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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Cagim Real Estate Corp | TSXV:CIM | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
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Euromax Resources Ltd. (TSX VENTURE:EOX)(OTCQX:EOXFF) ("Euromax" or the
"Company") is pleased to announce a new mineral resource estimate for its 100%
controlled flagship Ilovitza copper-gold project in Macedonia.
Following completion of infill drilling aimed at increasing resource confidence
levels at the Ilovitza copper-gold porphyry project in Macedonia (see the
Company's press releases dated 21 March 2013 and 24 May 2013), independent
consultants Tetra Tech, have re-estimated the mineral resource on behalf of the
Company and categorised all resources using the Canadian Institute of Mining,
Metallurgy and Petroleum ("CIM") classification. A constraining pit shell and a
dollar equivalent cut-off have been applied to the 3D block model to ensure
reasonable prospects of economic extraction for the reported resources. A
technical report detailing the resource, compliant with NI 43-101, will be filed
on SEDAR within 45 days.
The new resource estimate for fresh (unoxidised sulphide) and mixed (partially
oxidised sulphide) can be summarised as follows:
Measured and Indicated Mineral Resource Based upon a Dollar Equivalent cut-
off of $16/t.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Classification Material Tonnage (Kt) Grade Contained Metal
--------------------------------------
Au (g/t) Cu (%) Au (Koz) Cu (Klb)
----------------------------------------------------------------------------
Measured Mixed 290 0.40 0.27 4 1,754
--------------------------------------------------------------
Fresh 15,480 0.35 0.22 190 76,285
----------------------------------------------------------------------------
Indicated Mixed 5,120 0.36 0.26 65 29,819
--------------------------------------------------------------
Fresh 163,130 0.33 0.21 1,884 767,364
----------------------------------------------------------------------------
Total 184,020 0.33 0.21 2,143 875,222
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred Mineral Resource Based upon a Dollar Equivalent cut-off of $16/t.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Classification Material Tonnage (Kt) Grade Contained Metal
--------------------------------------
Au (g/t) Cu (%) Au (Koz) Cu (Klb)
----------------------------------------------------------------------------
Inferred Mixed 500 0.26 0.13 5 1,456
--------------------------------------------------------------
Fresh 7,700 0.29 0.20 78 34,496
----------------------------------------------------------------------------
Total 8,200 0.29 0.20 83 35,952
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Commenting on the results, Pat Forward, Chief Operating Officer of the Company
said, "We are delighted that we have achieved the main aims of our 2012-2013
drilling campaign in increasing the Measured and Indicated Resources in the
fresh and mixed zones at Ilovitza from 22Mt to 184Mt at improved grades compared
to the previous resource estimate announced last year. The new resource estimate
is well constrained in terms of the geology and the grade and is also
constrained to material that is potentially accessible by open pit mining. We
note that the higher-grade zones defined at higher cut-offs are spatially
coherent and scheduling opportunities arising from this will be examined in the
current Pre-Feasibility Study."
Ilovitza Pre-Feasibility Study
The Company is continuing to carry out a programme of work which will enable
Tetra Tech to complete a Pre-Feasibility Study in Q3 this year. The programme
comprises:
-- Geotechnical drilling to investigate pit slope stability and
infrastructure optimisation;
-- Work to optimise the mine plan which would include the in-fill drilling
results and completion of the mineral resource estimate update, with the
aim of defining mineral reserves and the accessing of high-grade areas
earlier in the life of mine plan;
-- Metallurgical test work will continue at SGS, in particular, lock cycle
flotation test work and grind-size optimisation;
-- Hydrogeological work and a geotechnical programme that will provide
information to further optimise the project through the Pre-Feasibility
Study especially with regard to infrastructure development;
-- Development of mine layout and engineering components;
-- Refinement of all operating and capital cost estimates through the
commencement of detailed studies on infrastructure, access roads and the
tailings management facility; and
-- Optimisation of concentrate grade following the results of the
metallurgical test work and further assessment of payability, including
the potential for silver and molybdenum credits, insurance and transport
costs.
