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Teuton Resources Corp (2)
Symbol TUO
Shares Issued 14,008,881
Close 2015-04-01 C$ 0.08
Market Cap C$ 1,120,710
Recent Sedar Documents

ORIGINAL: Teuton hearing adjourned for payment to American Creek

2015-04-01 19:27 ET - News Release

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.    




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