EurOmax Resources Ltd.

August 23, 2011 09:00 ET

EurOmax Discovers New Gold Zones at its Trun Gold Project, Bulgaria

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2011) - EurOmax Resources Ltd. (TSX VENTURE:EOX)(PINK SHEETS:EOXFF) ("EurOmax" or, the "Company") is pleased to announce additional drill results, including several new, high-grade gold intersections, from the ongoing drill program at the Company's 100% controlled Trun Gold Project, Bulgaria.

The first diamond drill hole to test the Tumba target, MTC1178,intersected 8 meters at 7.34 grams per tonne gold (26.2 feet at 0.214 oz per ton gold) and another interval of 9 meters at 4.14 grams per tonne gold (29.5 feet at 0.121 oz per ton gold).

A drill hole collared to test the KD Zone, MTC1180, encountered 44.8 meters at 1.32 grams per tonne gold (146.9 feet at 0.039 oz per ton gold).

"The objective of our summer 2011 drill program was to test multiple new targets at Trun and we are very pleased with our results to date," comments Dr. Quinton Hennigh, technical advisor to the Company. Including our results announced earlier this summer from the Ruy and Nadejda targets, combined with these results from the Tumba and KD targets, we are clearly demonstrating the resource potential at Trun. We look forward to additional drill programs to fully explore Trun's large and complex gold system."

Summary of Trun Drill Results
Hole From
MTC1178 0.0 7.3 7.3 0.66 NSV 23.9 0.019 NSV
315.0 324.0 9.0 4.14 NSV 29.5 0.121 NSV
342.7 356.5 13.8 0.50 NSV 45.3 0.015 NSV
387.5 395.5 8.0 7.34 NSV 26.2 0.214 NSV
including 393.2 394.4 1.2 44.10 NSV 3.9 1.288 NSV
MTC1179 hole lost at 66 m in historic workings
MTC1180 60.5 105.3 44.8 1.32 4.10 146.9 0.039 0.120
including 60.5 75.1 14.6 3.48 9.20 47.9 0.102 0.269
including 65.8 67.0 1.2 31.28 63.80 3.9 0.913 1.863
MTC1182 awaiting assays
MTC1184 awaiting assays
MTC1181 141.1 m of anomalous gold (0.11 grams per tonne) and 0.04% WO3starting at 198.5 m
MTC1183 194.0 249.0 55.0 0.51 NSV 180.4 0.015 NSV
including 221.0 227.0 6.0 1.10
All reported intervals are calculated using weighted averages. "NSV" means no significant values.
  • Diamond drill hole MTC1178 was vertical and reached a total depth of 445.1 meters. This hole intersected multiple zones of mineralization: 1) 7.3 meters at 0.66 grams per tonne gold (23.9 feet at 0.019 oz per ton gold) starting at surface, 2) 9.0 meters at 4.14 grams per tonne gold (29.5 feet at 0.121 oz per ton gold) starting at 315 meters, 3) 13.8 meters at 0.50 grams per tonne gold (45.3 feet at 0.015 oz per ton gold) starting at 342.7 meters and 4) 8.0 meters at 7.34 grams per tonne gold (26.2 feet at 0.214 oz per ton gold) starting at 387.5 meters and including 1.2 meters at 44.1 grams per tonne gold (3.9 feet at 1.288 oz per ton gold). This hole was a single test targeting a 500 meter diameter gold in soil anomaly. It is suspected that the interval encountered at the top of the hole clipped the edge of the targeted gold zone. Although the orientations of the gold zones encountered in this hole are uncertain at this time, it is believed they may be sub-horizontal. Further drilling is planned to confirm these ideas.

  • Diamond drill hole MTC 1179, testing the extension of the Zlata Zone, was lost when it encountered historic workings.