Grade Tonnage Sensitivity
The resource is also reported at several cut-offs on a dollar equivalent basis:
Grade Tonnage Sensitivity Table for Sulphide and Mixed Materials
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dollar
Equivalent
Cut-off Tonnage
Classification Material (US$) (Koz) Grade Contained Metal
--------------------------------
Au Au Cu
(g/t) Cu (%) (Koz) (Klb)
----------------------------------------------------------------------------
Measured Mixed 12 440 0.40 0.28 6 2,760
----------------------------------------------------
16 290 0.40 0.27 4 1,754
----------------------------------------------------
24 200 0.36 0.28 3 1,254
----------------------------------------------------
36 50 0.54 0.30 1 336
--------------------------------------------------------------
Fresh 12 15,510 0.35 0.22 190 76,433
----------------------------------------------------
16 15,480 0.35 0.22 190 76,285
----------------------------------------------------
24 10,090 0.40 0.24 141 54,244
----------------------------------------------------
36 2,020 0.61 0.31 43 14,027
----------------------------------------------------------------------------
Indicated Mixed 12 6,910 0.35 0.24 85 37,148
----------------------------------------------------
16 5,120 0.36 0.26 65 29,819
----------------------------------------------------
24 2,400 0.41 0.31 34 16,666
----------------------------------------------------
36 940 0.52 0.39 17 8,212
--------------------------------------------------------------
Fresh 12 186,120 0.31 0.20 2019 833,818
----------------------------------------------------
16 163,130 0.33 0.21 1,884 767,364
----------------------------------------------------
24 91,790 0.40 0.25 1,285 514,024
----------------------------------------------------
36 17,550 0.62 0.33 381 129,730
----------------------------------------------------------------------------
Inferred Mixed 12 870 0.25 0.11 8 2,144
----------------------------------------------------
16 500 0.26 0.13 5 1,456
----------------------------------------------------
24 20 0.27 0.25 0 112
----------------------------------------------------
36 No material above this cut-off
--------------------------------------------------------------
Fresh 12 9,280 0.27 0.18 88 37,417
----------------------------------------------------
16 7,700 0.29 0.20 78 34,496
----------------------------------------------------
24 2,980 0.43 0.25 45 16,688
----------------------------------------------------
36 810 0.61 0.30 17 5,443
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i) See notes below for methodology and assumptions.
Oxide Resource
Whilst they are not being considered for processing as part of the current
pre-feasibility work, oxide resources within the constraining pit shell were
also estimated as follows:
Oxide Mineral Resource Tabulation Based upon a Dollar Equivalent cut-off of $8/t.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Classification Material Tonnage (Kt) Grade Contained Metal
--------------------------------------
Au (g/t) Cu (%) Au (Koz) Cu (Klb)
----------------------------------------------------------------------------
Measured Oxide 850 0.37 0.13 11 2,475
----------------------------------------------------------------------------
Indicated Oxide 15,200 0.36 0.10 192 34,048
----------------------------------------------------------------------------
Total M+I Oxide 16,050 0.36 0.10 203 36,523
----------------------------------------------------------------------------
Inferred Oxide 3,410 0.32 0.03 38 2,292
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Notes to all above tables:
1. Dollar equivalent cut-offs based upon the following calculation Dollar
Eq = (Au (i) recovery (i) price) + (Cu (i) recovery (i) price), using
the following inputs:
-- Au Recovery in oxide 70%,
-- Cu Recovery in oxide 0%
-- Cu Recovery in mixed & fresh 90%
-- Au Recovery in mixed & fresh 83%
-- Spot metal prices effective 17 June 2013 (Au = US$1,385/oz, Cu =
US$3.18/lb)
2. Oxide resource cut-off reduced to US$8 for assumed lower operating
costs.
3. In-situ density of 2.15t/m(3) oxide 2.45 t/m(3) fresh.
4. Numbers may not add exactly due to rounding
5. Mineral resources that are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation, socio-
political, marketing, or other relevant issues. The mineral resources in
this news release were estimated using current Canadian Institute of
Mining, Metallurgy and Petroleum (CIM) standards, definitions and
guidelines.
Sampling, Analyses and Quality Assurance and Quality Control ("QAQC")
Drill hole orientations were surveyed at approximately 50-metre intervals.
Samples were collected by the Company's geologists in compliance with the
Company's standard procedures and in accordance with accepted industry best
practice. Samples were collected as half HQ or NQ diamond drill core through the
mineralised intervals as three-metre lengths and occasionally to a maximum of
4.5 metres to reflect geological boundaries. At the Euromax Strumica sample
preparation lab, the half core sample is reduced to -2 millimetre and two, 200
gram samples are split from the whole. One 200 gram sample is submitted to the
Eurotest Control EAD Laboratory (ISO 9001:2008 and ISO 17025 accredited) in
Sofia, Bulgaria, for sample preparation, comprising pulverisation to 95% -75
microns, and analysis. Gold analyses were carried out using the fire assay
technique with an AAS finish on 30 gram aliquots. Copper was analysed using AES
ICP methods. In addition to the laboratory's internal QAQC procedures, the
Company conducted its own QAQC with the systematic inclusion of field duplicate
samples, blank samples and certified reference samples. The analytical results
from the Company's quality control samples have been evaluated and demonstrated
to be within acceptable industry standard variances.
