SOURCE: EuroGas, Inc.

April 23, 2008 14:28 ET

Supreme Court of Slovak Republic Orders Return of Gemerska Poloma Talc Deposit to Rozmin

EuroGas Has Agreement to Purchase a 57% Interest in Rozmin

NEW YORK, NY--(Marketwire - April 23, 2008) - EuroGas, Inc. (PINKSHEETS: EUGS) is pleased to announce that it has been notified of a decision from Najvyšší súd Slovenskej republiky, the highest Court of the Slovak Republic, which ruled in favor of Rozmin s.r.o. (a closely held Slovak company in which EuroGas has an agreement to acquire a 57% interest). The court's decision orders the immediate return of the mining concession, which hosts the giant Gemerska Poloma talc deposit, to Rozmin. The concession was owned by Rozmin until it was cancelled by the Ministry of Environment of the Slovak Republic in 2005. The judgment by Najvyšší súd Slovenskej republiky in Bratislava, Slovak Republic is final and cannot be appealed. The Slovak Republic has been a full member of the European Union since May 2004.

EuroGas Inc. has an agreement to purchase a 57% interest in Rozmin s.r.o. from Belmont Resources Ltd., subject to receipt of a final purchase price payment in the amount of approximately $ 1,000,000. The other shareholders Rozmin are held by and registered in the name of EuroGas Austria GmbH, a wholly-owned subsidiary of McCallan Oil & Gas (UK) Ltd. which owns a 33% interest and the remaining 10% interest Berlin based private German trading company.

Rozmin s.r.o. is a closely held Slovak mining company which controls the massive Gemerska Poloma talc deposit with an estimated 150 million ton carbonate reserve in eastern Slovakia.The talc deposit Gemerska Poloma, named after the village where it was discovered in Eastern Slovakia, is one of the largest talc deposits worldwide. The carbonate type deposit and resulting purity of the valuable mineral enhances the efficiency of the benefication process and allows a higher purity to be attained in the final project. EuroGas intends to bring the Germerska Poloma deposit into commercial production.

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.

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Contact Information

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