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American Creek Resources Prevails Over Teuton Resources in Treaty Creek Trial
|By Marketwired .
|April 15, 2014 02:09 PM EDT
CARDSTON, ALBERTA -- (Marketwired) -- 04/15/14 -- 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:
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.
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