Resource Estimation Assumptions and Methods
Key Assumptions used to estimate the minerals resources are:
-- The mineral resources have been estimated into a three dimensional block
model comprising 25 x 25 x 10 metre blocks;
-- The estimation was constrained to the mineralised zone using wireframed
solid models. The wireframe was sub-divided into oxide, mixed and fresh
domains to allow the independent estimation of the three material types;
-- Grade estimates were based on 3 metre composited assay data;
-- The interpolation of the metal grades was undertaken using ordinary
kriging;
-- The constraining pit shell has been applied to the 3D block model to
ensure reasonable prospects of economic extraction for the above
reported resources. This does not represent a formal pit optimisation
but was carried out to support the resource estimates and demonstrate
that the deposits have reasonable prospects for economic extraction.
Assumptions include the following:
-- Mining cost $2 (US$/t)
-- Mining dilution 5%
-- Mining recovery 95%
-- Density 2.45 t/m(3)
-- Pit slope 50 degrees in fresh granite, 45 degrees everywhere else
-- Processing cost $6.34 (US$/t)
-- Gold recovery 83%
-- Copper recovery 90%
-- Gold price $1,537 (US$/oz)
-- Copper price $3.36 (US$/lb)
-- Gold selling cost $153.7 (US$/oz) (10% of metal price)
-- Copper selling cost $0.336 (US$/lb) (10% of metal price);
-- Spot metal prices effective 17 June 2013 of US$1,385/oz Au and
US$3.18/lb Cu were adopted for the calculation of dollar equivalent cut-
offs.
These estimates have an effective date of 30 July 2013. The last data included
in the estimate was received on the 11 July 2013. The resources have been
estimated by Mr. Robert Davies, Bachelor of Science (B.Sc.), European Geologist
(EurGeol), Chartered Geologist (CGeol), supervised by Mr. Simon McCracken,
Bachelor of Applied Science (BAppsSc), Member of the Australian Institute of
Geoscientists (MAIG), Fellow of the Geological Society (FGS).
Qualified Person
Mr Patrick Forward, FIMMM, a Qualified Person under National Instrument 43-101
Standards of Disclosure for Mineral Projects of the Canadian Securities
Administrators and COO of the Company, reviewed and approved the scientific or
technical disclosure in this release and has verified the data disclosed.
About Euromax Resources Ltd.
Euromax is a Canadian exploration and development Company with three main gold
and base metal assets in Macedonia, Bulgaria and Serbia. We are focused on
identifying, acquiring and developing mineral resources in Southeastern Europe
with the objective of becoming a world-class mining company in the region. Our
strengths are our local staff, knowledge and technical expertise in Bulgaria,
Serbia and Macedonia.
This news release contains forward-looking statements including but not limited
to statements regarding an updated resources estimate, planned drilling, the
results of planned drilling, the potential increase of a resource estimate and
geological interpretations by the Company for its Ilovitza project. In making
the forward-looking statements in this release, the Company has applied certain
factors and assumptions that are based on information currently available to the
Company as well as the Company's current beliefs and assumptions made by the
Company, including with respect to mineral resource estimates, that the key
assumptions and parameters on which such geological interpretations are based
are reasonable, that the Company will be able to obtain the necessary supplies,
equipment, personnel and any financing required to carry out its planned
exploration activities, that that the Company's exploration objectives
concerning the Ilovitza project can be achieved and that the Company's
exploration and other activities will proceed as expected. Although the Company
considers these assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect, and the forward-looking
statements in this release are subject to numerous risks, uncertainties and
other factors that may cause future results to differ materially from those
expressed or implied in such forward-looking statements. Such risk factors may
include, among others, that that mineral resources are not as estimated,
unexpected variations in mineral resources, grade or recovery rates, actual
results of exploration activities will be different than anticipated, data and
assumptions underlying the geological interpretations may prove to be
inaccurate, incomplete or to have been incorrectly interpreted, that the Company
will not be able to obtain the necessary supplies, equipment, personnel and any
financing required to carry out its planned exploration activities, that results
of the Company's exploration activities will not be consistent with the
Company's expectations and delays in receiving assays. Readers are also
encouraged to review all Company documents filed with the securities authorities
in Canada, including the Management Discussion and Analysis in respect of the
Company's recent financial statements under the heading "Operational and Other
Business Risks", which documents describe material factors and assumptions and
risks that apply to the forward looking statements in this release. Readers are
cautioned not to place undue reliance on forward-looking statements. The Company
does not intend, and expressly 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 required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Euromax Resources Ltd.
Steve Sharpe
President & CEO
+44 (0)20 3667 2970
ssharpe@euromaxresources.co.uk
Euromax Resources Ltd.
Karen Atchison
Investor Relations Manager
+44 (0)20 3667 2970
katchison@euromaxresources.co.uk
www.euromaxresources.com
Buchanan
Bobby Morse
+44 (0)20 7466 5000
bobbym@buchanan.uk.com
Buchanan
Cornelia Browne
+44 (0)20 7466 5000
corneliab@buchanan.uk.com
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