Seymour Ventures Subsidiary Rare Earth Industries Acquires Past-Producing Tantalum-Beryllium Mine
05 May 2011 - 11:15PM
Marketwired
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.
ABOUT SEYMOUR VENTURES CORP.
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.
www.rareearthindustries.com
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.
Contacts: Media Contacts: Rare Earth Industries Ltd Rob Smith,
Chief Executive Officer (778) 389-7901 (604) 608-3282 (FAX)
rsmith@rareearthindustries.com Rare Earth Industries Ltd Dan
Sutton, Investor Relations (604) 218-8371 (604) 608-3282 (FAX)
info@rareearthindustries.com www.rareearthindustries.com
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