Further to our news release of April 23, 2008, Belmont Resources Inc. (TSX.V-
BEA) reports the following update from EuroGas, Inc.
EuroGas, Inc. (OTC:EUGS.PK; FRANKFURT: EUG; XETRA: EUG; HAMB: EUG; STUTTGART: EUG) announced that it has officially requested an acceleration of the return of the Gemerska Poloma talc mining concession to Rozmin s.r.o. by filing official requests with the Government of the Slovak Republic and the European Commission. EuroGas filed these requests on behalf of Rozmin, a company in which EuroGas owns 33% interest and has an agreement to acquire a further 57% interest from Belmont Resources Inc.
Rozmin, as plaintiff, successfully filed suit in Slovakia against the Slovak Mining Office (the “Defendant”) at Spisska Nova Ves to recover the Gemerska Poloma talc deposit. In its decision, the Supreme Court of the Slovak Republic found that the Defendant and certain of its employees had engaged in illegal activities and practices, as well as having violated Rozmin’s constitutional and legal rights by illegally canceling Rozmin’s talc mining concession in January 2005 and subsequently transferring the concession to Economia Agency/VSK Mining s.r.o.
In its non-appealable ruling, the Supreme Court of the Slovak Republic found in favor of Rozmin and ordered the Defendant to return the talc mining concession to Rozmin. Despite this legally binding ruling, Rozmin has yet to have its talc mining concession at Gemerska Poloma reinstated, in violation of the Supreme Court’s ruling.
EuroGas has also requested the European Commission in Brussels, Belgium, to assist the Company in its efforts to obtain the rapid return of the Rozmin mining concession, as its legal advisors believe that the Common Law of the European Union has also been violated. The Slovak Republic is a full member of the European Union and its Government has recently announced that it will introduce Europe’s common currency, the Euro, as its currency on January 1, 2009.
Rozmin s.r.o. is a closely held Slovak mining company which held the massive Gemerska Poloma talc deposit with an estimated 150 million ton carbonate reserve in Eastern Slovakia. The talc deposit ‘Germeska Poloma’, named after the village nearby where it was discovered, 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 product.
ON BEHALF OF THE BOARD OF DIRECTORS
“GARY MUSIL”
Gary Musil,
CFO/Director
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