Globe says Euromax Resources bucks trend in Europe

2014-06-17 07:00 ET - In the News

See In the News (C-EOX) Euromax Resources Ltd (2)

The Globe and Mail reports in its Tuesday, June 17, edition that Canadian mining companies have had a rough go in Europe. The Globe's Eric Reguly writes that Gabriel Resources seems on the verge of abandoning its 15-year attempt to open the continent's biggest gold mine, in Romania. It has been clobbered by political indecision and fierce opposition from environmental groups. Eldorado Gold has been besieged by protests and an arson attack that have slowed, though not killed, its mine development in northern Greece. Euromax Resources is proving the exception to the rule that no Canadian mining development in Europe shall go unchallenged. Euromax's shares tripled over a three-day period starting June 5, when it released a prefeasibility study that, it claimed, amply displayed the "economic robustness" of its Ilovitza gold-copper deposit in southeast Macedonia. The encouraging study means that the $500-million (U.S.) open-pit mine is almost certain to go ahead. "We have the chance to build the first greenfield mine that anyone has seen in the Balkans for 30 years," says Euromax chief executive officer Steve Sharpe. Even better, the permitting risk, while not absent, seems low.