TSXV: EOX
www.euromaxresources.com
VANCOUVER, BC, March 27,
2024 /CNW/ - Euromax Resources Ltd. (TSXV:
EOX): ("Euromax" or the "Company"), announces
that the Administrative Court has issued a decision in the
Company's appeal against the withdrawal of the previously granted
approval of the Company's request to merge the Ilovica 6 and
Ilovica 11 Concessions ("Merger Request") by the Government
of the Republic of North Macedonia
(the "Government"). This new ruling disregarded key legal
arguments presented by the Company and simply agreed with the
Government's decision. However, the Administrative Court did not
challenge the fact that all legal conditions for the Merger Request
have been met.
Following this decision, which was delivered to the Company on
March 26, 2024, Euromax reasserts its
determination to pursue its legitimate rights through all available
legal avenues, including the restoration of its merger approval.
The Company remains resolute in its stance and will promptly appeal
this decision to the Higher Administrative Court.
The discrepancy in the Government's rationale for its withdrawal
of the merger approval is clear: the Government claimed that a
period of 25 days was an "unduly long" period for signing the new
concession agreement, and yet the timeframe specified in the
Minerals Law for concluding a new concession agreement is 60 days.
Not only does the Government's rationale directly contradict the
prevailing legal framework governing such matters, but the process
for signing the new concession agreement was in the control of the
Government's Ministry of Economy.
The Company has already filed a letter notifying Government of a
dispute under the Swiss-Macedonian bi-lateral investment treaty.
Through the filing of this dispute notification, the Company has
initiated the process of seeking damages which have arisen from
arbitrary and inconsistent decisions made by state institutions.
Whilst international arbitration has never been the primary focus
of the Company's business in North
Macedonia, the Company will pursue international arbitration
if that is the only way to redress the mistreatment it has
endured.
Euromax will continue to navigate these legal challenges as each
arbitrary and conflicting decision from the Government or the
courts adds further evidence of mistreatment by state institutions
and strengthens the Company's case for international arbitration.
The Company remains steadfast in its commitment to upholding its
rights and interests, ensuring fair treatment, and seeking a
resolution that aligns with principles of justice and equity.
Tim Morgan-Wynne, Executive
Chairman, commented:
"We are deeply disappointed by the Administrative Court's
decision, which once again demonstrates a disregard for the
applicable laws and an unwarranted deference to the Higher
Administrative Court. It is concerning to witness such
a pattern of judicial oversight, especially when international
investors' rights are at stake. The persistent
disregard for North Macedonia's
laws by the Government and relevant state institutions is
alarming, and international arbitration looms as an
inevitable consequence if this trend persists. With
the significant uptick in copper and gold prices in recent years,
the potential economic implications of such actions cannot be
overstated.
We cannot stand idly by as our rights are trampled upon, and
our investments undermined. We remain steadfast in our
resolve to protect our investment and uphold the rule of
law, and we will utilize all available legal avenues to hold
the Macedonian Government accountable."
About Euromax
Resources Ltd.
Euromax has a major development project in North Macedonia and is focused on building
and operating
the Ilovica-Shtuka gold-copper project.
Forward-Looking Information
This news release contains statements that are forward-looking.
Forward-looking statements are frequently characterised by words
such as "plan", "expect", "project", "intend",
"believe", "anticipate" and other similar
words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the dates the
statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events
or results to differ materially from those projected in the
forward- looking statements. This information is qualified in its entirety
by cautionary statements and risk factor
disclosure contained in filings made by the Company, including its
annual information form for the year ended December 31, 2022 and financial statements and
related MD&A for the financial years ended December 31, 2022 and 2021, and the unaudited
condensed consolidated interim financial statements for the three
and nine months ended September 30,
2023 and 2022 along with the accompanying MD&A, filed
with the securities regulatory authorities in certain provinces of
Canada and available on SEDAR+ at
sedarplus.ca. The forward-looking statements contained in this
document are as of the date of this document, and are subject
to change after this date. Readers are cautioned that
the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. Euromax disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future
events or otherwise, unless required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this news release.
SOURCE Euromax Resources Ltd.
