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SEYMOUR EXPLORATION CORP.
102 - 957 Cambrian Heights Drive
Sudbury, ON P3C 5M6
(the "Company")
NEWS RELEASE
November 1, 2005
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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