Seabright merges with Corner Bay, will change name

A wholly owned subsidiary of Seabright Explorations (TSE) has merged with Corner Bay Resources, a private Toronto-based company with properties in the Chibougamau area of northern Quebec. At the end of this month, Seabright will change its name to Corner Bay Minerals and shift its focus out of Nova Scotia and closer to the copper mines of its major shareholder, Westminer Canada.

At the same time, Seabright shares will be consolidated on a 5-for-1 basis and Corner Bay shareholders will receive 49% of the outstanding stock.

The amalgamated company, with approximately 4.47 million shares outstanding, will trade on The Toronto Stock Exchange.

Managed by Muscocho Explorations (TSE) officers Terry Flanagan, Steve Brunelle and Peter Mordaunt, Corner Bay has been active in the Chibiugamau area for over 10 years. The company’s principal asset is a high-grade copper prospect containing preliminary reserves of 1.4 million tonnes grading 4.46% copper.

Flanagan says the geology of the Corner Bay claims is similar to that of the Chibougamau mining camp, located directly across the lake.

“The anorthosite (mafic intrusive) is virtually a mirror image of the structure and mineralization in the Chibougamau camp,” he said. But hidden by thick overburden, the mineralized zones at Corner Bay were not discovered until the the 1980s.

With several copper-bearing zones still to be investigated, Seabright feels the property has excellent potential for more reserves.

The marriage of Westminer’s exploration arm with Corner Bay may prove particularily advantageous if the amalgamated company becomes a producer. Westminer owns and operates the Copper Rand mill, an easy 10-km drive from Chibougamau.

Flanagan says that although he would take an active role in managing Corner Bay, a host of other juniors in the Muscocho group of companies still demand his full attention.

“I believe very strongly in the Chibougamau area,” he said. “But we certainly have our hands full with other projects.” In an unusual move for a mining company, a representative from the local Ouje-bougamau tribe has been elected to Corner Bay’s board of directors.

“It’s about time that mining and native people started working together,” Flanagan explained.