Mr. Tim Morgan-Wynne reports

EUROMAX ANNOUNCES PROPOSED PRIVATE PLACEMENT

Euromax Resources Ltd. intends to issue and sell up to 122,096,357 common shares of the company, at a price of 3.25 cents (2.299 U.S. cents) per common share, for proceeds of up to $3,968,132 ($2,807,508 (U.S.)) pursuant to a non-brokered private placement.

The proposed placees of the offering are expected to include one or more insiders of the company and other investors. The offering is not expected to materially affect control of the company.

The proposed use of the gross proceeds from the issuance of the common shares pursuant to the offering is expected to be as follows:

1. Office, administration and communications costs -- 20 per cent;
2. Salaries -- 31 per cent;
3. Legal and administrative fees -- 18 per cent;
4. Finance costs -- 7 per cent;
5. Project working capital -- 9 per cent;
6. Tax, audit and accounting fees -- 15 per cent.

Amounts representing 6 per cent of the proceeds of the offering will be used to finance normal salary payments to non-arms'-length parties. Amounts representing up to 5 per cent of the proceeds of the offering may be used to finance payments to persons conducting investor relations activities within the meaning of the policies of the TSX Venture Exchange.

As one or more of the proposed placees are related parties of Euromax under Policy 5.9 of the TSX-V and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, in completing the offering, the company intends to rely on the exemptions from the formal valuation and minority approval requirements contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, respectively.

Closing of the offering is subject to acceptance by the TSX-V of the terms of the offering and other customary closing conditions. In addition to any applicable resale restrictions under Canadian securities laws, all securities issued under the offering will be subject to a four-month resale restriction imposed by the TSX-V. There can be no assurances that the offering will be completed on the terms set out herein, or at all, or that the proceeds of the offering will be sufficient for the proposed use of proceeds as set out above.

About Euromax Resources Ltd.

Euromax has a major development project in North Macedonia and is focused on building and operating the Ilovica-Shtuka gold-copper project.

We seek Safe Harbor.