American Creek Resources Obtains Title to Treaty Creek Property-Teuton Appeals Court's Decision
May 09 2014 - 9:00AM
Marketwired Canada
American Creek Resources Ltd. (TSX VENTURE:AMK) ("American Creek" or "the
Corporation") is pleased to announce that on May 8, 2014, 100% of the legal
title to all of the mineral claims comprising the Treaty Creek property was
transferred to American Creek. This was pursuant to the judgment 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 (see American
Creek news release dated April 15, 2014). American Creek now holds a 49%
interest in the mineral claims in trust for Teuton pursuant to the parties'
original agreement and the Court's judgment.
The Court found that American Creek has met its obligations under the option
agreement with Teuton and that it has earned a 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's
reasons for judgment are available on the Court's website:
(http://www.courts.gov.bc.ca/jdb-txt/SC/14/06/2014BCSC0636.htm).
Teuton filed a Notice of Appeal on May 8, 2014. American Creek intends to
respond vigorously and 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.
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
American Creek Resources Ltd.
Darren Blaney
Chief Operating Officer
403 752-4040
info@americancreek.com
www.americancreek.com
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