May 11, 2016 TSX-V: AMK
Cardston, Alberta - American Creek Resources Ltd. (“American Creek”) is pleased to announce that it has entered into two separate joint venture agreements with Tudor Gold Corp. (TSXV: TUD - “Tudor”). Tudor is arm’s length to American Creek. These transactions are subject to TSXV approval.
Pursuant to the first agreement, American Creek will sell an undivided 60% interest in its Electrum property located in NW British Columbia in consideration for 1,000,000 Tudor shares and the payment of $500,000 cash on receipt of all regulatory approvals. Tudor has also agreed to invest $250,000 into American Creek pursuant to a private placement at a price of the greater of $0.08 per share or the discounted market price as defined by Exchange policy. A 60/40 joint venture will be formed and Tudor will be operator of the project.
Pursuant to the second agreement, American Creek will sell an undivided 31% interest in its Treaty Creek property to Tudor in consideration for 500,000 Tudor shares. Tudor has agreed to complete a minimum of $1,000,000 in exploration expenditures on the Treaty Creek property during 2016. A joint venture has been formed with Tudor holding a 60% interest and each of American Creek and Teuton Resources Corp. (TSXV: TUO - “Teuton”) holding a 20% interest in the joint venture. However, both American Creek’s and Teuton’s 20% interests are fully carried during the exploration period until a production notice is given. Thereafter, each will be responsible for 20% of the costs under and subject to the terms of the joint venture.
In conjunction with the execution of the Treaty Creek joint venture agreement above, American Creek is also pleased to advise that a settlement has been reached between American Creek, Darren Blaney, Allan Burton, Robert Edwards and Kelvin Burton (the “Plaintiffs”) and Teuton, Dino Cremonese, Gary Assaly and Amanda Mullin (the “Defendants”) related to the litigation in Alberta, Court File No. 1201-07918 with respect to the conspiracy, defamation, economic interference and economic harm claim that American Creek filed in 2012 against the Defendants and others. Accordingly, the Summary Judgement hearing against the Defendants above and scheduled for June 29, 2016 has been adjourned. The settlement is conditional on TSXV approval of the Treaty Creek joint venture agreement. The terms of the settlement are confidential.
Darren Blaney, American Creek’s CEO, states: “We are very pleased to be joint venturing with Walter Storm and his new public company Tudor Gold Corp. We have the utmost respect for Walter and his associates, and their track record of success, and are very much looking forward to working with them to advance our Treaty Creek and Electrum projects. We believe this is a game changer for American Creek as it will bring these two projects the recognition they deserve.”
About American Creek
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. Further information relating to American Creek is available on its website at www.americancreek.com
For further information please contact:
Phone: 403 752-4040
Darren Blaney, CEO & Director
This press release was prepared by management who takes full responsibility for its contents. 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.
This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Actual results could differ materially because of factors discussed in the Company’s management discussion and analysis filed with applicable Canadian securities regulators, which can be found under the Company’s profile on www.sedar.com. The Company does not assume any obligation to update any forward-looking statements.