American CreekResources Ltd. said May 11 that it entered into two separate joint venturedeals with Tudor Gold Corp. covering the Electrum and TreatyCreek gold projects in British Columbia.
One agreement will see Tudor acquiring a 60% undivided interestin Electrum for 1 million shares and C$500,000 in cash. Tudor will also invest C$250,000into American Creek under a private placement at more than 8 cents per share.
Under the second deal, Tudor will earn a 31% undivided interestin Treaty Creek for 500,000 shares and spend about C$1 million on exploration in2016.
Meanwhile, Tudor, American Creek and Teuton Resources Corp. have agreed to form a joint ventureon Treaty Creek, with Tudor holding a 60% stake and the latter two each owning a20% interest. Both Teuton's and American Creek's 20% interest are fully carriedduring the exploration phase until the issuance of a production notice.
In connection with the Treaty Creek joint venture, American Creekreached a settlement with Teuton over a defamation action initiated in 2012. Accordingly,the summary judgment hearing scheduled for June 29 has been canceled.
The settlement, on confidential terms, is conditional upon TSXVenture Exchange approving the Treaty Creek joint venture.