Euromax announces updated resource estimate for Macedonian gold and copper mine

Euromax updates resource estimate

Canadian Euromax has released an update of its resource estimate for their flgaship Ilovitza copper/gold mine in Macedonia.

Mineral resources now total 184 million tonnes with average grades of 0.33 g/t gold and 0.21% copper up from the previous estimate of 22 million tonnes.

“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 Ilovitza from 22Mt to 184Mt at improved grades compared to the previous resource estimate announced last year,” said Euromax Chief Operating Officer Pat Forward in their press release.

Now that the resource estimate has been updated, the company will focus on its pre-feasibility study which is expected to be finished by the end of the year.

Euromax plans to invest 500 million dollars in constructing the mine with construction to start in 2015 and production to being nearing the end of 2017.