American Creek Resources Ltd. (TSX-V:AMK) (the “Corporation”) wishes to provide a further update in the litigation with Teuton Resources Corp. (TSX-V:TUO) (“Teuton”) over the Treaty Creek property, located in the “golden triangle” of northwest British Columbia.
On November 26, 2014 the British Columbia Supreme Court awarded the Corporation costs against Teuton in the amount of $621,712. The Order for this judgment was entered January 19, 2015. The Court also awarded “special costs” in an amount to be determined by the Registrar of the Court.
SEIZURE OF TEUTON’S ASSETS
The Corporation reports that 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. These mineral tenures, together with any other assets seized by the Corporation, may be sold at auction to satisfy the Corporation’s judgment against Teuton and any costs of the garnishing proceedings.
The Corporation has also garnisheed Teuton’s bank account. All funds realized from the seizure will be paid into court pending payment of the funds to the Corporation pursuant to the Act.
Teuton has notified the Corporation that on January 30, 2015 it will apply to the court for a stay of the enforcement.
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 has appealed the Court’s decision. The British Columbia Court of Appeal will hear the appeal on March 9-11, 2015. The Corporation expects to prevail at the Court of Appeal.
As also previously reported, Holmes & King, Teuton’s third law firm in this matter, has withdrawn as Teuton’s legal counsel. As far as is known to the Corporation, Teuton does not presently have legal counsel representing it in the appeal.
The Corporation will continue to provide litigation updates as this matter progresses.
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.
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.