American Creek Resources Ltd. (TSX: V.AMK, Stock Forum) said that it has commenced litigation in the Alberta Court of Queen's Bench against 26 named defendants including Teuton Resources Corp. (TSX: V.TUO, Stock Forum).
American Creek's officers Allan Burton, President and CEO, Robert Edwards, CFO and Darren Blaney, COO are named as plaintiffs.
According to the American Creek Resources press release, the court pleadings allege that after American Creek optioned the Treaty Creek Property from Teuton, hundreds of defamatory Stockhouse Bullboard posts were made about the company.
The aggregate damages sought by the plaintiffs are in excess of $150 million dollars.
According to the Teuton Resources press release, the company believes that the lawsuit is without merit and will vigorously defend itself.
It should be noted that the litigation commenced in the Alberta Court of Queen's Bench and discussed above is a separate and distinct claim from the action commenced in 2010 in the British Columbia Supreme Court.
American Creek will continue to move forward the prior litigation with Teuton regarding the Treaty Creek Property, which has a trial date set for April 22, 2013. American Creek remains confident that the Court will confirm its 51% interest in the Treaty Creek claims.
American Creek is a Canadian junior mineral exploration company focused on the acquisition, exploration and development of mineral deposits within the Province of British Columbia, Canada.
On Monday American Creek was up 26% and was trading at $0.095 a share. The company has a market cap of $13.1 million, based on 139 million shares outstanding. The 52-week high and low was $0.115 and $0.04 respectively.