February 12, 2007
Raymond, Alberta… American Creek Resources Ltd. (TSX-V: AMK) (“American Creek”) is pleased to announce that on February 8, 2007, it entered into an agreement with Rimfire Minerals Corporation (TSX-V: RFM) (“Rimfire”) whereby American Creek can earn up to a 70% interest in the Tide Property. Under a previous agreement with Rimfire, American Creek will earn a 51% interest in the Tide by spending approximately $512,000 on exploration during the 2007 program.
Under the terms of the new agreement, American Creek may earn a further 9% interest in the Tide (such that its aggregate interest would be 60%) by spending an additional $3.5 million in exploration costs by December 31, 2010. American Creek may earn a further 5% interest (such that its aggregate interest would be 65%) by completing a bankable feasibility study on the Tide Property.
Once a bankable feasibility study has been completed, Rimfire may elect to have American Creek provide 100% of the initial production financing, in which case American Creek would earn an additional 5% interest in the Tide Property (such that American Creek’s aggregate interest would be 70%). Rimfire would repay their share of the initial production costs from production revenue.
It was further agreed that American Creek will be the Operator of the 2007 exploration program on the Tide Project. American Creek has retained Equity Engineering Ltd. of Vancouver, British Columbia to manage and conduct the 2007 program. Details of the program are being finalized and will be announced at a future date.
The Tide property is located approximately 36 km. north of Stewart, British Columbia and borders American Creek’s Electrum Project on four sides. It also borders American Creek’s newly acquired Slippery Willow property on the west. The Tide property consists of the Tide 1 – 4 claims and covers approximately 29.6 square kilometres. Previous work on the Tide resulted in the discovery of several high-grade gold and silver showings including the 52 Zone, which produced local bonanza-grade vein samples grading up to 593 g/t gold and 14,708 g/t silver. Recent work on the property has focused on a bulk-tonnage gold target at the 36 Zone, where drilling in 2004 and 2005 intersected wide intervals of gold mineralization including 129.4 metres averaging 1.0 g/t gold. The Tide Project is road-accessible via the Granduc haul road and is strategically located approximately 36 km from concentrate-loading port facilities at Stewart. A copy of the recently completed NI 43-101 Summary Report on the Tide Project dated November 15, 2006 has been filed on SEDAR and may be viewed at www.sedar.com.
In speaking about the new agreement, Allan Burton, President and CEO stated: “Rimfire is one of the most respected exploration companies in the business. They have a solid team with a strong track record of expertise both in the field and in the board room. We are very enthused about the opportunity to partner with them on the Tide Project and we look forward to actively moving the program forward”.
Rimfire Minerals Corporation is an early stage precious metal exploration specialist whose long-term business model includes multiple discovery opportunities, each in partnership with major and mid-tier gold producers or prominent junior exploration firms
American Creek Resources Ltd. is a new, aggressive junior mineral exploration company focused on the acquisition, exploration and development of gold and silver deposits within the Province of British Columbia, Canada. The Corporation has successfully acquired an impressive portfolio of high potential mineral properties that it is actively exploring. A drill program is currently underway on the Austruck-Bonanza Project near Kamloops.
The Corporation’s shares trade on the TSX Venture Exchange under the symbol “AMK”.
TIDE, ELECTRUM & SLIPPERY WILLOW PROPERTIES
Certain information contained in this news release constitutes forward-looking statements regarding the Corporation’s mineral properties. Forward looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate" or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the reasonable opinions and estimates of management of American Creek and are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include: the inherent risks involved in the exploration and development of mineral properties, uncertainties involved in the interpretation of drill results and other geological data, fluctuating commodity prices, unforeseen permitting requirements, changes in environmental laws or regulations, the possibility of project cost overruns or unanticipated costs and expenses, weather conditions, the availability of contractors for equipment and services, the availability of future financing and general business and economic conditions. Such statements are also based on a number of assumptions which may prove to be incorrect, including assumptions about general business and economic conditions being accurate, the timing and receipt of regulatory approvals for projects and operations, the availability of financing, the ability to secure equipment and labour, and American Creek’s ongoing relationship with third parties. The foregoing factors, risks and assumptions are not exhaustive. Events or circumstances could cause actual events or results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. These forward-looking statements are as of the date they are made and American Creek disclaims any obligation to update any forward-looking statements, except as required by law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.