SEY Seymour Ventures Corp

Seymour Ventures Corp. ("Seymour" or the "Company") (TSX VENTURE:SEY) is pleased
to announce that it has now signed the Definitive Share Exchange Agreement (the
"Agreement") to acquire 100 per cent of the issued and outstanding shares of
Rare Earth Industries Ltd. (formerly REE Mining Corp.) ("REI"). Pursuant to the
Agreement, the Company will issue 10 million common shares (the "Consideration
Shares") of the Company to the shareholders of REI on closing. 


As part of the planned change of business, the Company has previously closed
both the flow-through and non flow-through portions of the non-brokered private
placement announced on November 17, 2010. The aggregate gross proceeds of
$4,576,080.50 are being held in escrow pending completion of the acquisition of
REI, and will be used to finance exploration on the Mount Bisson property
recently optioned by the Company, and to finance further acquisitions of rare
earth element projects, and for general working capital purposes.


In addition to any escrow requirements imposed by the TSX Venture Exchange, the
shareholders of REI have agreed that 50% of the Consideration Shares will be
subject to a pooling agreement whereby 2.5 million shares will be released upon
the completion by the Company of additional financings of not less than $2.5
million, or the closing by the Company of an acquisition or joint venture
participation in a project with a cost to the Company of not less than $2.5
million. The remaining 2.5 million shares will be released upon the completion
by the Company of additional financings of not less than $5 million, or the
additional closing by the Company of an acquisition or joint venture
participation in a project with a cost to the Company of not less than $5
million. 


In addition to the proposed Board announced by the Company on December 29, 2010,
on completion of the acquisition of REI, it is proposed that Jim Walchuck will
join the Board of Directors of Seymour.


Mr. Walchuck, currently the President & CEO of Encanto Potash Corp., is a mining
professional with more than 31 years of national and international experience in
the mining industry, including work in North America, Slovakia, the United
Kingdom, Ghana and Tanzania. As the President and Chief Executive Officer of
Tournigan Gold Corp., Mr. Walchuck raised $45-million in 2006, for the purpose
of developing Tournigan's two key assets and helped increase Tournigan's market
cap from $20-million to approximately $200-million over a one-year period. Mr.
Walchuck was the Mining Manager for Barrick at the Bulyanhulu gold mine in
Tanzania from 1999 to 2002, where he oversaw the building of a
multimillion-ounce, high-grade underground mine in 24 months and achieved over
two million man-hours without a lost-time accident. Prior to his six-year
involvement with Bulyanhulu (first as Senior Project Manager with Sutton
Resources then as Mining Manager for Barrick), Mr. Walchuck was Manager of
Mining and then Manager, Corporate Operations, for Royal Oak Mines. This was
preceded by a five-year term as Chief Mining Engineer for Tarkwa Goldfields in
Ghana. A member of the Professional Engineers of Ontario for 31 years, Mr.
Walchuck holds bachelor degrees in both science and engineering.


Trading in the common shares of Seymour Ventures will remain halted until
certain additional filings are made with the TSX Venture Exchange.


Completion of the transaction with REI is subject to a number of conditions,
including TSX Venture Exchange acceptance and disinterested shareholder
approval. The transaction cannot close until the required shareholder approval
is obtained. There can be no assurance that the transaction will be completed as
proposed or at all. 


Investors are cautioned that, except as disclosed in the Filing Statement to be
prepared in connection with the transaction with REI, any information released
or received with respect to the Change of Business may not be accurate or
complete and should not be relied upon. Trading in securities of Seymour
Ventures Corp. should be considered highly speculative. 


The TSX Venture Exchange has in no way passed upon the merits of the proposed
transaction with REI and has neither approved nor disapproved the contents of
this press release. 


ABOUT SEYMOUR VENTURES CORP.:

SEYMOUR VENTURES CORP. (TSX VENTURE:SEY) is a digital communications and media
company delivering high quality, low-cost, talk and text around the world.
Through its two wholly owned subsidiaries, Eurotel and Tabrio, the Company
provides voice over IP connectivity to various telecommunication companies
worldwide.


ABOUT RARE EARTH INDUSTRIES LTD.:

Rare Earth Industries Ltd. (formerly REE Mining Corp.) is a private British
Columbia corporation engaged in the acquisition, development and operation of
projects in the emerging rare earth elements industry. The objective of the
Company is to establish an integrated rare earth elements business outside of
China that is both profitable and sustainable. Rare Earth Industries has
assembled management and technical teams with significant experience and
expertise in the rare earth elements industry.


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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