Euromax Resources Ltd. (TSX: V.EOX
, Stock Forum
) has tabled a new mineral resource estimate for its 100%-owned Llovitza copper-gold project in Macedonia.
"We are delighted that we have achieved the main aims of our 2012-2013 drilling campaign in increasing the measured and indicated resources in the fresh and mixed zones at IIovitza from 22 million tonnes to 184 million tonnes at improved grades, compared to the previous resource estimate announced last year,’’ said Euromax Chief Operating Officer Pat Forward in a press release.
A pre-feasibility study is expected to be complete by the third quarter of this year, the company added.
Euromax shares closed at 23 cents Friday, down 11.5%, leaving a market cap of $19.6 million, based on 85.3 million shares outstanding. The 52-week range is $1.25 and 20 cents.