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SEYMOUR EXPLORATION CORP.
8th floor, 700 West Georgia St.
Vancouver, British Columbia V7Y 1H4
(the "Company")
NEWS RELEASE
February 14, 2005
| TSX Trading Symbol: SEZ |
Telephone: (604) 688-5866 |
| Email: 3mcc@telus.net |
Facsimile: (604) 488-0787 |
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Seymour Exploration Purchases Lynn
Lake Nickel Mine
Toronto, Ontario – February 14, 2005 – Seymour Exploration
Corporation (TSX-V: SEZ) today announced that it has successfully
arranged the purchase of the historic Lynn Lake Nickel Mine property in
northern Manitoba. Seymour will issue to the vendor, Black Hawk Mining
Inc. and its wholly owned subsidiary 2791341 Manitoba Ltd., 1 million
shares subject to exchange approval and receipt of title opinion.
The property covers the past producing Lynn Lake Nickel Mine and
includes the highly productive “A plug” intrusion, which hosted 10
orebodies. The Lynn Lake Nickel Mine was operated by Sherritt Gordon
Mines Ltd. continuously from 1953 to 1976. A total of 20.1 million
tonnes of ore was mined at an average grade of 1.023% nickel and 0.535%
copper.
An historical estimate based on extensive records from the mine
office of un-mined mineralization in the partially developed ‘N’ and ‘O’
orebodies on the property includes 5.76 million tons grading 0.80%
nickel and 0.32% copper including a higher grade portion of 2.32 million
tons grading 0.92% nickel and 0.34% copper. The cobalt, platinum,
palladium and gold content of this material are not known. This
historical estimate was prepared long before the adoption of National
Instrument 43-101 and therefore does not comply with current filing
regulations. In this regard, Wardrop Engineering of Winnipeg has been
retained to prepare a NI 43-101-compliant technical report on the
property.
Previous exploration of the “A plug” was focussed on the developed
levels, leaving large areas outside them with excellent exploration
potential. Following completion of the technical report, diamond
drilling combined with modern geophysical and geochemical exploration
techniques will be employed on the property for the first time, in a
search for new mineralization. These techniques which are now industry
standard, were unknown to the original operators in the 1960’s when the
property was last explored.
A company called Lynn Lake Nickel Mining Company Ltd. has been
incorporated to develop the property. Under the terms of an underlying
Strategic Alliance agreement with Wallbridge Mining Company Limited,
Wallbridge has the right to earn a 50% interest in Lynn Lake Nickel
Mining Company Ltd.
As part of this transaction, Lynn Lake Nickel Mining Company Ltd. is
also acquiring three base metal exploration properties in the Lynn Lake
greenstone belt. Two of these base metal properties (the Lar and Wellmet
properties) host significant copper-zinc-gold mineralization. All data
from the Lar and Wellmet base metal properties will be compiled and
evaluated with a view to reinitiating exploration around the known VMS
style copper-zinc-gold mineralization.
Remarking on the completion of this transaction Conrad Swanson,
President and CEO of Seymour stated “Statistically, the Lynn Lake nickel
mining camp is North America’s third largest nickel sulphide producer,
behind only Sudbury and Thompson in total production, yet strange as it
may seem, it has not been subject to any nickel exploration in decades.
Seymour is confident that this acquisition constitutes a unique
opportunity for the company’s development.”
Appointment of Mr. Kerry Knoll to Board of
Directors
The Company wishes to welcome Mr. Kerry Knoll to the Board of
Directors. Mr. Knoll has been President of Glencairn Gold Corporation
since its incorporation in 1987. He is also the co-founder and past
President of Wheaton River Minerals Ltd. Other accomplishments during
Mr. Knoll’s career include terms as the Editor of both The Northern
Miner Magazine and the Canadian Mining Journal.
The Qualified Person responsible for the technical content of this
press release is Richard Murphy, P.Geo, a Director of Seymour
Exploration Corporation and Vice President Corporate Development of
Wallbridge Mining Company Limited.
This document may contain forward-looking statements relating to
Seymour Exploration Corporation’s operations or to the environment in
which it operates. Such statements are based on operations, estimates,
forecasts and projections. They are not guarantees of future performance
and involve risks and uncertainties that are difficult to predict and
may be beyond Seymour’s control. A number of important factors could
cause actual outcomes and results to differ materially from those
expressed in forward-looking statements, including those set forth in
other public filings. In addition, such statements relate to the date on
which they are made. Consequently, undue reliance should not be placed
on such forward-looking statements. Seymour disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, save and
except as may be required by applicable securities laws.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES
NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF
THIS NEWS RELEASE.
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