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drbubb

Euromax (EOX.v) : Gold & CU exploration in Eastern Europe

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(originally posted on HPC, on a thread talking about Property in Bulgaria.)

 

I have invested a fair amount of money in Bulgaria.

 

But my investment is through a mining company called Euromax Resources.

Because I doubled my investment when the stock price collapsed to under 20 cents, with the stock near 40 cents, I am now nicely in profit.

 

Now I think this investment has high potential, because previous drilling has shown great results, and a new round of drilling is going to start soon.

 

Why did it collapse? And bounce back?

A power local guy decided two yaers ago after the first round of drilling, that he wanted the property. He created a disturbance locally, and was able to get the local court to issue an injunction which halted the drilling. The stock collapsed.

 

The EOX chief exec is a plucky Australian called John Menzies. He refused to let his property be stolen, so he fought back. This meant getting the local communiity onside, and using what poolitical connections he could muster. Since EOX is a Canadian quoted company, he was able to get the Canadian ambassador to deliver a letter to the Bulgarian PM, who promised to look into the matter. About two months ago the injuction was lifted. EOX is moving forward to drill its property again.

 

The Bulgarian courts can be made to work, and local gangsters kept at bay. But only by those who have courage and fight their corner.

 

The other lesson is that Bulgaria is keen to become a full part of Europe, and at the highest level is working towards removing those local influences that make it unpalatable. This is a slow process, but progress is being made. Would I buy Bulgarian property? Yes. But only if I was sure I had spotted a bargain, and I knew something about the area I was buying into. Do not buy on first sight. Travel there first, get to know the area.

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(originally posted on HPC, on a thread talking about Property in Bulgaria.)

 

I have invested a fair amount of money in Bulgaria.

 

But my investment is through a mining company called Euromax Resources . . .

Do not buy on first sight. Travel there first, get to know the area.

 

Yes, Bulgaria is a country with lots of opprtunities but also its share of shady people. My cousin also recently invested in a mining operation there and made a good profit.

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EOX chart ... update : Daily-1year

bigdh8.gif

 

The Euromax story has moved on...

 

Euromax_projects.gif

 

It is now broader than Bulgaria. I think you will see some very interesting drill results, and maybe other news from Euromax in the weeks and months to come.

 

website: http://www.euromaxresources.com

 

I am trying to arrange an interview by CW Radio of John Menzies, the CEO of Euromax.

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Ilovitza Inferred Resource Estimate: 303 Million Tonnes Containing 1.6 Billion Pounds Of Copper Plus 2.9 Million Ounces Of Gold

 

 

VANCOUVER CANADA: EurOmax Resources Limited (TSX-V: EOX) is pleased to announce is it has received the results of an independent Mineral Resource estimate by Broad Oak Associates of Toronto, Ontario (“Broad Oak”) on the Ilovitza copper-gold-molybdenum project in Macedonia. The results conclude that the Ilovitza deposit contains an inferred resource of 303 million tonnes grading 0.23% copper, 0.31 grams per tonne gold and 0.005% molybdenum. This resource contains approximately 1.6 billion pounds of copper, 2.9 million ounces of gold and 3.5 million pounds of molybdenum. In copper equivalent terms this equals 3.5 billion pounds of copper.

 

 

almost 3 million ounces of gold !

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EOX... All: Last: 0,03

zCCIPGZ.gif

The way it WAS

Shares of Euromax were up 27.27 percent, to $0.35, last week on the release of a feasibility study for the company’s wholly owned Ilovica gold-copper project in Macedonia. Highlights include a post-tax net present value of US$440.1 million at a 5-percent discount, a post-tax internal rate of return of 17.8 percent and all-in costs of US$372 per ounce of gold.
“As most new and expansion projects around the World are mothballed in response to the recent downturn in commodity prices, we believe that this is an ideal time for building, so as to exploit the supply shortages that will likely occur,” said Euromax President and CEO Steve Sharpe in a statement. “We believe that not only are we well positioned to benefit from any improvement in commodity prices, but with cash operating costs now reduced to the USD 200/oz level we are equally well equipped to withstand any sustained weakness in commodity markets, whilst remaining cash flow positive.”

> https://investingnews.com/daily/resource-investing/5-top-tsxv-stocks-euromax-resources-atacama-pacific-gold/

Edited by drbubb

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