VANCOUVER, BC, Dec. 7, 2020 /CNW/ - (TSX: EOX):
("Euromax" or the "Company") announces a positive
decision in its legal process to reinstate its Ilovica 6 permit.
Today, the Higher Administrative Court in North Macedonia has ruled in favour of the
Company against the initial decision by the Ministry of Economy to
terminate the Ilovica 6 permit. The Higher Administrative Court's
ruling creates a new legal situation, as it is final and cannot be
appealed by the Government again.
This ruling confirms that the Government institutions had both
wrongfully applied the material law and determined the facts
irregularly, and therefore adopted an illegal decision. It
further confirms that the Government has an obligation to consider
first the merger of the Ilovica 6 and Ilovica 11 concessions, both
of which are integral to the overall project. The request for
the concessions' merger was made on 29
January 2016, and until that is decided, the Ilovica 6
permit should not be terminated. This ruling means that the
current Government should annul the original decision from the
Ministry of Economy and approve the concessions' merger.
Once the permit process is back on track, the Company can
implement its Fast Track development plan, to accelerate investment
in the local economy. In the next 12 months, this would result in
almost 600 new jobs for local people and local investment of over
€14 million.
Euromax also has a second court case, based on the same legal
arguments, contesting the final decree to terminate the Ilovica 6
permit in December 2019. This second case is still going
through the regular legal process and our appeal has now moved to
the Higher Administrative Court, where this new decision creates
strong legal precedent in the Company's favour.
Tim Morgan-Wynne, Executive
Chairman, stated: "This decision of the Higher Administrative
Court creates a new legal situation for the Ilovica-Shtuka
Project. We look forward to working together with the
Government to get the permitting process back on track and deliver
the project's enormous economic benefits."
Nicolas Treand, President and Executive Director, commented:
"After the impact of COVID on the economy, this new investment of
over €400 million, the resultant creation of almost 600 new jobs
and the positive impact on local businesses will provide a major
boost at both a local and national level. The project would be one
of the top three exporters in the country and it delivers on all
the Government's objectives for economic growth. Importantly,
these jobs will allow local communities to retain their young
people and encourage the return of those who have already
left."
About Euromax Resources Ltd.
Euromax has a major development project in North Macedonia and is focused on building and
operating the Ilovica-Shtuka gold-copper project.
Forward-Looking Information
This news release contains statements that are
forward-looking, such as those relating to results of operations
and financial condition, permitting and licensing, capital
spending, financing sources, commodity prices, mineral resources
and property evaluation plans and programmes. Forward-looking
statements are frequently characterised by words such as "plan",
"expect", "project", "intend", "believe", "anticipate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the dates the statements
are made, and are subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking
statements. The forward-looking statements contained in this
document are as of the date of this document, and are subject to
change after this date. Readers are cautioned that the assumptions
used in the preparation of such information, although considered
reasonable at the time of preparation, may prove to be imprecise
and, as such, undue reliance should not be placed on
forward-looking statements. Euromax disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
SOURCE Euromax Resources