continue with their activities and motivate them in order to achieve even more successful and extraordinary performances in future.

Ongoing longer-term projects:

  • Water reticulation network reconstruction – The planning and development of a supply of water for the mine provided us with information about the potential to improve the reliability and quality of drinking water to the local communities of Ilovica and Shtuka. Euromax started a project to provide support to the Bosilovo municipality in designing and reconstruction of the reticulation system with aim to complete the reconstruction of the entire network in the villages of Ilovica and Shtuka. The project is to replace the water supply distribution network in Ilovica and Shtuka and abandon the existing water supply intakes in cooperation with Bosilovo municipality. Residents of both villages will be permanently connected to the treated water supply system for household (drinking) water. The existing irrigation supply pipe network owned and operated by Strumichko Pole Water Management Company will also be extended to supply those in Ilovica and Shtuka who have need for irrigation water from the Ilovica Reservoir. In future, sewage collection and treatment will also need to be considered to avoid harmful effects on the environment, including groundwater, streams and river.
  • Sapling Nursery – Native species will be required for progressive rehabilitation of land in the future. This was discussed with the Belasica Forestry Management Company which has a nursery for growing native species. The collaboration with them has been already established through the Euromax’s financial support for purchasing supplies for refurbishment of their nursery.

Supporting  the Macedonia 2025 organisation


Euromax is pleased to join and support Macedonia 2025 in achieving their goals of contributing to the economic, social and educational development of Macedonia providing more opportunities for young professionals and potential businessmen to develop their skills and their talent, as this is the starting point to boost the Macedonian economy. Macedonia 2025 is an international, independent and nonpartisan organisation that proactively contributes to the economic and democratic development of Macedonia by implementing education programs that accelerate leadership development and organising various events, economic summits and business forums.

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!