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SEYMOUR EXPLORATION CORP.
102 - 957 Cambrian Heights Drive
Sudbury, ON  P3C 5M6
(the "Company")

NEWS RELEASE

November 1, 2005

TSX Trading Symbol: SEZ Telephone: 705-521-1577
Email: info@seymourexploration.com Facsimile: 705-521-1845
 

Seymour Exploration Secures Sole Ownership of Lynn Lake Property

Sudbury, Ontario – November 1 , 2005 – Seymour Exploration Corp. (TSX-V: SEZ) announced today that Wallbridge Mining Company Limited (“Wallbridge”) has notified Seymour of its election, under the terms of an option agreement relating to the Lynn Lake Property, to take an equity position in Seymour in lieu of direct project ownership and participation. Seymour shareholders will now benefit from 100% sole ownership of the Lynn Lake Nickel Mine. Seymour is now free to deal with the property as it sees fit and may entertain arrangements with other parties interested in developing a new nickel mine in North America.

Seymour has recently completed the first step in an economic evaluation of the Lynn Lake Nickel Mine by accurately determining the mine’s remaining resource (refer to press release dated Sept. 19, 2005). Seymour has also identified 15 first-priority exploration targets located adjacent to existing mine workings which the company plans to begin drill testing this fall (see Company’s Sept. 27, 2005 press release). In addition to initiating the first exploration program at the mine in over 30 years, Seymour is presently finalizing the parameters of an economic scoping study of the Lynn Lake Mine. The goal of the scoping study will be to evaluate the economics of renewed nickel mining at Lynn Lake.

Seymour is pleased with Wallbridge’s election, which entitles it to receive 500,000 common shares of Seymour and up to 500,000 common share purchase warrants subject to regulatory approval. The issuance of shares and warrants is in exchange for Wallbridge foregoing any further rights on the Lynn Lake property and for Walbridge reducing Seymour’s required expenditure to earn in to the Wakami project from $1,000,000 to $512,000 (which has been spent), so that a 50:50 joint venture covering the Wakami claims will be formed (see news release dated March 16, 2004). Seymour views Wallbridge’s election to become a shareholder as a vote of confidence in Seymour’s management and vision for renewal of the Lynn Lake Nickel Mine and ongoing development of shareholder value.

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: info@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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