SOURCE: EuroGas, Inc.

January 15, 2008 03:00 ET

EuroGas Acquires Controlling Interest in Gold-Silver Mining Property in Tombstone Mining District in Southeast Arizona

NEW YORK, NY--(Marketwire - January 15, 2008) - EuroGas, Inc. (PINKSHEETS: EUGS) (HAMB: EUGS) today announced that it has acquired a 60% working interest in 56 mining claims ("The Tombstone property"), located in the historic Tombstone Mining District of Southeast Arizona from Rio Plata Exploration and Mining Co., a privately held Texas corporation with registered offices in Kalispell, Montana, USA.

The 60% working interest will be earned in stages by making a total cash payment in the amount of US $250,000 and by issuing up to 12 million restricted EuroGas common shares, which shall be issued only upon the acceptance by EuroGas of an acceptable geological feasibility study. The Rio Plata Tombstone property, which covers some 2,000 acres (approximately 810 hectares), is directly contiguous to two mining properties that are currently the subject of large exploration programs: Southern Silver Exploration Corp.'s Tombstone South property and Tombstone Exploration Corp.'s property.

Southern Silver Exploration Corp. has just recently announced plans to drill up to 2,000 meters to test prospective stratigraphy, structures and a series of mineralized, east-northeast-trending fracture zones, which were initially identified in the northwest corner of its Tombstone South property and can be traced on surface through a series of outcrops and historic workings for up to 600 meter strike length.

Tombstone Exploration Corporation, a public company, is currently conducting an active sampling program on its Tombstone Project started in spring 2007, having recently submitted 127 surface samples from the project for laboratory testing.

Rio Plata's Tombstone property, in which EuroGas is to earn a 60% working interest, lies in between Southern Silver's and Tombstone Exploration's claim blocks, directly to the north of the Southern Silver property and to the south of the Tombstone Exploration Company's property.

About EuroGas, Inc.

EuroGas is a publicly traded oil and gas company with assets in Ukraine. The company's common stock trades on the Hamburg Stock Exchange in Germany under the symbol EUG and on the Other OTC (Pink Sheets) in the United States under the symbol EUGS.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.

You can identify forward-looking statements by their use of the forward-looking words "anticipate," "estimate," "project," "likely," "believe," "intend," "expect," or similar words. These statements discuss future expectations, contain projections regarding future developments, operations, or financial conditions, or state other forward-looking information. When considering the forward-looking statements made in this press release, you should keep in mind the risks noted and other cautionary statements throughout this press release. You should also keep in mind that all forward-looking statements are based on management's existing beliefs about present and future events outside of management's control and on assumptions that may prove to be incorrect. If one or more risks identified in this press release or other filing materializes, or any other underlying assumptions prove incorrect, our actual results may vary materially from those anticipated, estimated, projected, or intended.

Contact Information

  • For further information, please contact:
    Wolfgang Rauball
    Chairman & CEO
    14 Wallstreet, 20th Floor
    N.Y., N.Y. 10005
    Tel. Nr.: (212) 618-1274
    Fax Nr.: (212) 618-1276