Seymour Ventures Subsidiary Rare Earth Industries Begins Work on Former US Tantalum Production Property; Appoints Critical Metal
June 07 2011 - 8:30AM
Marketwired
Seymour Ventures' (the "Company") (TSX VENTURE: SEY)(FRANKFURT:
3CK1)(WKN: A1C08G) wholly owned subsidiary Rare Earth Industries
Ltd, ("REI"), is pleased to announce that work is beginning on its
recently-acquired Phantom Pegmatite project in Fremont County,
Colorado - a former producer of tantalum and beryllium, as well as
on the Henry Pegmatite, also in Fremont County. The two sites are
located approximately 45 miles apart, connected by the CO-50
highway. Please see the Company's announcements on May 5 and May
16, 2011, for details of these acquisitions. The Company also
wishes to announce the appointment of critical metals specialist,
James Hedrick, to the Company's advisory board. For over 30 years,
Mr. Hedrick was the commodity specialist for the US Geological
Survey for a number of critical materials, including rare earth
elements.
The Phantom Pegmatite produced small commercial quantities of
tantalite and beryl during 1962. REI is undertaking to assess and
quantify the potential for tantalum, niobium, beryllium, lithium
and other critical materials at the property. The Henry Pegmatite
formerly produced potash feldspar beginning in 1939. The Henry
Pegmatite has been classified as a euxenite-type pegmatite, which
is typically rich in heavy rare earth elements ("HREE"). A suite of
HREE-enriched minerals have also been discovered throughout the
site, as well as minerals rich in zirconium, hafnium, tantalum and
niobium. REI is undertaking to assess and quantify the rare earths
and rare metals potential at these properties.
Though the Company believes that mining only represents a small
portion of the overall value chain in rare earths and rare metals,
raw material supply is still an essential ingredient. The USA in
particular does not participate in many of these value chains, and
has not done so for decades. As a result, the USA is forced to
import 100% of its rare earth elements, 100% of its tantalum, 100%
of its niobium, and over 50% of its lithium. These critical
materials are essential in a multitude of industries and consumer
products, and in most cases, no suitable replacements exist.
Tantalum is essential for the production of capacitors. Niobium is
essential for superalloys and high-strength steel used in the
aerospace and energy industries. Rare earth elements are essential
for the production of permanent magnets used in motors and
industrial turbines. Lithium has become the de facto material of
choice for rechargeable battery technology globally.
By acquiring and developing mineral properties which meet the
Company's specific criteria for potential raw materials supplies -
namely: historical production, very low cost of entry, certain rare
earths and rare metals mineralogies, or existing resource estimates
- REI strives to achieve this small though essential part of the
value chain more quickly and more efficiently than its peers. Raw
material supplies are meant to fit into the Company's corporate
objective of developing complete rare earths and rare metals supply
chains - from discovery of resources, through to OEM product
component manufacture, and everything in between.
James Hedrick, the newest addition to REI's advisory board, will
advise the Company on various aspects of its projects in the USA
and elsewhere, helping to determine economic and technical
viability, guiding development, and advising on downstream
appropriateness of raw materials.
Mr. Hedrick recently retired from his position as the rare earth
commodity specialist for the U.S. Geological Survey ("USGS") after
31 years of service. Mr. Hedrick has studied all aspects of the
rare earth elements sector for the United States government. His
responsibilities included the preparation of the USGS's annual
mineral commodity surveys and the minerals yearbooks for rare earth
elements, zirconium, hafnium thorium and mica. Prior to the USGS,
Mr. Hedrick worked with the U.S. Army Corps of Engineers (civilian)
and the U.S. Bureau of Mines. Within those roles he has researched
strategic deposits, prepared cost feasibility studies, and reviewed
environmental impact statements. He has also published over 300
articles and professional papers on mineral commodities. Mr.
Hedrick is an honors graduate of James Madison University with BSc
degrees in Geology and General Science, and did graduate study at
North Carolina State University.
Alastair Neill, president of Seymour Ventures, stated, "The
appointment of Jim signifies REI's commitment to working with
industry leading personnel. Jim's vast experience with the
geoscience and market dynamics of rare earths and other critical
metals will greatly benefit the advancement of REI's recently
acquired projects in Colorado, as well as all its other downstream
plans for the future."
ABOUT SEYMOUR VENTURES CORP.
Seymour Ventures through its wholly-owned subsidiary, Rare Earth
Industries Ltd ("REI"), is a mineral exploration company with the
objective of building an 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.
Contacts: Media Contacts: Seymour Ventures Corp. Rob Smith,
Chief Executive Officer (604) 558 0022 (604) 608-3282 (FAX)
rsmith@rareearthindustries.com Seymour Ventures Corp. Dan Sutton,
Investor Relations (604) 558 0022 Cell: (604) 218 8371 (604)
608-3282 (FAX) dsutton@rareearthindustries.com
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