  • Diamond drill hole MTC 1180, drilled at 75 degrees to the west under the previously announced trench 11117 (69 meters at 0.99 grams per tonne gold and 2.50 grams per tonne silver announce in a press release dated June 14, 2011), encountered 44.8 meters at 1.32 grams per tonne gold and 4.10 grams per tonne silver (146.9 feet at 0.039 oz per ton gold and 0.102 oz per ton silver) including 1.2 meters at 31.28 grams per tonne gold and 63.80 grams per tonne silver (3.9 feet at 0.913 oz per ton gold and 1.863 oz per ton silver). Two additional holes, MTC1182 and MTC1184, were drilled along the strike of the KD Zone, and are awaiting assays.

  • Two large step out holes tested the potential northern extension of the currently outlined Logo resource. Diamond drill hole MTC1181, a vertical hole collared approximately 200 meters north of the resource, encountered a 141.4 long interval of intense silica altered hornfels with anomalous gold (0.11 grams per tonne) and 0.04% WO3. Another vertical drill hole, MTC1183, drilled approximately 400 meters north of MTC1181 (600 meters north of the resource), encountered 55 meters at 0.51 grams per tonne gold (180.4 feet at 0.015 oz per ton gold) from 194 meters.

About the Trun Gold Project, Bulgaria

Gold mineralization at Trun is associated with 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 "tombstone-type" gold deposits in the Tintina Gold Belt of the Yukon and Alaska including the Ft. Knox gold deposit, Alaska and the Eagle gold deposit, Dublin Gulch, Yukon.

EurOmax holds 100% control over approximately 67 square kilometers centered on the Big Hill and Little Hill granite intrusions, each with multiple associated gold-in-soil anomalies. The Logo resource, a NI 43-101 compliant inferred resource (see Technical Report on the Gold Resources at Trun Property dated January 31, 2011 which is available under the Company's profile on SEDAR at of 2.1 million ounces contained gold in 91 million tonnes at a grade of 0.70g/t Au (0.3g/t Au cut-off) occurs along the northeastern margin of the Big Hill Intrusion in the northern part of the property.

The 2011 Drill Program encompasses approximately 4,000 meters of diamond core drill holes that will test extensions of the Logo resource and the K2 zone along with at least six untested gold-in-soil anomalies. In addition to drilling, geophysical surveys, including magnetics and induced polarization-resistivity, have been completed over the Little Hill intrusion in the southern part of the property.

Quality Control and Quality Assurance

Drill core was logged, cut and sampled by EurOmax personnel at the Company's sample preparation facility in Bulgaria. Samples were prepared and assayed by SGS Chelopech Laboratory in Bulgaria. SGS Chelopech follows SGS Global methods and procedures and has stringent quality control and assurance practices. Dr. Roger Moss, the qualified person for Trun, has visited the SGS Chelopech facilities and is satisfied that the sample preparation and assay procedures are consistent with industry best practices.

Gold was generally assayed by fire assay followed by atomic absorption (FA/AA), but because of the presence of coarse gold at Tumba, high grade samples were submitted for metallic screen assay. Both coarse and fine fractions were assayed by fire assay with a gravimetric finish and the final assay calculated by the weighted average gold content of the different fractions. Other elements, including silver and tungsten, were assayed by ICP-OES following an aqua regia digest. Quality control samples, including duplicates, standards and blanks, were submitted by EurOmax.

Roger Moss, Ph.D., P.Geo., a member of the EurOmax Technical Advisory Board and a "qualified person" as defined by NI43-101, supervised the preparation of the technical information contained in this news release.

About EurOmax Resources Ltd.

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

This news release contains forward-looking statements including but not limited to statements regarding resource estimates, drilling and geological interpretations by the Company for its Trun project. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company's current beliefs and assumptions made by the Company, including that the key assumptions and parameters on which such resource estimates and drilling and geological interpretations are based are reasonable. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, that actual results of exploration activities will be different than anticipated, data and assumptions underlying the resource estimate or drilling and geological interpretations may prove to be inaccurate, incomplete or to have been incorrectly interpreted, the general risk of unexpected variations in mineral resources, and grade or recovery rates. Readers are also 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", which documents describe material factors and assumptions and risks that apply to the forward-looking statements in this release. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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