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Teuton Resources Corp. ("Teuton") (TSX VENTURE:TUO - News; FRANKFURT:TFE - News) announces that it has
commenced legal proceedings as plaintiff against American Creek Resources
Ltd. as defendant, concerning the Treaty Creek property located north of
Stewart, British Columbia.
The plaintiff and defendant entered into
an agreement in writing with respect to the Treaty Creek property (the
"Property") on April 4, 2007 (the "Earn-In Agreement").
Pursuant to the terms of the Earn-In Agreement, the plaintiff and defendant
agreed, among other things, that the defendant would earn a 51% undivided
interest in the Treaty Creek Property upon the defendant issuing a total of
100,000 common shares in its capital stock to the plaintiff and making
exploration expenditures on the property aggregating $5,000,000 over three
years. By further agreement in writing dated September 11, 2007 between the
plaintiff and the defendant (the "Amending Agreement"), it was
agreed, among other things, that the definition of Property under the Earn-In
Agreement would include additional claims in British Columbia.
The plaintiff alleges that the defendant
is in breach of the terms and conditions of the Earn-In Agreement and
Amending Agreement and seeks the following relief:
a. a declaration that the defendant failed to expend sufficient exploration
expenditures on the Property, improperly assigned a material interest
under the Earn-In Agreement without obtaining the plaintiff's prior
written consent, failed to provide the plaintiff access to data as
required, and, improperly dropped claims from the Property.
b. a further declaration that the defendant has no interest in the mineral
claims on the Property;
c. a further declaration that the defendant has forfeited to the plaintiff
the consideration paid or delivered to the plaintiff;
d. damages for breach of the terms and conditions of the Earn-In Agreement;
e. Interest
f. Costs
The Notice of Civil Claim was sent to
the defendant American Creek Resources by registered mail on November 30,
2010.
On Dec. 2, 2010, Teuton
was served with a Notice of Civil Litigation dated Dec. 2, 2010 by American
Creek Resources Ltd. American Creek alleged, among other things, that it had
properly earned its 51% interest in the Treaty Creek property and that Teuton was remiss in not signing over title to this
interest to American Creek. It seeks specific performance of the transfer of
the 51% interest and damages for breach of contract.
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 gary.teuton@shawlink.ca.
This news release includes certain
forward-looking statements concerning the future performance of our business,
its operations and its financial performance and condition, as well as
management's objectives, strategies, beliefs and intentions. Forward-looking
statements are frequently identified by such words as "may",
"will", "plan", "expect",
"anticipate", "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 exploration and development, fluctuating commodity prices,
competitive risks and the availability of financing, as described in more
detail in our recent securities filings available at www.sedar.com.
Actual events or results may differ materially from those projected in the
forward looking-statements and we caution against placing undue reliance
thereon. Teuton 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.
Contact:
Dino Cremonese, P.Eng.
Teuton Resources Corp.
President
(604) 682-3680 or Toll Free: 1-800-879-2333
(604) 682-3992 (FAX)
www.teuton.com |
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