Published: January 12, 2016 |

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Euromax Resources Ltd. has completed the feasibility study, for its 100 percent owned Ilovica gold-copper porphyry project in Macedonia.

The FS supports the economic robustness of the project previously indicated by the pre-feasibility study and, through the optimization of the processing flow sheet and a more precise level of costing, demonstrates significant reductions in both capex and operating costs, and a consequential increase in the IRR.

With the completion of the FS the company is well positioned to continue the development through to construction of Ilovica, which is targeted for the 3rd quarter of 2016. The front-end engineering and design (FEED) work has already been initiated with Amec Foster Wheeler. As well as advancement of long-lead and critical path elements of the project engineering, the FEED will include value engineering aimed at further optimizing the project in parallel with the appointment of an EPC contractor during the period up to construction. Work is continuing on the updated environmental and social impact study (ESIA); the national environmental impact study, which has already been approved, is being expanded to include EBRD performance requirements and equator principle compliance. In parallel, the company is working on the main mining project, which is the final submission required under the Macedonian Minerals Law to obtain the construction permit.

“Following a year of intense work on site and with our various partners in the study, we are delighted that Ilovica still highlights a robust project. We have been able to achieve all the main aims of the study including an improvement in mineral resource and reserve classification, refinement of the flow sheet, estimation of costs to +/- 10 percent and an improved level of engineering. Both capital and operating costs have been optimized in the new study, which provides an excellent basis for the project implementation,” said Pat Forward, chief operating officer of Euromax.

“The feasibility study results support the economic viability of the Ilovica Project. As most new and expansion projects around the world are mothballed in response to the recent downturn in commodity prices, we believe that this is an ideal time for building, so as to exploit the supply shortages that will likely occur. We believe that not only are we well positioned to benefit from any improvement in commodity prices, but with cash operating costs now reduced to the USD 200/oz level we are equally well equipped to withstand any sustained weakness in commodity markets, whilst remaining cash flow positive. With a 20-year mine life, this is an important project for Macedonia which could enhance the economic profile of the country. The overwhelming support that we continue to receive from all stakeholders allows us to move confidently towards our stated goal of starting construction later this year,” said Steve Sharpe, president and CEO of Euromax.

To read more details in the company’s press release, CLICK HERE

About Euromax Resources
Euromax has a major development project in Macedonia and an exploration services company in Bulgaria. They are focused on building and operating the Ilovica copper/gold project in Macedonia, as well profitably deploying the wealth of exploration experience within our Bulgarian Exploration Services subsidiary.

To stop by Euromax Resources’ website, CLICK HERE

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