RAYMOND, AB, Aug. 20 /CNW/ - Allan Burton, President and CEO of American
Creek Resources Ltd. ("American Creek") (TSX-V: AMK) is pleased to report that
drilling has commenced on the Tide Project, 36 km north of the port of
Stewart, British Columbia, and adjacent to American Creek's Electrum Project.
The 2007 exploration program will consist of blast trenching, geochemical
sampling and analysis, and approximately 3300 metres (10,800 feet) of diamond
drilling. American Creek is funding the Tide program and is also the operator.
The program will target the Crest gold-arsenic soil geochemical anomaly
which hosts the 36 Zone where drilling in 2004 intersected 129.4 metres
averaging 1.0 g/t gold, including a 39.2 metre interval averaging 1.9 g/t
gold. Follow-up drilling in 2005 extended the 36 Zone, intersecting gold
mineralization laterally and on section from the discovery hole. The goal of
the current program is to continue expansion of the 36 Zone gold
mineralization and test additional targets within the 2000 by 500 metre Crest
The Tide Property is characterized by large soil and silt geochemical
anomalies, extensive, high grade precious metal mineralization (15 gold
showings within a 7 square kilometre area), favourable infrastructure and a
location within the metal-endowed Stewart-Sulphurets corridor. This corridor
is host to over 26 million ounces of gold including recently defined resources
at deposits such as Mitchell (13.1 million ounces gold defined by Seabridge
Gold) and Snowfield (3.0 million ounces gold defined by Silver Standard
American Creek is funding exploration at the Tide under an option
agreement with Rimfire Minerals Corporation (TSX-V: RFM) to earn a 51%
interest in the property. Upon vesting, American Creek has the option to earn
an additional 9% interest (for a total of 60%) in return for funding a further
$3.5 million in exploration by December 31, 2010. A further 5% interest can be
earned by funding a bankable feasibility study, and at Rimfire's election,
American Creek can earn another 5% (total 70%) by providing 100% of the
initial project financing for mine construction. It is anticipated that
American Creek will vest the original option to earn 51% interest during the
2007 field season, as the budgeted program ($1.2 million) exceeds the required
$512,000 in expenditures.
Equity Engineering Ltd. has been contracted by American Creek to conduct
the 2007 program. Mark Baknes, P.Geo., is the Qualified Person for the project
as defined by National Instrument 43-101.
American Creek Resources Ltd. is an aggressive junior mineral exploration
company focused on the acquisition, exploration and development of gold and
silver deposits within the Province of British Columbia, Canada.
Certain information contained in this news release constitutes
forward-looking statements regarding the Corporation's mineral properties.
Forward looking statements are frequently characterized by words such as
"plan", "expect", "project", "intend", "believe", "anticipate" or statements
that certain events or conditions "may" or "will" occur. Forward-looking
statements are based on the reasonable opinions and estimates of management of
American Creek and are subject to a variety of risks, uncertainties and other
factors that could cause actual events or results to differ materially from
those projected in the forward-looking statements. These factors include: the
inherent risks involved in the exploration and development of mineral
properties, uncertainties involved in the interpretation of drill results and
other geological data, fluctuating commodity prices, unforeseen permitting
requirements, changes in environmental laws or regulations, the possibility of
project cost overruns or unanticipated costs and expenses, weather conditions,
the availability of contractors for equipment and services, the availability
of future financing and general business and economic conditions. Such
statements are also based on a number of assumptions which may prove to be
incorrect, including assumptions about general business and economic
conditions being accurate, the timing and receipt of regulatory approvals for
projects and operations, the availability of financing, the ability to secure
equipment and labour, and American Creek's ongoing relationship with third
parties. The foregoing factors, risks and assumptions are not exhaustive.
Events or circumstances could cause actual events or results to differ
materially from those estimated or projected and expressed in, or implied by,
these forward-looking statements. Accordingly, readers should not place undue
reliance on forward-looking statements. These forward-looking statements are
as of the date they are made and American Creek disclaims any obligation to
update any forward-looking statements, except as required by law.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Darren R. Blaney, Chief Operating Officer,
Phone: (403) 752-4040, Fax: (403) 752-4020, or Email:
email@example.com - Information relating to the Corporation is
available on its website at www.americancreek.com