American Creek Resources Ltd. said July 5 that it granted Tudor Gold Corp. an option to buy out the company's 40% interest in their Electrum gold joint venture in British Columbia.

Under the terms, Tudor made a nonrefundable payment of C$50,000 upon deal signing. If Tudor decides to exercise the option, it will pay around C$2.7 million by Aug. 15.

In June 2016, Tudor acquired a 60% interest in the Electrum project and a 31% interest in the Treaty Creek gold project from American Creek.

This transaction is subject to approval by the TSX Venture Exchange.