Concerned Shareholders of EurOmax Resources Ltd.

July 07, 2010 09:00 ET

Concerned Shareholders of EurOmax Resources Ltd.: Dissident Proxy Circular Filed for EurOmax Resources Ltd. Annual General Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2010) - A dissident proxy circular to be used in connection with the Annual General Meeting of the shareholders of EurOmax Resources Ltd. ("EurOmax") to be held on July 23, 2010 has been mailed to shareholders of EurOmax and filed on SEDAR under EurOmax's profile. The dissident proxy circular solicits Yellow Proxies and Green Voting Instruction Forms by and on behalf of Anthony Patriarco and Mark Gustafson (the "Concerned Shareholders"). 

The Concerned Shareholders' primary areas of concern are:

  • the rapid depletion of EurOmax's treasury since the receipt by EurOmax of the proceeds from the sale of the Bulagou property in China to Chenzhen Mining Group Co. Ltd., without corresponding value creation;
  • the significant decline of the EurOmax stock price since October 2009 and the return to price levels existing prior to EurOmax's business combination with Silk Road Resources Ltd.; and
  • the failure of the current board of directors to identify and hire a Chief Executive Officer for EurOmax since the of the former Chief Executive Officer was replaced by an interim Chief Executive Officer, which was announced by EurOmax by news release dated February 1, 2010.

The purpose of the solicitation of proxies by and on behalf of the Concerned Shareholders is to replace the existing board of directors and to install a new management team. The Concerned Shareholders believe that a prosperous future for EurOmax and its shareholders is still attainable, but only if EurOmax becomes fiscally responsible and effectively develops its business under new leadership.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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