Sea Green Capital Corp.

Sea Green Capital Corp.

July 06, 2005 14:27 ET

Sea Green Capital Corp. Announces Update Including Property Acquisition and Property Write-Off

TORONTO, ONTARIO--(CCNMatthews - July 6, 2005) - Sea Green Capital Corp. (TSX VENTURE:SGS) (the "Corporation" or "Sea Green") is pleased to announce that it has acquired an additional 60 claims adjacent to its North group of claims in the Township of Casa Berardi. Sea Green is paying $10,000 plus issuing 100,000 common shares of the Corporation to an arms length party for a 55% interest in these claims. The other 45% is held by Explorers Alliance Corp. The property is adjacent to the Aurizon Mines gold mine in Casa Berardi and to the other claims recently acquired by Sea Green (see press releases dated March 16, 2005 & April 11, 2005). This transaction is subject to the approval of the applicable regulatory authorities.

The Corporation also announces that after careful evaluation of its placer project in British Columbia, it has concluded that the cost of recovering the gold is not economically feasible. It has therefore decided to abandon the project and write off its investment of $352,600 made to date.

Sea Green has identified from its geophysical testing, several promising drill targets on its claims in Casa Berardi near to the Cancor/Cambior discovery which Sea Green expects to drill later this year. In addition, the company's consultants are evaluating the properties in Bristol Township in Ontario which are adjacent to the Lakeshore Gold Mines discovery, with a view to determining an exploration strategy. Sea Green has a 20% interest in 3 claim groups in Bristol.

In addition to the above, the Corporation's management is evaluating other mining properties that it might acquire.

Other Business

The Corporation announces that Roger Sholanki has resigned as a director of the company, effective immediately. In addition, Mr. Sholanki has completed a private sale of 5,500,000 common shares of the Corporation. He has sold 2,750,000 shares for an aggregate total of $1 to Dolores Quance, the spouse of R. Brian Murray, the President of the Corporation. Mr. Murray has also purchased 750,000 shares for an aggregate total of $1. Together with his spouse, Mr. Murray's total holdings have increased to 4,388,001, which represents 15.06% of the total outstanding share capital of the Corporation which is 29,130,168. Mr. Sholanki also sold 2,000,000 shares to Princeton Properties Corp. for an aggregate total of $1. This transaction increased Princeton Properties Corp's holdings to 4,500,000 shares which represents 15.45% of the total outstanding share capital. Mr. Murray and Princeton Properties Corp. each effected the transaction for investment purposes.

Mr. Murray and Princeton Properties Corp. may, depending on market and other conditions, each increase or decrease their respective beneficial ownership, control or direction over the common shares of the Corporation, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

Mr. Murray and Princeton Properties Corp. have each filed a separate report describing the above acquisitions with the Ontario Securities Commission, copies of which shall be sent promptly to anyone who requests them from the Corporation as noted below.

Sea Green Capital Corp. is a junior exploration company focused on properties in Quebec and Ontario at this time. It is constantly evaluating other opportunities, both in Canada and elsewhere.

The TSX Venture 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