Sea Green Capital Corp.

Sea Green Capital Corp.

August 30, 2005 11:25 ET

Sea Green Capital Corp. Announces Acquisition of Uranium Prospect in Ontario and Resumption of Exploration Activities

TORONTO, ONTARIO--(CCNMatthews - Aug. 30, 2005) - Sea Green Capital Corp. (TSX VENTURE:SGS) (the "Corporation" or "Sea Green") is pleased to announce that it has acquired a 70% interest in 4 claims, comprised of 35 units, in the Porcupine Mining Division, 20 kilometres east of Chapleau, Ontario. The Corporation is paying $70,000 over 3 years to acquire its 70% interest and must also incur $200,000 in exploration expenditures on the property.

The Lackner Lake project covers 4 kilometres strike length of ijolote rock considered prospective for uranium mineralization. This area has not been explored extensively for uranium in the past. A recent Ontario Government report states that in the late 1980's, exploratory work on the Lackner Lake complex disclosed mineralization of niobium iron, uranium, phosphorus and rare earth elements which were of potential economic interest.

Initial plans on the Lackner Lake project are to conduct an airborne magnetic and radiometric survey at 100 metre spacings to identify uranium anomalies and to follow-up on the high anomaly identified in the GSC Survey done recently.

In addition, Sea Green announces that it has commenced line cutting on its property in Godfrey and Jessop Townships in Ontario, where it is earning a 50% interest. The property is known to host copper and zinc as well as scandium and titanium.

Sea Green's other main property interest is in Casa Berardi, Quebec, where the Corporation has significant interests adjacent to the Aurizon Mines gold property and also further to the south adjacent to the Cancor/Cambior discovery. Management is currently reviewing data on these properties to finalize the next stage of exploration, scheduled for this fall.

Other Business:

Sea Green announces that it is raising additional funds for its exploration activities at a price of $0.05 together with a warrant for 12 months at $0.15. The financing is for a maximum of $500,000. In addition, the Corporation announces that it has granted additional stock options to officers and directors and consultants of 700,000 shares at a price of $0.10 for 3 years.
Sea Green currently has 29,130,568 common shares outstanding.

The TSX Venture Exchange has not in any way passed upon the merits of the matters disclosed herein, and has not approved or disapproved of the contents of this release.

Contact Information

  • Sea Green Capital Corp.
    R. Brian Murray
    President and Director
    (416) 985-7810