Euromax Announces new Higher Administrative Court decision

VANCOUVER, BC, Aug. 20, 2021 /CNW/ - Euromax Resources Ltd, (TSX: EOX): ("Euromax" or the "Company") announces a new decision in its legal process to reinstate the Company's Ilovica 6 concession. The Company has received official notification of the decision by the Higher Administrative Court ("the Higher Court") of the Republic of North Macedonia to rule in favour of Euromax and overturn the previous ruling by the Lower Administrative Court ("the Lower Court").  The case was originally brought by the Company challenging the legality of the Government of North Macedonia's termination of the Ilovica 6 Exploitation Concession, one of two concessions concerning the Ilovica-Shtuka copper project ("the Project").  The case will now return to the Lower Court to be reheard. 

In a separate case, Euromax had also challenged the initial decision by the Ministry of Economy to reject the Company's application for an exploitation permit for the Ilovica 6 concession and on the 20^th December 2020 the Higher Court also ruled in Euromax's favour in that case.

Tim Morgan-Wynne, Euromax's Executive Chairman, stated: "The ruling by the Higher Administrative Court to overturn the Lower Administrative Court's negative decision endorses the company's strong legal position.  We look forward to making further progress in both the legal process and the Project development."

Nicolas Treand, Euromax's President and Executive Director, commented: "Alongside our legal process, we also continue to work with the local community, the relevant state institutions and all relevant stakeholders to ensure the development of a world class mine with our primary sponsor, Trafigura. The Project will be developed to the highest safety and environmental standards and will help the region recover from the economic hardships imposed by the ongoing global pandemic."

About Euromax Resources Ltd.

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

Forward-Looking Information
This news release contains statements that are forward-looking, such as those relating to the Company's potential courses of action in response to recent decisions by agencies of the government of North Macedonia, including potential legal appeals to other courts of applicable jurisdiction in North Macedonia or the pursuit of international arbitration processes; the results of any such appeals or legal processes that may be pursued by the Company, if any; any future decisions, whether by way of appeal or otherwise, of any agency of the government of North Macedonia or of any court of applicable jurisdiction; whether or not any decision of any agency of the government of North Macedonia or of any court of applicable jurisdiction would be favourable to the Company's interests; whether or not any decision of an agency of the government of North Macedonia or of any court of applicable jurisdiction that was favourable to the Company's interests would be implemented by applicable government authorities or could otherwise be enforced by the Company; potential investments in the Ilovica-Shtuka Project, with or without the support of any of the Company's current or future third-party investors; the potential impact of any investment by the Company or any third-party investor on the development of the Ilovica-Shtuka Project; the effect of the development of the Ilovica-Shtuka Project on the economy of North Macedonia, including the number of jobs which may be produced in connection therewith; the results of operations and financial condition of the Company; permitting and licensing matters related to the Ilovica-Shtuka Project; capital spending by the Company; financing sources available to the Company, including from any current or future third-party investors in the Company; commodity prices; mineral resources; and property evaluation plans and programmes. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the dates the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company, including its annual information form for the year ended December 31, 2019 and financial statements and related MD&A for the financial years ended December 31, 2019 and 2018, and the three months ended September 30, 2020, filed with the securities regulatory authorities in certain provinces of Canada and available on SEDAR.  The forward-looking statements contained in this document are as of the date of this document, and are subject to change after this date. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Euromax 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 otherwise required by applicable law.

SOURCE Euromax Resources

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