Treaty Creek Property to be Joint Ventured by Tudor Gold, American Creek and Teuton
Teuton Resources Corp. (“Teuton”) (TSX-V:TUO)
is pleased to
announce that it has entered into a joint venture agreement
with Tudor Gold Corp. (TSXV:TUD) (“Tudor Gold”), an arms-length
company, and American Creek Resources (TSXV:AMK) (“AMK”) with
respect to the Treaty Creek property. The transaction is
subject to TSXV approval.
A joint venture has been formed with Tudor Gold
holding an immediate 60% interest and each of American Creek and
Teuton Resources Corp. (TSXV:TUO) (“Teuton”) holding an immediate
20% interest in the joint venture. Both Teuton’s and AMK’s 20%
interests are fully carried during the exploration period until a
production notice is given. This means that neither Teuton nor AMK
will have to contribute any money to the project until such time as
Tudor Gold takes the property to a production notice.
Thereafter, each will be responsible for 20% of the costs going
forward under and subject to the terms of the joint venture.
Teuton has also been granted a 2% NSR on 49% of
certain claims within the property and a 1% NSR on 49% of other
claims within the property (the 49% represents Teuton’s original
interest in the Treaty Creek property). There is
no buyback on these NSRs. Teuton will also receive
500,000 shares of Tudor Gold.
Tudor Gold has agreed to complete a minimum of
$1,000,000 in exploration expenditures on the Treaty Creek property
The Treaty Creek property sits northeast and
along geological trend of Seabridge Gold’s KSM gold-copper
property, home to two world-class porphyry copper-gold deposits
(the Mitchell and the Deep Kerr) and north of Pretium Gold’s
Snowfield-Brucejack property. Like the KSM
and Snowfield-Brucejack properties, the Treaty Creek property is
marked by abundant, large alteration zones (gossans) which can be
seen from miles away and are conspicuous because of their bright
yellow, orange and red colours. The Sulphurets thrust
fault, recognized by BC government geologists as being spatially
related to all of the large copper-gold deposits on Seabridge’s KSM
property, passes northeast into the Treaty Creek property.
Dino Cremonese, President and CEO of Teuton,
states: “We welcome Walter Storm, president of Tudor Gold, to
the region and wish him good fortune in all his endeavours.
Mr. Storm has been very successful in the gold exploration sphere,
particularly with his involvement with Osisko Gold, and we
sincerely hope he can replicate his past achievements here.
We are also very excited at the prospect of renewed exploration at
In conjunction with the execution of the Treaty
Creek joint venture agreement above, Teuton is also pleased to
advise that a settlement has been reached in the Alberta defamation
action started in 2012 as between all the plaintiffs (including
AMK) and the defendants Teuton, Dino Cremonese, Gary Assaly and
Amanda Mullin. The settlement is conditional on TSXV approval
of the Treaty Creek joint venture agreement. The terms of the
settlement are confidential.
As reported in its December 31, 2015 Management
Discussion and Analysis, the Company is also pleased to report that
a settlement has been reached with the Company’s former appeal
lawyers. The sum of $165,000 has been paid to the former
appeal lawyers in full satisfaction of all claims.
Teuton owns interests in more than thirty
properties in the prolific “Golden Triangle” area of northwestern
British Columbia and was one of the first companies to adopt what
has since become known as the “prospect generator” model. One of
Teuton’s core holdings comprises ground staked in the mid-1980’s
along extensions of favourable geology to the north and south of
the KSM property (owned by Seabridge Gold) and the
Brucejack-Snowfield property (owned by Pretium Resources).
Teuton’s King Tut, Tuck, Delta, High North and
Fairweather properties, located south of Pretium’s Brucejack
property, were optioned in 2015-16 to various parties (including
Pretium) for cash consideration totaling $4.15
million. Shareholders and other interested
parties can access information about Teuton at the Company’s
The Qualified Person for this news release is D.
Cremonese, P.Eng., who, as President and CEO, is not
independent of the Company.
“Dino Cremonese, P.Eng.”
President, Teuton Resources
If you would like to be added to Teuton’s news
distribution list, please send your email address
This news release includes certain
forward-looking statements concerning the future performance of our
business, its operations and its financial performance and
condition, as well as management’s objectives, strategies, beliefs
and intentions. Forward-looking statements are frequently
identified by such words as “may”, “will”, “plan”, “expect”,
“anticipate”, “estimate”, “intend” and similar words referring to
future events and results. Forward-looking statements are based on
the current opinions and expectations of management. All
forward-looking information is inherently uncertain and subject to
a variety of assumptions, risks and uncertainties, including the
speculative nature of mineral exploration and development,
fluctuating commodity prices, competitive risks and the
availability of financing, as described in more detail in our
recent securities filings available at www.sedar.com. Actual events
or results may differ materially from those projected in the
forward looking-statements and we caution against placing undue
reliance thereon. Teuton Resources Corp. does have an ongoing
obligation to disclose material information, as it becomes
The TSX Venture Exchange has neither approved nor
disapproved the information contained herein.
TEUTON RESOURCES CORP.
2130 Crescent Road
Victoria, BC V8S 2H3
Phone: (778) 430-5680
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