Euromax Announces New Mineral Resource Estimate for Trun Project-Drilling Update for Ilovitza

Euromax Resources Ltd. 24 May 2013 (TSX VENTURE:EOX)(OTCQX:EOXFF): ("Euromax" or
the "Company") is pleased to announce a new mineral resource estimate for its
100% controlled Trun Project in Bulgaria and to provide a drilling update on its
Ilovitza project in Macedonia. 


New Trun Project Resource Estimate

The Trun project comprises six vein sets: Logo, Ruy, Nadeja, KD, Zlata and K2.
The mineralisation is characteristic of intrusive related gold. The vein sets
are hosted by granite intrusions with the exception of the Logo vein system
which is hosted within schistose country rocks.


Independent consultants, Tetra Tech, have carried out the mineral resource
estimate on behalf of the Company and categorise all resources as Inferred using
the Canadian Institute of Mining ("CIM") classification. The new Trun technical
report, 'Resource Estimate on the Trun Project, Bulgaria', has been filed on
SEDAR and the resource estimate can be summarised as follows:




----------------------------------------------------------------------------
Target               Tonnage   Au (g/t)    Ag (g/t)     Au (oz)      Ag (oz)
----------------------------------------------------------------------------
Logo (1)           9,360,000       1.12        4.33     334,000    1,297,000
Ruy (2)              940,000       1.30           -      39,000            -
Nadejda (2)          380,000       1.40           -      17,000            -
KD (1)             3,900,000       0.63       45.41      78,000    5,667,000
Zlata (3)          1,240,000       1.01       26.50      40,000    1,050,000
K2 ((2))             230,000       1.03           -       8,000            -
----------------------------------------------------------------------------
Total             1,605,0000                            516,000    8,014,000
----------------------------------------------------------------------------
Notes:                                                                      
1. The resources at KD and Logo have been estimated above a $36.00 /t cut-  
off.                                                                        
2. The resources at Nadejda, Ruy and K2 have been estimated based above a   
0.8 g/t Au cut-off.                                                         
3. The resources at Zlata have been estimated above a $52.00 /t cut-off.    
Cut-off grades and dollar equivalents are based upon three year trailing    
average metal prices as of the 18th February 2013. The metal prices used are
$1,507.00 /oz Au and $29.24 /oz Ag. At this stage a 100% recovery of both   
silver and gold has been assumed. The dollar equivalent ($eq) is calculated 
using the following formula: $eq = (Au grade x Au price x 0.035) + (Ag grade
x Ag price x 0.035).                                                        



Key Assumptions used to estimate the minerals resources are:



--  The mineral resources have been estimated into a three dimensional block
    model, with the mineralised zones defined by wireframed solid models; 
    
--  The interpolation of the metal grades was undertaken using ordinary
    kriging; 
    
--  Preliminary concepts of mining support the resource estimates and
    demonstrate that the deposits have reasonable prospects for economic
    extraction; 
    
--  Single density values were applied to each mineralised zone based upon
    the arithmetic mean of 119 density test results. 



These estimates have an effective date of 26 March 2013. The last data included
in the estimate was received on the 3rd of December 2012. 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).


Tetra Tech also recommends a two phase drilling programme to further explore
vein sets which form potential extensions to the resources highlighted in their
estimate. Two particular vein set areas are proposed for additional drilling:


Nadejda Northeast - The proposed drilling will investigate a panel area of
approximately 22,000m2, around the following drilling intercepts:




----------------------------------------------------------------------------
Hole ID                    From             To         Length             Au
                            (m)            (m)            (m)          (g/t)
----------------------------------------------------------------------------
TC1178                    387.5          394.4            6.9           8.47
including                 390.0          394.4            4.4          13.11
----------------------------------------------------------------------------



Zlata South - The proposed drilling will investigate a panel area of
approximately 22,000m2, around the following drilling intercepts:




   ---------------------------------------------------------------------
   Hole ID         Approximate Depth            Length                Au
                                 (m)               (m)             (g/t)
   ---------------------------------------------------------------------
   C615                          180              10.6              8.18
   C4                            180               1.0             137.2
   C5                            250               1.3              12.1
   ---------------------------------------------------------------------



Further drilling is planned in order to define mineral resources in these and
other areas of extension. Tetra Tech's phased drill programme proposal has the
definition of resources in phase one at a cost of $606,000. For phase two, Tetra
Tech has recommended an infill drilling campaign to locally improve the resource
confidence, which may allow the resource classification to be upgraded. The
proposed phase two drilling campaign has been costed at $2.4 million.


