EurOmax Gains 100% Control of its KMC Property, Serbia

Published on 26. July 2011., Uncategorized

 

EurOmax Resources Ltd. CA:EOX 0.00% (“EurOmax” or, the “Company”) is pleased to announce that the Company and a major international mining company have amended the existing option agreement on the Karavansalija Mineralized Complex (“KMC”) Property in Serbia. Under the terms of the amendment, the major international mining company has agreed to forego its option to acquire a 70% interest in the KMC Property in exchange for a 2% net smelter returns royalty on gold, and a 1.5% net smelter returns royalty on all base and precious metals other than gold, extracted from the KMC property. The Company, through a wholly owned subsidiary, now owns a 100% interest in the KMC property, subject to these royalty obligations.