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American Creek Resources has firmed up its proposed sale to privately held Cunningham Mining Ltd. in an arm’s-length, all-cash deal valued at C$207 million with the signing of a definitive agreement dated September 5.
“We believe this proposed transaction may provide not only a liquidity event for our longstanding shareholders, but also represents an opportunity for shareholders to potentially realize a 250% plus premium to the present market valuation of their equity in the company,” American Creek’s CEO Darren Blaney stated in the June 6 news release.
The proposed sale also has the endorsement of Canadian mining billionaire Eric Sprott, who, as American Creek’s largest shareholder , has pledged to vote in favour of the transaction.American Creek’s main asset is a 20% fully carried interest in the Treaty Creek project located in BC’s Golden Triangle. Tudor Gold is the project’s majority owner and operator, while Teuton Resources owns the remaining 20%.
The current area of focus at Treaty Creek is on the Goldstorm deposit, which contains an estimated 27.9 million oz. of gold equivalent at a grade of 1.19 grams per tonne in the indicated resource category, plus 6 million oz. grading 1.25 g/t in the inferred category.
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