EurOmax Resources Ltd.
TSX VENTURE : EOX
PINK SHEETS : EOXFF

May 03, 2011 09:01 ET

EurOmax Commences Drilling and Geophysical Programs

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2011) - EurOmax Resources Limited (TSX VENTURE:EOX) (PINK SHEETS:EOXFF) ("EurOmax" or the "Company") is pleased to announce the commencement of its 2011 exploration programs on the Company's four advanced stage projects in Southeastern Europe.

Dr. Quinton Hennigh, technical advisor to the Company, comments "With funding already in place, EurOmax is in an excellent position to advance its portfolio of potentially world-class projects. Our Company has initiated work on multiple geophysical programs and on over 10,000 meters of drilling, all of which is managed by the Company's superb exploration team headed by Dimitar Dimitrov, Senior VP Exploration. We anticipate an exciting year with many promising results."

Trun Gold Project, Bulgaria

The 2011 drill program recently commenced at the Company's 100% controlled Trun Gold Project in western Bulgaria. Approximately 4,000 meters of diamond core drill holes will test extensions of the Logo resource and the K2 zone along with at least six untested gold in soil anomalies. The first drill holes target the northerly and northeasterly extensions of the Logo resource, a NI 43-101 compliant inferred resource (see news release dated February 8, 2011) of 91 million tonnes at a grade of 0.70g/t Au (0.3g/t Au cut-off) for 2.1 million ounces contained gold, and three untested gold targets within the northern Big Hill intrusion. Assays from this drill program will be released upon availability.

In addition to drilling, geophysical surveys will soon commence including magnetics and induced polarization-resistivity over the southern Little Hill intrusion, which will examine extensions of known targets and test new targets on the 67 square kilometer property. Results from these surveys are expected back by the third quarter of 2011.

Gold mineralization at Trun is associated with a series of large granite and syenite stocks that intrude a broad anticline of metamorphic rocks. The geologic setting and styles of mineralization display striking similarities to that of the Tintina Gold Belt of the Yukon and Alaska that includes the Ft. Knox gold deposit, Alaska and the Eagle gold deposit, Dublin Gulch, Yukon.

Ilovitza Copper-Gold Porphyry Project, Macedonia

EurOmax recently commenced a 4,000 meter diamond drill program at its Ilovitza Copper-Gold Porphyry Project, Macedonia. The objectives of this program are to increase the confidence level in the quality and consistency of the current resource and step-out where the system remains open to the northwest, northeast and east. Results from these holes will be released upon availability, following which the Company anticipates that it will initiate an updated NI 43-101 compliant technical report.

Ilovitza hosts a NI 43-101 compliant inferred resource (see press release dated August 12, 2008) of 303 million tonnes grading 0.23% Cu and 0.32 g/t Au. Currently, the deposit remains open in all directions. The project consists of a 5 square kilometre exploration concession under option from a major international mining company. To meet an end-of-August, 2011 deadline, the Company is in the process of filing for an Application for a Mining Concession. In preparation, various assessment reports are targeted for completion by the end of the month. A Mining Concession may be granted late in 2011 or early 2012 pending approval of the application.

KMC or Karavansalija Mineralized Complex Copper-Gold Project, Serbia

An extensive geophysical program, including 100 km of induced polarization-resistivity lines and magnetics and gravity surveys, is slated to begin mid-year. To date, several drill holes have identified a copper-gold skarn, a gold skarn, and gold-bearing siliceous breccias in several locations. The Company believes a buried intrusion may be the source for these widely occurring mineralized zones. The objective of these surveys is to identify such a potential buried intrusion as well as additional skarn and breccias drill targets on this 42 square kilometer project. The KMC Copper-Gold Project is under option from a major international mining company.

Pending results of the geophysical surveys, a 2,500 meter diamond drill program is planned beginning in the third quarter to test new anomalies as well as extensions of known mineralized zones on the property.

Breznik Gold-Silver Project, Bulgaria

Induced polarization-resistivity and magnetics surveys were recently completed testing areas believed to be underlain by a porphyritic intrusion at the Company's 100% controlled, 19 square kilometer Breznik Gold-Silver Project in Bulgaria. Although vein mineralization has been the main focus of exploration to date, evidence suggests a shallowly buried intrusion may lie under cover to the southeast of the vein system. Initial results from these surveys are expected back within the next few weeks.

Gold-silver veins at Breznik host a NI 43-101 compliant inferred resource (see press release dated March 29, 2011) of 2.4 million tonnes at a grade of 5.9 g/t Au and 26.7 g/t Ag (2g/t Au cut-off) for 463,000 ounces of contained gold and 2.1 million ounces of silver.

The Company is in the process of applying for a Commercial Discovery Certificate to transition Breznik from an exploration permit to a mining concession. Various assessment reports have been initiated and are expected to be completed in order to meet an end-of-May, 2011 deadline. A Mining Concession may be granted late in 2011 or early 2012 pending approval of the application.

Quality Control and Quality Assurance

Roger Moss, Ph.D., P.Geo., a member of the EurOmax Technical Advisory Board and a "qualified person" as defined by NI-43-101, supervised the preparation of the technical information contained in this news release.

About EurOmax Resources Limited

EurOmax is a Canadian company focused on precious and base metal projects in Southeastern Europe. Our strength is the local staff, knowledge and technical expertise in Bulgaria, Serbia and Macedonia.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, resource estimates, metallurgical testing, geophysical and geochemical surveys, drilling, geological interpretations, receipt of mining concessions and property titles, potential mineral recovery processes and potential partners. Forward looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements, and readers are encouraged to review all Company documents filed with the securities authorities in Canada, including the Management Discussion and Analysis in respect of the Company's recent financial statements under the heading "Operational and Other Business Risks". These documents describe the material factors and assumptions that were applied in drawing the conclusions and making the forecasts and projections as reflected in the forward-looking statements and information, and the material factors that could cause our actual results, performance or achievements to differ materially. We undertake no obligation to update or revise any forward-looking statements or information made in this news release.

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

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