VANCOUVER, BC, Nov. 1, 2021 /CNW/ - Euromax Resources
Ltd., (TSX: EOX): ("Euromax" or the "Company")
announces a new decision in its legal process to reinstate the
Company's Ilovica 6 concession. The Company has received official
notification that the Administrative Court (the "Lower
Court") has ignored the decision of the Higher Administrative
Court (the "Higher Court") which had accepted our appeal, as
announced on the 20th August
2021. The Lower Court has repeated the same decision that
had previously been overturned by the Higher Court, stating that
the Government of North
Macedonia's termination of the Ilovica 6 Exploitation
Concession is legal.
Following legal advice, the Company remains convinced of its
strong legal position and that the Lower Court has made a decision
that is both factually incorrect and which misinterprets the
applicable material laws. The Company will again appeal this
decision to the Higher Court.
Tim Morgan-Wynne, Executive
Chairman, stated: "The decision by the Lower Court both
misinterprets the facts and the laws and ignores the instructions
of the Higher Court. Therefore, the Company shall continue using
all legal avenues to resolve this situation and we remain confident
in our strong legal position and the benefits that the
Ilovica-Shtuka gold-copper project will bring to the
Country."
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 the Company's potential courses of action in response
to the recent decision by the Lower Administrative Court of the
Republic of North Macedonia,
including potential legal appeals to other courts of applicable
jurisdiction in North Macedonia or
the pursuit of international arbitration processes; the results of
any such appeals or legal processes that may be pursued by the
Company, if any; any future decisions, whether by way of appeal or
otherwise, of any agency of the government of North Macedonia or of any court of applicable
jurisdiction; whether or not any decision of any agency of the
government of North Macedonia or
of any court of applicable jurisdiction would be favourable to the
Company's interests; whether or not any decision of an agency of
the government of North Macedonia
or of any court of applicable jurisdiction that was favourable to
the Company's interests would be implemented by applicable
government authorities or could otherwise be enforced by the
Company. 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.
For more information, please visit www.euromaxresources.com
SOURCE Euromax Resources