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June 10, 2008 - 7:08 AM EDT
EUGS 0.62 0.05
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Slovak Republic District Court of Kosice Issues Injunction in Enforcement of Supreme Court Ruling Ordering Return of Gemerska Poloma Talc Deposit to Rozmin
EuroGas, Inc. (PINKSHEETS: EUGS) today announced that, following the decision by the Supreme Court of Slovak Republic to return the Germerska Poloma Talc Deposit to Rozmin s.r.o. (a Slovak company in which EuroGas has agreements to acquire a 90% interest), the District Court of Kosice, Slovak Republic, has granted an injunction in favor of Rozmin. The injunction ordered the immediate stoppage of all works at Gemerska Poloma, refraining VSK Eurotalc s.r.o. and its wholly-owned subsidiary VSK Mining s.r.o. from all activities directly or indirectly connected with the opening, preparation and extraction of the talc deposit at Gemerska Poloma.
In April 2005, Economy Agency s.r.o., a Slovak shell company ("EA"), was granted the mining concession by the Slovak Republic's Ministry of Environment and Natural Resources' administrative mining office unit at Spisska Nova Ves, Slovak Republic. EA subsequently amalgamated with VSK Mining s.r.o. The Supreme Court of the Slovak Republic recently voided that concession transfer in a non-appealable ruling that EuroGas announced on April 24, 2008. This injunction not only enforces the ruling of the Supreme Court of Slovak Republic, but also orders VSK not to transfer or dispose of the Gemerska Poloma mining property or transfer the concession to a third party and to return the mine to Rozmin. In addition, Rozmin has filed a civil lawsuit against VSK Mining last Thursday claiming damages. Rozmin has also asked the General District Attorney's office in Bratislava to investigate certain individuals involved in the illegal transfer of the Gemerska Poloma deposit from Rozmin to EA/VSK in April 2005. EuroGas, Inc. has an agreement to purchase a 57% interest in Rozmin s.r.o. from Belmont Resources Ltd, subject to receipt of a last final purchase price payment in the amount of approximately $ 1,000,000. The remaining interests in Rozmin are held by and registered in the name of EuroGas Austria GmbH, a wholly-owned subsidiary of McCallan Oil & Gas (UK) Ltd., which owns a 33% interest in Rozmin; EuroGas recently announced that it had entered into agreements to acquire up to a 100% interest in McCallan Oil & Gas (UK) Ltd., which would give it effective ownership of a 90% interest in the deposit. The remaining 10% interest is held by private German investors. Rozmin s.r.o. is a closely held Slovak mining company which controls the massive Gemerska Poloma talc deposit with an estimated 150 million ton carbonate reserve in Eastern Slovakia. The talc deposit Gemerska Poloma, named after the village where it was discovered in Eastern Slovakia, is one of the largest talc deposits worldwide. The carbonate type deposit and resulting purity of the valuable mineral enhances the efficiency of the benefication process and allows a higher purity to be attained in the final project. EuroGas intends to bring the Germerska Poloma deposit into commercial production.
About EuroGas, Inc.
EuroGas is a publicly traded oil and gas company with assets in Ukraine and Poland, as well as talc mining interests in the Slovak Republic. The company's common stock trades on the Frankfurt and Hamburg Stock Exchanges in Germany under the symbol EUG and on the Other OTC (Pink Sheets) in the United States under the symbol EUGS.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by their use of the forward looking words "anticipate," "estimate," "project," "likely," "believe," "intend," "expect," or similar words. These statements discuss future expectations, contain projections regarding future developments, operations, or financial conditions, or state other forward-looking information. When considering the forward-looking statements made in this press release, you should keep in mind the risks noted and other cautionary statements throughout this press release. You should also keep in mind that all forward-looking statements are based on management's existing beliefs about present and future events outside of management's control and on assumptions that may prove to be incorrect. If one or more risks identified in this press release or other filing materializes, or any other underlying assumptions prove incorrect, our actual results may vary materially from those anticipated, estimated, projected, or intended.
For further information,
please contact:
Wolfgang Rauball
Chairman & CEO
14 Wall Street, 20th Floor
New York, N.Y. 10005
Telephone: (212) 618-1274
Source: Marketwire (June 10, 2008 - 7:08 AM EDT)
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