SEY Seymour Ventures Corp

Seymour Ventures Corp. ("Seymour" or the "Company") (TSX VENTURE:SEY) in
anticipation of closing the financing transactions announced on November 17,
2010, the Company has now submitted the flow-through private placement documents
with the TSX-V. The $420,000 flow-through offering is being conducted through
subscription receipts, and will convert into the units of the Company, at an
effective price of $0.70 per unit, upon completion of the acquisition of Rare
Earth Industries Ltd. (formerly REE Mining Corp) ("REI") by Seymour as announced
on September 29, 2010. The Offering proceeds will be held in escrow until such
acquisition is completed. The flow-through offering is scheduled to close before
the year-end deadline of December 31, 2010. The non-flow-through component of
the offering will be filed in due course.


Upon completion of the transaction with REI, the Board of Directors, Management
and Advisory Board of the Company will be reconstituted as set out below.


Proposed Board:

Alastair Neill (Director and President) is the former VP sales, Rare Earth
Division and VP Business Development for AMR (Now Neo-Material Technologies).
Mr. Neill is one of the leading experts in rare earth elements. He brings over
15 years of direct Rare Earth Elements experience with downstream end-users in
Korea, Japan, Europe and North America and with suppliers in China. He holds a
Master of Business Administration from York University and a Bachelor of
Engineering in Material Science from the University of Western Ontario.


Canon Bryan (Director and EVP Corporate Development) is a financial professional
who has held management positions for publicly-listed and privately-held
companies in North America. Throughout his career, Mr. Bryan has also provided
M&A and corporate development services to clients in various industries. In
2007, Mr. Bryan founded Thorium One International Limited, a privately-held
nuclear fuel technology company; he continues to serve as director, president
and chief executive. He was a founding shareholder of Uranium Energy Corp. in
August 2004; UEC recently began production of ISR uranium in the United States.
He was a senior financial analyst for Lasik Vision Corporation, which became the
world's largest provider of laser refractive surgical services during his tenure
(1999-2001). Mr. Bryan has acted as interim chief financial officer for
publicly-listed companies in the USA. Mr. Bryan completed his professional
studies in accounting with the Certified General Accountants Association of
Canada; he is not designated.


Frederic Leigh (Director) has been involved in the junior resource sector for
more than 27 years and has had a significant role as founder, director and/or
investor in many public companies. He is also the founder and President of
Siwash Holdings Ltd., a privately held company which, for over 18 years has
invested in early stage opportunities in the resource sector. Siwash was an
early investor in successful companies such as, Wheaton River Minerals, Hathor
Exploration and Blue Pearl Mining.


Proposed Management:

Rob Smith (CEO) has been an investor and an advisor to a number of natural
resource and technology companies, including Ultra Petroleum, and PanAsian
Petroleum where he advised the CEO on recent sale to Ivanhoe Energy, Adenyo, for
whom he assisted in the recruitment of RIM management, and IMA Resources. Mr.
Smith is a partner in Bluestone Partners, a Vancouver-based investment firm that
provides its clients access to Public Venture Capital and Private Equity. 


Reinis N. Sipols, P.E. (COO) is a mining engineering graduate from Michigan
Technological University. He has over 20 years of operational experience in the
construction materials industry with most of those managing urban mining
operations. Responsibilities included all aspects mine operations and
management. He has nearly 10 years of consulting experience beginning as Vice
President of Spectra Environmental Group (a Northeastern USA integrated
engineering and environmental firm) and most recently as President of Behre
Dolbear & Company (USA) Inc. Currently he is Director of Mining & Minerals
Projects for The Dalmore Group LLC and is mining operations advisor for Taia
LLC, a junior exploration firm active in Sierra Leone. Mr. Sipols is a
Professional Engineer in New York, Pennsylvania and New Jersey and has obtained
the FINRA Series 7 and 63 certifications.


Proposed Advisory Board:

Paul Matysek is a recognized entrepreneur and strategist, specializing in
developing resource-based companies from conception to production. He has over
35 years of exploration and development experience including holding several
senior management and/or directorship positions with First Quantum Minerals
Ltd., First Majestic Silver Corp. and Energy Metals Corp. Mr. Matysek currently
holds directorships in Lithium One Inc. (Founder), Nevada Copper Corp. and
Forsys Metals Corp.


Mr. Matysek presently serves as President and Chief Executive Officer of Potash
One Inc., a leading junior potash developer in Canada. Over the past three
years, Mr. Matysek, has built Potash One's Legacy Project in Saskatchewan from
concept to feasibility and is destined to be the first green field potash
production facility in over 40 years. Potash One is currently the subject of a
$434 million takeover bid by K+S Group of Germany.


