Seymour Ventures Corp.

May 05, 2011 09:15 ET

Seymour Ventures Subsidiary Rare Earth Industries Acquires Past-Producing Tantalum-Beryllium Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 5, 2011) - Seymour Ventures' (TSX VENTURE:SEY)(FRANKFURT:3CK1)(WKN:A1C08G) wholly owned subsidiary Rare Earth Industries Ltd (REI), is pleased to announce that it has secured a past-producing tantalum exploration property in Fremont County, Colorado, known as the Phantom Pegmatite Project. The Phantom Pegmatite shipped small commercial quantities of tantalum and beryllium in 1962. REI has also secured the contiguous Oliver Claims which were also the subject of historical exploration work.

A total of 55 claims were staked from the US Bureau of Land Management, and consist of 1,136 acres. The claims are located approximately 27 kilometers northeast of Canon City, CO, and are easily accessible by road. Existing infrastructure will greatly assist REI in conducting exploration work.

The Phantom Pegmatite contains known tantalum, niobium, and beryllium mineralization, as reported in the US Geological Survey Professional Paper #227. A small artisanal mining operation in 1962 shipped tantalite-enriched beryl concentrate to the government-owned smelting facility in Custer, South Dakota, as reported in the February 1994 edition of the Mining Journal. The Bureau of Mines Information Circular 8298 described the occurrence as being 2,500 feet long and 65 to 200 feet wide. Depth extensions of the mineralization are not known.

REI will develop a thorough exploration program to fully quantify and assess the tantalum, niobium, beryllium and lithium potential of the Phantom Pegmatite. This will include mapping, geophysical analysis, trenching and sampling, and design of an initial drill program to outline resources. Specifically, REI will look to identify additional high value drill targets.

Seymour's Qualified Person, Fred Breaks, PhD, will develop and supervise the exploration work and will author the initial Canadian National Instrument 43-101 technical report for the property, as well as continuing updates as work progresses.

The acquisition of these properties is consistent with REI's vision and plan to develop a vertically-integrated rare earths and rare metals production supply chain that will focus on adding significant value throughout the production cycle. Securing potential rare metal production properties meets REI's acquisition mandate of being either advanced stage assets, or assets with significant potential.

Frederick W. Breaks, PhD, PGeo. is the Qualified Person responsible for the Phantom Pegmatite Project, and has read and approved the technical disclosure contained in this news release.


Seymour Ventures through its wholly-owned subsidiary, Rare Earth Industries Ltd (REI), is building a vertically-integrated industrial enterprise focused on the high-value processing and separations of rare earth elements and rare metals. The company was formed by executives from the fields of specialized rare earths geology, mine development, chemical processing, and marketing and distribution of finished rare earths products. REI is focused on developing an environmentally sustainable supply chain for rare earths and rare metals sourced entirely outside of China. Rare earth elements are used in magnets for electric vehicles, display screens for electronics, rechargeable batteries and other high-demand products. REI's parent company, Seymour Ventures, is publicly traded on the TSX Venture Exchange under the symbol SEY.

Safe Harbor Statement

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.

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