RAYMOND, AB, Feb. 10 /CNW/ - American Creek Resources Ltd. (the
"Company") reports that it recently became aware of potential liability
related to unexpended flow-through funds raised in 2007. Under the terms of
its December 28, 2007 private placement financing of flow-through shares, the
Company was obligated to incur by December 31, 2008 $4,025,000 of qualifying
Canadian exploration expenses for which renunciations have been made. Of this
amount approximately $600,000 was expended by December 31, 2008 on such
The Company is currently working with its professional advisors to
determine a reasonable estimate of the extent of the Company's liability as a
result of its failure to expend the full amount by December 31, 2008, as well
as a claim against its former legal advisers for advice provided regarding the
expenses. An estimate of the potential liability is not available presently as
the liability will depend upon a number of factors including the personal tax
situation of individual subscribers.
American Creek Resources Ltd. is a Canadian junior mineral exploration
company focused on the acquisition, exploration and development of mineral
deposits within the Province of British Columbia, Canada.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Kelvin Burton, 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