09:42:44 EDT Thu 28 Mar 2024
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American Creek Resources Ltd
Symbol AMK
Shares Issued 157,922,074
Close 2014-04-11 C$ 0.05
Market Cap C$ 7,896,104
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American Creek beats Teuton in court

2014-04-15 20:38 ET - Street Wire

Also Street Wire (C-TUO) Teuton Resources Corp

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by Mike Caswell

American Creek Resources Ltd. has won a lawsuit it filed in the Supreme Court of British Columbia against its joint venture partner, Teuton Resources Corp., over title to the Treaty Creek property in Northern B.C. A judge has ruled that American Creek satisfied the terms of its 2007 option agreement for Treaty Creek, and is entitled to hold the property. The judge has ordered Teuton to transfer the title.

The decision is a setback for Teuton Resources, which had contended that American Creek failed to meet the terms of its agreement to acquire the ground. The option called for American Creek to spend at least $5-million on exploration to earn a 51-per-cent interest in the property. There was no dispute that American Creek spent in excess of that amount. The problem, as Teuton saw it, was that much of the money American Creek spent was for items that should not have qualified as exploration expenses. Among other things, American Creek incurred drilling costs in 2007 at rates that were triple those it had in other years, Teuton said.

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