March 10, 2015 TSX-V: AMK
American Creek Resources Ltd. (TSX-V:AMK) (the “Corporation”) wishes to provide a further update in the litigation with Teuton Resources Corp. (“Teuton”) over the Treaty Creek property, located in the “golden triangle” of northwest British Columbia adjacent to Seabridge Gold’s KSM property.
As previously reported, the British Columbia Supreme Court awarded the Corporation costs against Teuton in the amount of $621,712. The Court also awarded “special costs” in an amount to be determined by the Registrar of the Court.
SEIZURE AND SALE OF TEUTON’S ASSETS
As the Corporation previously reported, pursuant to the Court Order Enforcement Act, it has had a Bailiff of the British Columbia Supreme Court seize all of the mineral tenures registered to Teuton at the Mineral Titles Branch in Vancouver, British Columbia. Teuton applied for a stay of the enforcement but the application was dismissed by the Court. The Bailiff will receive bids on the seized mineral tenures until March 27, 2015, after which the Bailiff will sell any tenures to which bids are accepted in order to satisfy the outstanding costs awarded the Corporation together with the costs of conducting the seizure and sale.
SPECIAL COSTS HEARING
A hearing before the Registrar of the British Columbia Supreme Court to determine the amount of special costs owed by Teuton to the Corporation will be held March 31 and April 1, 2015. The Corporation expects the amount awarded to be significant. Assets of Teuton seized by the Corporation may be liquidated to satisfy the special costs judgment as well.
As previously reported, the Corporation was successful at trial in the litigation with Teuton over the Treaty Creek property and was awarded a 51% interest in the property. Teuton appealed the Court’s decision. The British Columbia Court of Appeal hearing commenced March 9, 2015 and is expected to conclude March 11, 2015. Teuton is presently without legal representation at the appeal hearing. The Corporation expects to prevail at the Court of Appeal.
The Corporation will continue to provide litigation updates as this matter progresses.
The Corporation also reports that it has granted a total of 5,520,000 incentive options to certain Directors, Officers, Advisors and Contractors of the Corporation under the Corporation’s incentive stock option plan. The options were granted at a deemed price of $0.10 and are exerciseable until March 9, 2025.
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.
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