Back in April, we recommended to average down a position in Euromax Resources (EOX.V) at C$0.10. Since the company has released the results of a very decent pre-feasibility study late last week, the share price has shot up and reached C$0.60 today. Whilst we continue to believe in the future of the Ilovitza copper-gold project in Macedonia (and we will issue a longer update when the NI43 technical report will have been filed), this might be a good time to cash in some chips and take some short-term profits off the table as the share price has increased by 500% in less than two months.

Disclosure: The author holds a long position in Euromax Resources but will sell a part of his position. Please see our disclaimer for current positions.

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