Concerned Shareholders of EurOmax Resources Ltd.

September 16, 2010 09:00 ET

Concerned Shareholders of EurOmax Resources Ltd. Provide Update and Call on Management to Step Aside

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2010) - Anthony Patriarco and Mark Gustafson (the "Concerned Shareholders") provide the following update to bring the efforts of management of EurOmax Resources Ltd. ("EurOmax") to disenfranchise the shareholders of EurOmax to a close.

Voting Support for Dissident Slate of Directors

The Concerned Shareholders have received signed agreements from 63 shareholders re-affirming their commitment to vote for the dissident slate of directors, John Nugent, Mark Gustafson, Don Siemens and Randal Matkaluk. Pursuant to these agreements, shareholders who owned, controlled or directed a total of approximately 32 million shares at the record date for the August 24 Annual General Meeting (the "AGM") confirmed that they will vote in favour of the dissident slate with full knowledge of all the allegations made by management prior to and subsequent to the AGM. When combined with the approximately 22 million shares owned or controlled or directed by Dr. Patriarco, this total increases to approximately 54 million shares. 

This compares to the 26 million votes received by management at the AGM, and demonstrates conclusively that an overwhelming vote "for" the dissident slate would be repeated if necessary. Copies of these voting support agreements have been submitted to the court and provided to management of EurOmax.

Management Nominee for Director Withdraws

On September 14, 2010, Mr. Dimitar Dimitrov, EurOmax`s Senior Vice President, Exploration and one of the management nominees for director, communicated the following change in his intentions to the current board and management of EurOmax, its legal counsel and legal counsel to the Concerned Shareholders:

"1. I wish you to withdraw my name as a director Nominee;

2. I wish to declare my independence for the good of the corporation and its shareholders and am willing to assist with either party which constitutes the board of directors

3. I am uncomfortable with the inflammatory statements made in the past and do not wish to be associated with such statements in the future.


Dimitar L Dimitrov"

Personal Exposure of Current Directors

The Concerned Shareholders have served notice to the law firms representing the current board of directors that, after the AGM vote is recognized and finalized, they will strongly recommend to the new board of directors that each of the current directors must be held personally responsible for all of the costs of the adjourned AGM and related legal costs.

Mark Gustafson states, "We believe that management of EurOmax has already spent hundreds of thousands of dollars to support the entrenchment of management and the current directors. The legal process that management of EurOmax is pursuing will continue to deplete the cash reserves of EurOmax and, despite certain defeat at any shareholder vote and the withdrawal of a key director nominee, management continues to spend the treasury on disenfranchising its shareholders. We call upon the current board of directors of EurOmax to do the right thing: follow Mr. Dimitrov's lead by stepping aside and allowing the shareholders' votes to count."

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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