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SEYMOUR EXPLORATION CORP.
8th floor, 700 West Georgia St.
Vancouver, British Columbia V7Y 1H4
(the "Company")
NEWS RELEASE
April 12, 2005
| TSX Trading Symbol: SEZ |
Telephone: (604) 688-5866 |
| Email: 3mcc@telus.net |
Facsimile: (604) 488-0787 |
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Seymour Exploration Corporation Completes Acquisition of Lynn Lake
Nickel Mine, Restructures Senior Management and Arranges Private
Placement
Sudbury, Ontario – April 12, 2005 – Seymour Exploration
Corporation (TSX-V: SEZ) is pleased to announce the following: the
completion of the Lynn Lake nickel mine purchase, changes to senior
management, the arrangement of a non-brokered private placement and the
commencement of engineering work on the Lynn Lake mine data.
Completion of Lynn Lake nickel mine purchase
Seymour has concluded its purchase of the Lynn Lake Nickel Mine and
other properties as announced in the Company’s February 14 and March 31,
2005 press releases. Seymour, through its wholly owned subsidiary Lynn
Lake Nickel Mining Company Limited (“LLNMC”), now owns 100% of the mine
property, subject to a 2% net smelter royalty.
Seymour has agreed to terms under which Wallbridge Mining Company
Limited will earn a 50% interest in LLNMC and in the Lynn Lake assets.
Under these terms Wallbridge will fund the initial $350,000 in
exploration expenditures on the Lynn Lake mine property.
Changes to senior management
The Company’s Board of Directors has approved changes to senior
management positions of the Company. Mr. Richard Murphy has been
appointed President and CEO. Mr. Murphy joined the board of Directors in
June 2004 and has worked very closely with management since that time.
Mr. Murphy is a professional geologist who has been active in mineral
exploration for over eleven years, the last eight of which have been
spent with Wallbridge Mining Company Limited, where he is Vice President
Corporate Development. Conrad Swanson will remain Chairman of the Board
of Directors of the Company.
Mr. Guy Mahaffy has been appointed CFO and has joined the board of
directors. Mr. Mahaffy is a chartered accountant and CFA charterholder
with over 11 years of financial management experience and is CFO at
Wallbridge Mining Company Limited. Mr. Mahaffy replaces Terry Sigmund
who has stepped down as CFO and Director to pursue other opportunities.
The Board wishes to thank Mr. Sigmund for his efforts on behalf of
Seymour and wishes him every success in his future endeavors.
As part of the restructuring the corporate offices have been moved to
Sudbury Ontario.
Non-brokered Private Placement
Seymour has arranged a non-brokered private placement of $400,000.
The private placement will consist of 600,000 flow-through common shares
priced at $0.25 and 1,000,000 non flow-through common shares priced at
$0.25 per share. Wallbridge will subscribe for all of the non flow
through shares.
Commenting on Wallbridge’s participation in the project, Risto
Laamanen Chairman and CEO of Wallbridge stated “Richard has done a great
job of putting this project together. Wallbridge believes in the upside
of the project and is committed to its success.”
The private placement is subject to regulatory approval. All stock
issued under the placement will be subject to a four month hold period.
No warrants, finder’s fees or commissions are payable on this
transaction.
Engineering work underway
The Lynn Lake nickel mine records have been transferred to Wardrop
Engineering offices in Sudbury and the engineering work on the extensive
mine data has begun. The Company will work with Wardrop engineers to
define target areas within the mine environment where new nickel
orebodies can occur. These target areas will be identified in advance of
a summer drill program. Receipt of a new mineral resource estimate based
upon the mine records is expected from Wardrop by late summer.
Richard Murphy, P.Geo President and CEO of Seymour Exploration
Corporation is the Qualified Person responsible for the technical
content of this press release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Seymour Exploration Corporation
Richard Murphy, President and CEO
Tel: (705) 682-9297
Email:
rmurphy@wallbridgemining.com
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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