May 16, 2011 / 3:07 PM / 7 years ago

Seymour Ventures buys rare earth property in Colorado, shares jump

May 16 (Reuters) - Canada’s Seymour Ventures Corp said it bought a rare earth exploration property in Colorado, its second such acquisition in a month, sending its shares up as much as 26 percent.

The Vancouver-based Seymour bought the Henry Pegmatite property in Fremont County through its unit Rare Earth Industries Ltd. The property consists of 66 claims staked from the US bureau of land management.

The company, which is focused on developing a rare earths and rare metals production supply chain, said the latest acquisition will help expand its portfolio.

Rare earths, a group of 17 metals used in a wide range of consumer products from iPhones to electric car motors, stormed into the public spotlight in 2010 over fears that China’s policy of curbing exports will cause global shortages. [ID:nN11280013]

Seymour Ventures completed the acquisition of Rare Earth Industries in March and bought the Phantom Pegmatite Project, a tantalum exploration property in Fremont, earlier this month. [ID:nASA022VP]

Seymour Ventures’ shares were trading up 5 percent at 44 Canadian cents on Monday morning on the Toronto Venture Exchange. They touched a high of 53 Canadian cents earlier in the session. (Reporting by Arnika Thakur in Bangalore; Editing by Don Sebastian)

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