RAYMOND, AB, April 11 /CNW/ - American Creek Resources Ltd. (TSX-V: AMK)
("American Creek") is pleased to announce that a binding letter of intent has
been signed with Teuton Resources Corp. (TSX-V: TUO) ("Teuton") whereby
American Creek can earn up to a 60% interest in the Treaty Creek Property.
Under the terms of the agreement, American Creek may earn a 51% interest
in the Treaty Creek Property by issuing 100,000 shares and spending
$5.0 million in exploration over three years. At least $1.0 million in
exploration costs must be incurred on or before March 31, 2008; an aggregate
of at least $2.5 million by March 31, 2009; and a total aggregate of $5.0
million by March 31, 2010. American Creek may earn a further 9% interest (such
that its aggregate interest would be 60%) by completing a positive feasibility
study on the Property.
It was further agreed that American Creek will be the Operator of the
project beginning with the 2007 exploration season. Details of the program are
being finalized and will be announced at a future date.
The Treaty Creek Project is located approximately 70 kilometers north of
Stewart, British Columbia and approximately 20 kilometers east of Barrick's
world class Eskay Creek gold-silver mine. The property is directly north of
and adjacent to Seabridge Gold's Kerr-Sulphurets Project which contains the
Mitchell deposit with a recently announced NI43-101 compliant inferred
resource of 13.1 million ounces of gold with 2.23 billion pounds of copper,
the Kerr deposit containing an inferred resource of 1.6 million ounces of gold
with 2.33 billion pounds of copper, and the Sulphurets deposit containing
1.8 million ounces of gold with 0.39 billion pounds of copper. Silver
Standard's Snowfield Project containing the Snowfield deposit (inferred
resource of 3.02 million ounces of gold) and the Bruce Jack deposit (inferred
resource of 0.5 million ounces of gold) is located 5 kilometers south of the
Treaty Creek Property.
The Treaty Creek Project consists of 29 claims and covers approximately
114 square kilometers. Previous work on the property resulted in the discovery
of several high-grade epithermal and high-sulphidation zones with trench/chip
samples grading as high as 959.99 g/t gold over 1.2 meters, 15.67 g/t gold
with 353.14 g/t silver over 8.7 meters, 1.47 g/t gold with 3359.99 g/t silver
over 0.9 meters, and 4.73 g/t gold with 2475.43 g/t silver over 3.8 meters. A
large bulk tonnage target (Eureka zone) was also located with a small initial
drill program revealing intersections of 0.46 g/t gold over 169.2 meters,
0.67 g/t gold over 72.3 meters, 0.649 g/t gold over 43.1 meters, and 0.757 g/t
gold over 74.7 meters.
In speaking about the new agreement, Allan Burton, President and CEO
stated: "We are very pleased with Teuton's confidence in American Creek and
look forward to our partnership with them as we actively advance the Treaty
Creek Project. The Sulphurets area is one of the most exciting new mining
camps in British Columbia with over 20 million inferred ounces of gold and
almost 5 billion pounds of copper. All eyes will be on this area this summer
as Seabridge and Silver Standard further define their respective discoveries.
We believe that the Treaty Creek Property has tremendous potential to host
similar bulk tonnage deposits as those found on the adjoining and neighboring
Teuton Resources Corp. is a well established Canadian junior exploration
company with a 25 year track record of acquiring and holding high potential
gold and silver properties in the Stewart area of British Columbia.
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. The
Corporation has successfully acquired an impressive portfolio of high
potential mineral properties that it is actively exploring.
The Corporation's shares trade on the TSX Venture Exchange under the
Information relating to the Corporation is available on its website at
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: