This is great news. Exploration and no more lawsuits and lawyers paid.
Teuton signs Treaty Creek JV with Tudor, American Creek
2016-05-11 10:11 ET - News Release
Mr. Dino Cremonese reports
TREATY CREEK PROPERTY TO BE JOINT VENTURED BY TUDOR GOLD, AMERICAN CREEK AND TEUTON
Teuton Resources Corp. has entered into a joint venture agreement with Tudor Gold Corp., an arm's-length company, and American Creek Resources Ltd. with respect to the Treaty Creek property. The transaction is subject to TSX Venture Exchange approval.
A joint venture has been formed with Tudor Gold holding an immediate 60% interest and each of American Creek and Teuton Resources Corp. (TSXV:TUO) ("Teuton") holding an immediate 20% interest in the joint venture. Both Teuton's and AMK's 20% interests are fully carried during the exploration period until a production notice is given. This means that neither Teuton nor AMK will have to contribute any money to the project until such time as Tudor Gold takes the property to a production notice. Thereafter, each will be responsible for 20% of the costs going forward under and subject to the terms of the joint venture. Teuton has also been granted a 2% NSR on 49% of certain claims within the property and a 1% NSR on 49% of other claims within the property (the 49% represents Teuton's original interest in the Treaty Creek property). There is no buyback on these NSRs. Teuton will also receive 500,000 shares of Tudor Gold. Tudor Gold has agreed to complete a minimum of $1,000,000 in exploration expenditures on the Treaty Creek property during 2016. The Treaty Creek property sits northeast and along geological trend of Seabridge Gold's KSM gold-copper property, home to two world-class porphyry copper-gold deposits (the Mitchell and the Deep Kerr) and north of Pretium Gold's Snowfield-Brucejack property. Like the KSM and Snowfield-Brucejack properties, the Treaty Creek property is marked by abundant, large alteration zones (gossans) which can be seen from miles away and are conspicuous because of their bright yellow, orange and red colours. The Sulphurets thrust fault, recognized by BC government geologists as being spatially related to all of the large copper-gold deposits on Seabridge's KSM property, passes northeast into the Treaty Creek property.
Dino Cremonese, President and CEO of Teuton, states: "We welcome Walter Storm, president of Tudor Gold, to the region and wish him good fortune in all his endeavours. Mr. Storm has been very successful in the gold exploration sphere, particularly with his involvement with Osisko Gold, and we sincerely hope he can replicate his past achievements here. We are also very excited at the prospect of renewed exploration at Treaty Creek."
In conjunction with the execution of the Treaty Creek joint venture agreement above, Teuton is also pleased to advise that a settlement has been reached in the Alberta defamation action started in 2012 as between all the plaintiffs (including AMK) and the defendants Teuton, Dino Cremonese, Gary Assaly and Amanda Mullin. The settlement is conditional on TSXV approval of the Treaty Creek joint venture agreement. The terms of the settlement are confidential.
As reported in its December 31, 2015 Management Discussion and Analysis, the Company is also pleased to report that a settlement has been reached with the Company's former appeal lawyers. The sum of $165,000 has been paid to the former appeal lawyers in full satisfaction of all claims. |
