August 21, 2008
EuroGas Files Official Request With Slovak Republic and European Commission to Accelerate Return of Germerska Poloma Talc Concession to Its Rozmin Affiliate Pursuant to Order By Supreme Court of Slovak
EuroGas, Inc. (PINKSHEETS: EUGS) (FRANKFURT: EUG) (XETRA: EUG) (HAMB: EUG) (STUTTGART: EUG) today 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 or has agreements to acquire a 90% interest.
Rozmin, as plaintiff, successfully filed suit in Slovakia against the Slovak Mining Office at Spisska Nova Ves ("the Defendant") to recover the Germerska 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 cancelling Rozmin's talc mining concession in January 2005 and subsequently transferring the concession to Economia Agency/VSK Mining s.r.o.
Accordingly, EuroGas, on Rozmin's behalf, has now officially requested the Government of the Slovak Republic to probe the illegal activities of the Mining Office in Spisska Nova Ves and certain of its employees as found by the Supreme Court, as well as to immediately transfer title to the concession back to Rozmin. 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.
Based on the findings of the non-appealable judgment of the Supreme Court of the Slovak Republic, Rozmin is resolute in its belief that it will be successful in securing the return of the talc mining concession at Germerska Poloma.
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 Telephone: (212) 618-1274
SOURCE: EuroGas, Inc.