Teuton Resources Corp. : LITIGATION UPDATE-AMERICAN CREEK VS. TEUTON
VANCOUVER, BC -- (Marketwire) -- 02/28/12 --
TEUTON RESOURCES CORP.
202-2187 Oak Bay Avenue
Victoria, BC V8R 1G1
Phone: (604) 682-3680 Fax: 682-3992
Toll Free: 1-800-879-2333
Website: www.teuton.com
February 28, 2012, Vancouver, BC: Teuton Resources Corp. ('Teuton') ('TUO'-
TSX-V) ('TFE'-Frankfurt) ('TEUTF'-OTC BB) is pleased to provide the
following
update on its litigation with American Creek Resources concerning the
Treaty
Creek property, located north of Stewart in the Eskay Creek-Sulphurets-
Premier
region of northwestern British Columbia (the 'Golden Triangle').
Teuton has terminated its relationship with present counsel and will be
seeking
new counsel in the next week, in all likelihood to be selected from one of
Canada's ten largest law firms. Emphasis in the selection process will be
placed on familiarity with litigation of mining-related matters. As a
result of
the termination, a representative from Teuton will be unable to attend
previously scheduled examination for discovery, which must now be postponed
until such time as new counsel is in place.
A representative from American Creek, Darren Blaney, was deposed in July of
2011. As part of his deposition, further documentation was requested by
Teuton's counsel. Part of this documentation was delivered in January of
2012. American Creek's counsel objected to the delivery of other documents
that
were requested. Resolution of this dispute will await determination by a
judge.
SEDI records show that Mr. Blaney had 2,043,088 shares of American Creek at
the
time of his deposition. A little more than a week after the depositon, Mr.
Blaney began selling shares. This continued until he only had 249,088
shares
left, representing an 88% decrease in his position.
As part of the litigation, Teuton has been trying to clarify American
Creek's
purported expenditures on the Treaty Creek property. Documents with respect
to
two of the largest items, drilling and helicopter costs, have been sought
after. The daily time sheets for the 2007 drilling, which show who worked,
what
was done, and what materials were used---are no longer available, having
been
destroyed by both American Creek and the drill company (according to
testimony
by Mr. Blaney). It took 14 months from the beginning of the litigation for
Teuton to obtain the complete helicopter flight records, which show where
the
helicopter went to, what it did, who was in the machine, and what time was
used. An examination of these records show that many flights attributed by
American Creek to the account of Treaty Creek were in fact carried out to
the
benefit of American Creek's Electrum property, also located in the Stewart
area.
It is Teuton management's belief that this litigation will be long and
complicated, and that American Creek's efforts to have the matter disposed
of by
summary judgment will fail.
Respectfully:
'Dino Cremonese, P.Eng.'
President
Teuton Resources Corp.
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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.
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Teuton Resources Corp. via Thomson Reuters ONE
[HUG#1589788]
TEUTON RESOURCES CORP.
202-2187 Oak Bay Avenue
Victoria, BC V8R 1G1
Phone: (604) 682-3680 Fax: 682-3992
Toll Free: 1-800-879-2333
Website: www.teuton.com
