Received by email:
File: litigationcastleapril2015final.docx
TEUTON RESOURCES CORP.
202-2187 Oak Bay Avenue
Victoria, BC V8R 1G1
Phone: (604) 682-3680 Fax: 682-3992
Toll Free: 1-800-879-2333
Website: www.teuton.com
NEWS RELEASE-UPDATE ON LITIGATION/LEDUC SILVER-CASTLE AGREEMENT
April 1, 2015 Teuton Resources Corp. ("Teuton") ("TUO"-TSX-V) ("TFE"- Frankfurt) ("TEUTF"-OTCBB) announces that a he
--->aring in front of the Registrar was held yesterday, March 31, 2015, in order to determine the quantum of special costs
---> to be awarded against Teuton, pursuant to the order made by Justice Grauer in regard to the litigation between Teuton
---> and American Creek ("AMK") in respect of the Treaty Creek property.
AMK had originally claimed that it was entitled to $2,000,000 in special costs. Just prior to the hearing on March 3
--->1, 2015 AMK's solicitors had sent a Revised Bill of Costs to Teuton asking for a total of $247,481.
This award of special costs became part of the appeal heard March 9-11, 2015. Judgment is currently under reserve and
--->is expected within the next several months. The Company expects a positive outcome to the appeal but cautions that t
--->here is no guarantee of such result.
The Registrar adjourned generally the assessment originally scheduled for March 31st and April 1st, 2015. The parties
--->are at liberty to book a date to the mutual satisfaction of both parties. Recent inquiries with the Vancouver Registry
---> indicate that the earliest available two day hearing is October 5th, 2015. The Registrar ordered that Teuton pay AMK
--->a total of $165,000 no later than June 1st, 2015, as security for the costs yet to be assessed. Teuton's preliminary
---> assessment of the quantum of special costs is in line with the $165,000 interim payment, and may have influenced the
--->Registar's decision in setting that amount. The Company is hopeful that the appeal decision will be rendered befor
--->e June 1st, 2015, making it unnecessary to make payment to AMK.
As at the date of its latest financial statements, Sept. 30, 2014, AMK's working capital deficiency was $2,474,908. F
--->or this reason, the Company is concerned that AMK would be unable to pay it back the $165,000, should the appeal decis
--->ion be rendered in Teuton's favour subsequent to June 1st, 2015. This is in addition to its concern as to recoverin
--->g the $621,712 already paid to AMK on account of party-and-party costs and disbursements.
Should the appeal decision not be rendered by June 1st, 2015, the company is at liberty to apply for a stay of the int
--->erim payment pending the outcome of the appeal.
All of Teuton's mineral claims were formally returned to Teuton today and are again under Teuton's name in the Mineral
---> Titles online system.
Castle Resource-Leduc Silver Claims
Also today, Teuton served notice on Castle Resources requesting that Castle return to Teuton all mineral claims held b
--->y Castle subject to the 2010 agreement between Castle and Teuton in respect of the Silver Leduc property. Castle was
--->to make an annual royalty payment on Dec. 31, 2014 but failed to do so. Teuton alerted Castle as to the default but n
--->o money came in within the 3 month grace period in which Castle could have cured the default. That grace period expir
--->ed yesterday, March 31, 2015.
In 2006, Bell Resources (which eventually sold the Granduc property and assigned the surrounding Silver Leduc option t
--->o Castle Resources) reported drilling of the JK zone on one of Teuton's Silver Leduc claims. This drilling resulted i
--->n intersections containing mineralization consistent with the Besshi-VMS copper-bearing bodies to the south at the for
--->merly producing Granduc mine. Glenn Zinn, CEO and President of Bell, stated at the time that these intersections "are
---> very exciting to the Company [Bell] and worthy of further exploration". These Silver Leduc claims will be returne
--->d to Teuton.
Also included in the claims coming back to Teuton are the Pearson 1-4 claims. In 2007, Teuton personnel discovered a
--->copper-bearing structure on these claims, which lies directly on strike with the prolific Granduc copper-bearing zones
---> to the south-southwest. The zone was observed running up the side of a mountain for at least 400m before disappeari
--->ng under talus cover.
Respectfully:
"Dino Cremonese, P.Eng."
President,
Teuton Resources Corp.
If you would like to be added to Teuton's news distribution list, please send your email address to dino.teuton@shawli
--->nk.ca.
This news release includes certain forward-looking statements concerning the future performance of our business, its o
--->perations and its financial performance and condition, as well as management's objectives, strategies, beliefs and int
--->entions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "antic
--->ipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are
--->based on the current opinions and expectations of management. All forward-looking information is inherently uncertain
--->and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral explorat
--->ion and development, fluctuating commodity prices, competitive risks and the availability of financing, as described i
--->n more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materia
--->lly from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Teut
--->on Resources Corp. does have an ongoing obligation to disclose material information, as it becomes available.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
© 2024 Canjex Publishing Ltd. All rights reserved.