American Creek Resources Prevails Over Teuton Resources in Treaty Creek Trial
April 15 2014 - 2:08PM
Marketwired
American Creek Resources Prevails Over Teuton Resources in Treaty
Creek Trial
CARDSTON, ALBERTA--(Marketwired - Apr 15, 2014) - American Creek
Resources Ltd. (TSX-VENTURE:AMK) ("American Creek" or "the
Corporation") is pleased to announce that judgment has been handed
down by the British Columbia Supreme Court on April 14, 2014 in the
litigation against Teuton Resources Corp. ("Teuton") over the
Treaty Creek property.
The Corporation is very pleased with the Court's finding that
American Creek has met its obligations under the option agreement
with Teuton and that it has earned its 51% interest in the Treaty
Creek property. The Court found that Teuton breached the agreement
in refusing to transfer title to the Treaty Creek mineral claims to
American Creek. The Court has ordered Teuton to transfer legal
title of all of the mineral claims comprising the Treaty Creek
property to American Creek. American Creek will then hold Teuton's
undivided 49 percent interest in those mineral claims in trust
pursuant to the parties' original agreement.
Legal action was commenced in 2010. The trial of this matter was
heard in Vancouver, British Columbia and was concluded on October
3, 2013. The Court's reasons for judgment are available on the
Court's website:
(http://www.courts.gov.bc.ca/jdb-txt/SC/14/06/2014BCSC0636.htm).
This is a very significant victory for American Creek.
Teuton has reported its intention to appeal the Court's
decision. In light of Teuton's conduct and that of its president,
Dino Cremonese, this comes as no surprise. If Teuton does, in fact,
appeal, American Creek intends to respond vigorously. American
Creek expects that it will prevail.
American Creek is also proceeding with its claim that Teuton pay
American Creek special costs which may include recovery of the
significant legal fees related to this action.
American Creek will continue to prosecute the separate $150
million conspiracy and defamation law suit filed in Alberta against
Teuton, Teuton's Chief Executive Officer & President, Dino
Cremonese, Teuton's Director Amanda Mullin, Teuton's Investor
Relations contact Gary Assaly and others.
The Treaty Creek property is situated in northwest British
Columbia, Canada, and is contiguous with Seabridge Gold Inc.'s
("Seabridge") KSM project and near Pretium Resources
Inc.'s("Pretium") Snowfield / Brucejack (Valley of the Kings)
projects. Mineralization in the Treaty Creek property lies within
the same broad hydrothermal system that generated the several
deposits on the Seabridge and Pretium properties that lie south of
the Treaty Creek claims. The KSM project, owned by Seabridge, is
now one of the largest undeveloped gold and copper deposits in the
world.
American Creek conducted mineral exploration on the Treaty Creek
property in 2007-2009. Highlights include the discovery of the
Copper Belle zone and the subsequent drilling of Copper Belle hole
CB-14 which ran 241 meters of 0.80 g/t gold and ended in
mineralization (see American Creek news release dated January 12,
2010) as well as extension drilling on the GR2 zone leading to the
discovery of a new VMS system containing several high grade
intersections of gold, silver and base metals (see American Creek
news release dated November 30, 2009).
Seabridge has applied for a permit to construct twin tunnels
through approximately 14 km of the Treaty Creek claims, connecting
the KSM deposit with tailings facilities that are proposed north of
the Treaty Creek property. The proposed tunnel route passes
directly through a highly prospective area of the Treaty Creek
property hosting several different mineralized zones including the
Copper Belle and GR2 zones referred to above.
Allan Burton, President & CEO of American Creek, stated the
following: "This judgment is the very positive culmination of a
lengthy and costly process. We would like to take this opportunity
to thank our outstanding legal team for their efforts and our
shareholders for their continued support. We're looking forward to
finally advancing our flagship property, Treaty Creek, towards its
full potential."
The Corporation has not independently verified the geological
information previously reported by Seabridge or Pretium but
believes it to be accurate and in conformance with industry
standards.
American Creek Resources Ltd. is a Canadian junior mineral
exploration company focused on the acquisition, exploration and
development of mineral deposits within the Province of British
Columbia, Canada.
Information relating to the Corporation is available on its
website at www.americancreek.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking
statements. Forward-looking statements consist of statements that
are not purely historical, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such statements are subject to risks and uncertainties that may
cause actual results, performance or developments to differ
materially from those contained in the statements. No assurance can
be given that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Corporation will obtain from them.
American Creek Resources Ltd.Darren BlaneyChief Operating
Officer403 752-4040info@americancreek.comwww.americancreek.com
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