EurOmax lures Teck Cominco into Bulgaria (February 27, 2006)

Vancouver — With its Trun gold project in western Bulgaria, EurOmax Resources (EOX-V, EOXFF-O) has lined up Teck Cominco (TEK.SV.B-T, TCKBF-O) as an exploration partner.

The farm-in agreement will have the major subscribing to a $700,000 private placement in EurOmax, which will issue 2.8 million units at 25 apiece. Each unit will be composed of a share and 2-year warrant exercisable at 45 in the first year and 65 in the second.

Teck Cominco will also have the option to earn a 55% interest in Trun by spending $3 million over four years, with a possible increase to 70% for a further $10 million.

Trun contains a number of granitoid-hosted gold deposits that underwent limited previous mining. An open-pit operation conducted on the Krushov Dol (KD) area in the 1960s exploited a stockwork zone that measured several hundred metres in length by 20-40 metres wide in the altered porphyritic monzogranites. Reported production was 1.5 million tonnes grading 1.8 grams gold per tonne and 49 grams silver per tonne, containing about 87,000 oz. gold and 2.4 million oz. silver.

EurOmax sampling in the floor of the KD pit returned grades of up to 4.3 grams gold and 257 grams silver across 40 metres.

A number of other gold mineralized structures exist on the property, with evidence of historic mining dating back to Roman times. At the Zlata area, a British company developed open-pit and underground workings from 1926-1942. Sampling by EurOmax in the Zlata pit returned up to 6.2 grams gold and 32 grams silver over 10 metres. Bulgarian government exploration in the mid-1990s included a trenching program that returned multiple intervals of 11-40 metres averaging 2 grams gold.

An initial 10-hole drill program by the company in late 2004 confirmed porphyry gold mineralization beneath historic workings and in some newer prospect areas.

In mid-2004, the Bulgarian government issued EurOmax the 139-sq.-km exploration licence covering the Trun project in the western part of the country. The property is subject to a 4.5% net profit interest that can be purchased by the company.

EurOmax is focused on a number of gold projects in southeastern Europe, specifically Bulgaria, and has interests in three producing oil and gas projects in Alberta.