DENVER, Dec. 28, 2005 (PRIMEZONE) -- Chelsea Management Group, Inc. (Other OTC:CLMP) announced that, after several months of reviewing the mining resource portfolio held by its subsidiary Stonebridge Resources Explorations Ltd., it was decided that it would be prudent to place a number of properties for sale or to seek a joint venture partner for further development.
Stonebridge Resources Explorations Ltd. and 6070205 Canada, Inc. have reached an agreement with Sea Green Capital Corp. to sell a 100% interest, subject to a 2% net smelter return royalty, in a mining property comprising eight units approximately 15 kilometers northeast of Kirkland Lake in Northern Ontario. Sea Green has agreed to issue 400,000 common shares to acquire its interest in this property and incur exploration expenditures on the property totaling $500,000 over three years. Sea Green shares trade on the Canadian venture exchange under the symbol SGS.
The property has been previously explored by several companies and exploration work has identified the potential for a large sulphide deposit. Drilling and testing in 1998 indicated zinc mineralization in a number of holes, varying from 0.6 meter of 4.4 per cent zinc, 4.6 meters of 1.76 per cent zinc and 4.0 meters of 1.33 per cent zinc.
In May, 2005, a three-drill-hole program was conducted totaling 702 meters and preliminary results have confirmed the north plunge of the zones of interest at the contact. Follow-up is planned in February as drilling must take place from the ice, not from the shore, as was done previously with the May, 2005, drilling. Sea Green has contracted with a driller to test the key-tuiffite contact that contains massive sulphides on strike to the northeast where both Kerr Addison Mines Ltd. and Opawica Explorations encountered interesting zinc, lead, silver and gold values.
Chelsea Management Group is a start-up and early-stage venture capital firm focused on the health and life sciences industry. Formed in 2001, Chelsea searches for the winners of tomorrow -- entrepreneurs whose ideas and talents qualify them to pursue large market opportunities successfully. We seek opportunities across a broad spectrum, including biotechnology and pharmaceuticals, medical devices, services and healthcare/life sciences information technology. On a selective basis, we also consider later-stage health and life sciences investments where we can uniquely apply Chelsea's industry and capital markets experience.
Safe Harbor Statement
All statements other than statements of historical fact included in this press release are "forward-looking statements." The forward-looking statements, including statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements (i.e., future operational results and sales) are subject to assumptions and beliefs based on current information known to the company and factors that are subject to uncertainties, risk and other influences, which are outside the company's control and may yield results differing materially from those anticipated.