Fri, Feb 10 2012

EurOmax Resources completes Silk Road acquisition

Wed, Jul 01 2009 11:28 CET

byClive Leviev-Sawyer

1543 Views 1 Comment
EurOmax Resources completes Silk Road acquisition

EurOMax chief executive John Menzies.

Photo: Clive Leviev-Sawyer

EurOmax, a Canadian company with precious and base metal projects in South Eastern Europe, completed its acquisition of Silk Road Resources on June 29 2009, EurOMax chief executive John Menzies said.
 
Silk Road's shares were delisted effective as of June 30, 2009.
 
The arrangement was approved by 99.7 per cent of the votes cast by shareholders of EurOmax and 100 per cent of the votes cast by shareholders of Silk Road at their shareholder meetings held on June 25 2009 and approved by the supreme court of British Columbia, Canada, on June 26 2009.
 
EurOmax has 10 copper and gold projects in Bulgaria, Macedonia and Serbia. Silk Road, according to its website, focuses on gold, with all of its interests located in Gannan Prefecture in the southern part of Gansu Province, China.
 
Menzies, in an official statement released in Vancouver, said that now that it had completed the business combination with Silk Road, EurOmax had the benefits of EurOmax's exploration projects which it anticipates  advancing with the proceeds of the sale of Silk Road's Bulagou  property in the Gansu province when they are received, a broader share trading market with the potential for greater liquidity, greater financing and acquisition opportunities in the mining industry, removal of duplication of public company costs and an experienced management team with complementary skills in exploration, business and project development.
 
As a result of the closing of the Arrangement, EurOmax now owns 100 per cent of
Silk Road's shares and assets.
 
The board of directors of EurOmax now consists of six directors: John Menzies, Christopher Serin, Michael Mason, Anthony Patriarco, David Bell and Robert Power. John Menzies and Christopher Serin will remain the CEO and CFO, respectively, of EurOmax. Robert Power will serve as the chairman of the board of EurOmax.
 
Menzies said that "after, and subject to," the receipt of the proceeds from the sale of the Bulagou property, EurOmax intends to commence drilling programmes on its Ilovitza and Kazandol projects in Macedonia; commence a geophysical and drilling programme on its Ceovishte project in Serbia; and complete the minimum drilling programme required by its option agreements with Freeport McMoRan Exploration Company.
   

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Comments

Anonymous hope! Thu, Jul 02 2009 12:11 CET
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Bravo go for it in times of crisis there are still compannies that work!And are still staying in Bulgaria - amazing!


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EUROMAX ANNOUNCES 0.60% COPPER EQUIVALENT FIND IN SERBIA'S RUDNITZA

On December 7, EurOmax Resources Limited announced that the company's first diamond drillhole in Serbia's Rudnitza had intersected 152 m of 0.6 per cent copper equivalent or 0.95 g/t gold equivalent (0.4 per cent copper and 0.38 g/t gold) from 120 metres. Rudnitza is located to the east and north of Raška in south-central Serbia. Based upon this and previous drilling, the mineralised Rudnitza Cu-Au porphyry had been mapped over an area of 700 m by 250 m, but has been tested with only four diamond drillholes, a company media statement said.

Discovery of coarse gold site in Bulgaria- Martern

Mining firm Martern, a subsidiary of Canada's EurOmax Resources Ltd, has announced the discovery of "abundant" coarse gold at a site in Bulgaria, a find that the company described as the most significant new gold discovery in the country in the past century. "There will be much more gold discovered in Bulgaria," Martern chief executive John Menzies told a news conference in Sofia on August 22. However, it

CANADIAN COMPANIES INTERESTED IN GOLD EXTRACTION IN BULGARIA

Two Canadian companies will invest in gold deposit research and extraction in regions near Bulgaria's Trun village. EurOmax Resources already has a permit for research in the region, Capital newspaper reported. The company's activities will receive sponsorship from another Canadian company, Teck Cominco Ltd. Teck Cominco will invest 700 000 Canadian dollars in the process.

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