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Euromax Resources Ltd.
Summary
| Project: | Ilovica | |
|---|---|---|
| Deposit: | Ilovica | |
| Location: | Macedonia | |
| Commodities: | Gold-Copper | |
| Date: | 2/23/2017 | |
| Report Code: | (Enviro) | |
| Report Type: | EIA/ESIA | |
| Project Stage: | Mine Development | |
| Report details: | 23-2-2017: Euromax Resources Ltd. announces an EIA/ESIA report for its Ilovica deposit at the Ilovica project. Approval of Environmental Impact Assessment . Euromax Resources Ltd ("Euromax" or the "Company") (TSX:EOX) (OTCQX:EOXFF) is pleased to provide a | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Euromax Resources Ltd ("Euromax" or the "Company") (TSX:EOX) (OTCQX:EOXFF) is pleased to provide an update with respect to its wholly owned Ilovica-Shtuka copper gold project in Macedonia, (the "Project"). Two key milestones have been achieved towards the granting of the exploitation permit. The first is the merger of the Company's two exploitation concessions, Ilovica 6 and Ilovica 11 (over which the Ilovica-Shtuka Project footprint extends), that has been approved by the Macedonian Ministry of Economy and submitted to the Government for ratification. The second milestone is the approval of the Strategic Environmental Impact Assessment by the Macedonian Ministry of Environment within the process of the urbanization of the mine footprint. An Environmental and Social Impact Assessment (ESIA) produced by Golder Associates to international standards and requirements has also been prepared. This follows the Macedonian Environmental Impact Assessment published last year and will facilitate project financing and requirements of various project stakeholders. The ESIA will be published on the Company's website during March 2017. Following additional mine plan work completed during 2016 aimed at achieving a mine schedule with the required detail to start planning of operations, the Company initiated a Contract Mining tender process in November 2016. The tender was aimed at covering the first 7 years of mine life (i.e. the 2-year construction and pre-strip period plus 5 years of operation). As a result of this tender process, the Company has received indicative offers from three international companies for the provision of Contract Mining Services. The Company is currently evaluating these bids, seeking clarifications and assessing the economic impact. However, the average cost per tonne mined of material during production from the bids received is US$ 1.79/t of material moved with capex of approximately US$ 58.5m (including prestrip costs), compared to the Company's Feasibility Study Technical Report (February 2016), which indicated US$ 1.62/t and capex of US$ 100.7m (including prestrip costs) over the same period. | |
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