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SEYMOUR EXPLORATION CORP.
8th floor, 700 West Georgia St.
Vancouver, British Columbia V7Y 1H4
(the "Company")
NEWS RELEASE
August 18, 2005
| TSX Trading Symbol: SEZ |
Telephone: (604) 688-5866 |
| Email: 3mcc@telus.net |
Facsimile: (604) 488-0787 |
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Seymour Exploration Provides Update on Lynn Lake Nickel Mine
Property
Sudbury, Ontario – August 18, 2005 – Seymour Exploration Corp. (TSX-V:
SEZ) announced today that Wallbridge Mining Company Limited (“Wallbridge”)
has elected not to exercise its option to acquire a 50% interest in the
Lynn Lake project and participate in the project as an equal partner.
Wallbridge now retains an option to participate as a 25% minority,
non-operating partner by providing 25% of project funding. Wallbridge
will have 30 days to elect to participate at the 25% level, following
delivery by Seymour of technical reports including the new mineral
resource for the property. Otherwise, Wallbridge’s option will convert
to a payment of 500,000 Seymour common shares and a share purchase
warrant for 500,000 shares, subject to regulatory approval.
As project operator, Seymour plans to focus its activities
exclusively on the Lynn Lake nickel mine. In order to develop the
project to its full potential, Richard Murphy President and CEO will now
commit 100% of his time to Seymour. Furthermore, the company has hired
Danniel Oosterman as a full time senior geologist for the Lynn Lake
project. Seymour has also relocated its head office in Sudbury; it is
now located adjacent to Wardrop Engineering and will continue to draw
upon the expertise available through Wardrop.
The Lynn Lake mine closed in 1976 with a substantial nickel resource
in-situ. Given the near perfect preservation of the mine data, it is
possible to accurately determine the size of this resource and to
develop an exploration plan to increase the resource, by exploiting
technologies that were unavailable to the original mine operator, such
as borehole electromagnetic surveys and computer-based 3D modeling.
Given the strong market demand for new nickel mines, the Company’s
objective is to establish the existing mineral resource in the mine and
add new resources through exploration so that the economics of reopening
the mine can be determined.
The Company retained Wardrop Engineering this past March to put the
mine information into a Datamine database and to establish the resource
that had been previously defined by the mine’s past operator. As of
August 11, all applicable historical data for the mine had been
incorporated into Datamine geological software. Geological
interpretation and resource estimation are now well advanced. Seymour
anticipates completion of this work and announcement of the resource
estimate by the second half of September.
Company geologists accompanied a Wardrop geologist to the Lynn Lake
nickel mine property earlier this month. The purpose of the visit was to
confirm the mine data by comparing the historical records to the actual
drill core still on the property. Commenting on the quality of the data,
Rob Carter P.Eng. of Wardrop Engineering stated “We are very impressed
with the quality and completeness of the mine data. The fact that the
drill core from the mine is still available for examination boosts our
confidence as we prepare the mineral resource.”
The Company has recently closed a private placement of $300,000 (see
press release dated August 12, 2005). With this placement Seymour is
fully funded to complete the resource calculation and develop a
comprehensive exploration plan for the mine property.
Richard Murphy, P.Geo., President and CEO of Seymour Exploration
Corp. is the Qualified Person responsible for the technical content of
this press release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Seymour Exploration Corp.
Richard Murphy, President and CEO
Tel: (705) 698-1962
Email:
rmurphy@seymourexploration.com
957 Cambrian Heights Drive
Suite 102
Sudbury Ontario
P3C 5M6
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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