Prior to Potash One, Mr. Matysek was the CEO and President of Energy Metals
Corporation, a uranium company traded on the New York Stock Exchange and the
Toronto Stock Exchange. Energy Metals became one of the fastest growing
companies in Canada in the two year period of 2005-2007, having grown from a
market capitalization of only $10 million in 2004 to $1.8 billion when it was
sold to a larger uranium producer in 2007.


Furthermore, Mr. Matysek has been instrumental in the acquisition and
development of a number of significant precious metal and base-metal properties
and has been involved in raising over $200-million for various exploration and
development projects since 1999. He has a wealth of technical and financial
expertise as well as over 25 years of international experience acquiring and
developing resources.


Mr. Matysek is an experienced geochemist/geologist with a Bachelor of Science
degree from the University of Toronto and a Master1s of Science degree in
Geology from the University of British Columbia.


Martin Rowley has had a distinguished career for over 30 years in the mining
industry, being involved in the financing and development of several successful
mines. Most notably Mr. Rowley was a co-founder of First Quantum Minerals Ltd in
1996. First Quantum is a highly successful mining and metals company with
operations in Zambia and Mauritania in Africa, as well as in Finland, Australia
and Peru. Mr. Rowley served as First Quantum's CFO and as a Director until
January 2007 and is currently the company's Executive Director, Business
Development. He is also non-executive Chairman and a director of Forsys Metals
Corp, a leading company in the uranium sector and non-executive Chairman and a
director of Lithium One Inc, an emerging company in the lithium sector.


Dr. Anthony Mariano, PhD, has studied rare-earth-elements mineralization on
multiple continents, and is a recognized authority on REE mineralogy and
deposits at a world level. He has consulted in the fields of rare element and
specialty metal geosciences on behalf of such organizations as the United
Nations, Molycorp Inc. and CBMM. Dr. Mariano has nearly 50 years experience as a
consultant, exploration geologist, senior earth scientist and adjunct professor.
His rare-earth-related field experience extends to 52 countries in North and
South America, Europe, Asia, Africa, and Australia, as well as Greenland, New
Guinea and the Dominican Republic. He has organized and supervised exploration
programs for the discovery of carbonatites and genetically related igneous rocks
worldwide, and his recent field missions have included the examination of rare
earth deposits in East and West Africa, Brazil, Vietnam, China, Thailand,
Mongolia, Colombia, Kazakhstan, United States and Canada. Dr. Mariano has
authored numerous technical publications, patents and papers on characteristics
and methodologies of analyzing rare earths, receiving publication in leading
trade publications such as American Mineralogist. His research has extended to
field and laboratory studies in the South China REE ion-adsorbed clays, the
evaluation of ore deposits formed by supergene-enrichment processes in areas of
extreme lateritic weathering, and REE analysis technologies such as cathode ray
luminescence. Dr. Mariano was instrumental in the original delineation of rare
earth minerals at one of the world's largest rare earth deposits at Mt. Weld,
Australia. In 2008, Dr. Mariano was accorded the naming of a newly identified
mineral in his honour, Marianoite, a member of the cuspidine group of minerals.


R. Stuart (Tookie) Angus is an independent business advisor to the mining
industry. He was most recently Managing Director - Mergers & Acquisitions for
Endeavour Financial. Prior to joining Endeavour he was a partner at the Canadian
law firm Fasken Martineau DuMoulin and headed that firm's Global Mining Group.
For over 30 years, Mr. Angus has focused on significant international
exploration, development and mining ventures, and all aspects of their
structuring and finance.


Mr. Angus is also Chair of Nevsun Resources Ltd. and Tirex Resources Ltd. and a
founding Director of Plutonic Power Corporation. He was a director of First
Quantum Minerals Ltd. until June 2005 and resigned as a director of Canico
Resource Corp. on completion of a takeover by CVRD and resigned as a director of
Bema Gold on completion of a takeover by Kinross. He was also Chair of the Board
of BC Sugar Refinery Limited.


The Company also announces that the Strategic Advisory agreement with Byron
Securities Limited has been terminated.


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. 


Trading in the common shares of Seymour will remain halted until certain
addition filings are made with the TSX Venture Exchange. The Company will be
making application for the waiver of sponsorship requirements of the TSX Venture
Exchange in the circumstances of the transaction with REI.


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.


Statements included in this announcement, including statements concerning our
plans, intentions and expectations, which are not historical in nature are
intended to be, and are hereby identified as, "forward-looking statements" for
purposes of the safe harbor provided by Section 21E of the Securities Exchange
Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by words including "anticipates",
"believes", "intends", "estimates", "expects" and similar expressions. The
company cautions readers that forward-looking statements, including without
limitation those relating to the Company's future operations and business
prospects, are subject to certain risks and uncertainties that could cause
actual results to differ materially from those indicated in the forward-looking
statements.

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