The Trun property is currently the subject of a Commercial Discovery Certificate
application in Bulgaria. The application was made in July 2012 and formally
accepted in November 2012. Bulgarian regulations required the application be
accompanied by an estimate of resources using the Bulgarian system of
classification and as such included veins which would not meet CIM resource
classification requirements such as those highlighted for further drilling in
the Tetra Tech report. Once the Certificate is granted and further drilling is
allowed, it is the Company's intention to drill these zones.


Ilovitza Step-Out Drilling

Following completion of infill drilling aimed at increasing resource confidence
levels at the Company's Ilovitza copper-gold porphyry project in Macedonia (see
press release dated 21 March 2013), five drill sites were selected for step-out
drilling to increase the coverage of the mineralisation on a nominal 100m spaced
drill grid. The drill holes were located to the west, northeast and east of the
main area of drilling and are shown on the appended drill plan. Drilling results
have now been received for the six holes and can be summarised as follows:




----------------------------------------------------------------------------
DH No.     Depth    Azimut       Dip                                        
             (m) (Degrees) (Degrees)                   Cut off 0.50 g/t AuEq
                                    ----------------------------------------
                                        From      To    Length      Au    Cu
                                         (m)     (m)       (m)   (g/t)   (%)
----------------------------------------------------------------------------
EOIC 1357  350.1         -        90   178.0   350.1     172.1    0.99  0.35
EOIC 1358  276.0         -        90   249.0   276.0      26.8    0.35  0.18
EOIC 1359  398.4         -        90   336.0   357.0      21.0    0.33  0.21
EOIC 1360  360.0       270        60     0.0   164.0     164.0    0.24  0.32
EOIC 1361  267.2        90        60   180.0   224.5      44.5    0.31  0.28
EOIC 1362  406.5         -        90    62.0   116.5      54.5    0.36  0.18
and        406.5         -        90   140.5   305.3     164.8    0.90  0.35
----------------------------------------------------------------------------
Note: Intercepts identified using a 0.5 g/t gold equivalent cut-off, maximum
10 metres internal waste allowed.                                           



Patrick Forward, Euromax COO, said of the results: "The Trun resource estimate
demonstrates that all the recognised vein sets at the Trun project have
mineralisation which is potentially economic and the recommendations of the
report demonstrate that further resources can be targeted. The drilling at
Ilovitza has effectively constrained the mineralisation to the west and
northeast whilst showing a zone of above average grade to the east which remains
open down plunge. We are excited by the future exploration potential of the Trun
project and satisfied that progress at our flagship Ilovitza project remains on
course for a pre-feasibility study later in the year."


Sampling, Analyses and Quality Assurance and Control ("QA/QC")

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 at 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-gramme samples are split from the whole. One 200-gramme 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-gramme aliquots. Copper was analysed using
AES ICP methods. In addition to the laboratory's internal QA/QC procedures, the
Company conducted its own QA/QC 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.


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, approved the scientific technical
disclosure in this release and has verified the data included.


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 drilling and drilling results, the effect of additional
on mineral resource estimates, the anticipated effect of completed drill results
on the Ilovitza and Trun projects, planned work programs, strategic plans,
expected outcomes and geological interpretations by the. 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 that the key assumptions and parameters on which such
drilling and geological interpretations are based are reasonable and that
exploration results will be consistent with management's expectations. 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 include, among others, that actual results of exploration
activities will be different than anticipated, data and assumptions underlying
the drilling and geological interpretations may prove to be inaccurate,
incomplete or to have been incorrectly interpreted, delays in receiving assays,
the general risk of unexpected variations in mineral resources, and grade or
recovery rates. 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.


All dollar ($) amounts shown are in US dollars.

To view the Ilovitza drill plan, please visit the following link:
http://cnrp.marketwire.com/cnrp_files/20130524-Ilovitza-drill-plan.pdf.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Euromax Resources Ltd.
Steve Sharpe
President & CEO
[phone]
[e-mail]


Euromax Resources Ltd.
Karen Atchison
Investor Relations Manager
[phone]
[e-mail]


Buchanan
Bobby Morse
[phone]
[e-mail]


Buchanan
Cornelia Browne
[phone]
[e-mail]


Torrey Hills
Jim Macdonald
[phone]
[e-mail]