EuroMax and Silk Road announce friendly business combination

Monday, February 23, 2009 9:28 AM

/THIS NEWS RELEASE AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR

DISTRIBUTION IN THE UNITED STATES./

VANCOUVER, Feb. 23 /CNW/ - EurOmax Resources Limited ("EurOmax") (TSX-V: EOX) and Silk Road Resources Ltd. ("Silk Road") (TSX-V: SIL) are pleased to announce that they have entered into a letter of intent with regard to a proposed business combination (the "Transaction") to create a stronger mineral exploration company with enhanced financing potential.

The Transaction will be structured as a Plan of Arrangement under the Canada Business Corporations Act.

HIGHLIGHTS OF THE TRANSACTION
-  On completion of the transaction each Silk Road common share will be
   automatically exchanged for 2.2535 EurOmax common shares and Silk Road
   will become a wholly owned subsidiary of EurOmax.
-  On completion of the Transaction, EurOmax will have approximately 112
   million shares outstanding.
-  The President & CEO of the resulting Company will be John C. Menzies
   and the non Executive Chairman of the board of directors will be
   appointed by Silk Road. The board of directors will have three
   representatives of each of EurOmax and Silk Road.
-  The board of directors of each company have approved the Transaction
   unanimously.
-  Shareholders representing 26% of EurOmax and 35% of Silk Road have
   agreed to enter agreements to vote in favour of the Transaction.

THE NEW EUROMAX

After the combination, EurOmax will have a broad portfolio of gold and base metal mineral exploration properties in Southeast Europe and gold exploration properties in Gansu Province, China.

Significant expressions of interest have been received for the sale of a number of the Chinese gold exploration properties.

In Southeast Europe, the combined company's assets will include:

-  The Ceovishte project in Serbia, where recent exploration has
   identified a series of ancient gold and lead-silver workings extend
   over a strike of nearly 5 kilometres. At the southern end of this
   trend a 2 square kilometer gold bearing silica breccia has been
   identified surrounding an altered diorite intrusion. Ancient overgrown
   open pits up to several hundred metres wide cover much of the silica
   breccia. At the northern end of this trend one drill hole encountered
   12.4 metres at 1.5% copper, 1.4% lead, 0.8% zinc, 62 grams per tonne
   silver and 1.6 grams per tonne gold.
-  The Karavansalija project in Serbia covers a 60 square kilometre
   alteration zone and two mineralized centres. Drilling on the property
   has produced numerous significant intersections including 42 metres at
   2.05 grams per tonne gold, 0.76% nickel and 0.06% cobalt included in
   111 metres at 1.30 grams per tonne, 0.43% nickel, 0.03% cobalt in
   drill hole 0828; 120 metres grading 0.55 grams per tonne gold, 0.48%
   copper and 3.2 grams per tonne silver in drill hole 0829; 235 metres
   grading 1.08 grams per tonne gold in drill hole 0831 and 166 metres
   grading 0.63 grams per tonne gold, 0.58% copper, including 63 metres
   at 1.01 grams per tonne and 1.05% copper in drill hole 0611.
-  The Ilovitza copper-gold-molybdenum project in Macedonia, where it has
   received an independent Mineral Resource estimate by Broad Oak
   Associates of Toronto, Ontario ("Broad Oak") dated August 7, 2008. The
   results conclude that the Ilovitza deposit contains an inferred
   resource of copper 303 million tones grading 0.23% copper, 0.31 grams
   per tonne gold and 0.005% molybdenum.

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