Cardston, Alberta--(Newsfile Corp. - May 12, 2020) - American Creek Resources Ltd. (TSXV: AMK) ("the Corporation") ("American Creek") today announced that it has executed an agreement with Tudor Gold Corp. ("Tudor") whereby Tudor is buying out the Corporation's 40% interest in the Electrum Project Joint Venture located near Stewart, British Columbia.
Tudor will pay American Creek $250,000 cash and issue 1,400,000 Tudor shares upon the transaction closing. The shares are subject to a standard four month hold period and a voluntary eight month hold as well.
This transaction is subject to approval by the TSX Venture Exchange.
Darren Blaney, American Creek CEO stated: "We think this transaction makes sense for American Creek and its shareholders as we are trading a minority interest in the Electrum property for non-dilutive operating cash as well as a substantial share position in Tudor which gives us more exposure to the upcoming Treaty Creek developments which we believe will be very significant."
About American Creek
American Creek holds a strong portfolio of gold and silver properties in British Columbia.
Three of those properties are located in the prolific "Golden Triangle"; the Treaty Creek and Electrum joint venture projects with Tudor (Walter Storm) as well as the 100% owned past producing Dunwell Mine.
The Corporation also holds the Gold Hill, Austruck-Bonanza, Ample Goldmax, Silver Side, and Glitter King properties located in other prospective areas of the province.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55732