News

April 16, 2008

Euromax Resources Claims To Be One Of The Most Active Explorationists In South Eastern Europe

By Charles Wyatt

Minews just managed to catch John Menzies, chairman and chief executive of Toronto listed Euromax Resources, as he was due to leave Sofia in Bulgaria for a trip to his company’s projects in neighbouring Serbia. Over the last four years Euromax has built up a highly prospective portfolio of projects in south eastern Europe – specifically in Bulgaria, Serbia and Macedonia - where it is focused on the Carpathian Arc which has been mined since ancient times, but is one of the least explored of the major global metal trends. Russia is largely to blame for this death of exploration, as its mining policy tended to be dogmatic, and not overly interested in gold. Targets such as iron, nickel, copper and coal were deemed more worthy of exploration by the Soviets, and in any case the eastern European countries were only ever allocated small budgets.

So how did John Menzies, an Australian operating a listed oil and gas company out of Vancouver in 2003, come to be John Menzies leading explorationist in ex-FSU countries in 2008? John is quite a chatterbox, so you will get the shortened version. “There we were sitting in Vancouver with a company called Omax Resources which was generating revenue of around C$300,000 a month from oil and gas and had money in the bank. The obvious option was to make some acquisitions, but none of us knew too much...