Pele Mountain Strengthens Technical Team in Preparation for Development
of its Eco Ridge Mine Uranium and Rare Earth Elements Project at Elliot Lake
Listing: TSX Venture Exchange
Common Shares Outstanding: 123,522,572
TORONTO, Oct. 21 /PRNewswire-FirstCall/ - Pele Mountain Resources Inc. (TSX Venture: GEM) ("Pele" or the "Company") announced today that Dr. Anthony (Tony) Mariano has accepted Pele's invitation to join its Rare Metals Advisory Board. Along with Dr. William Bird, Fergus Kerr, and several highly-qualified consulting firms including SNC Lavalin, Scott Wilson Roscoe Postle Associates ("Scott Wilson RPA"), SRK Consulting, and Total Mine Development, Pele is assembling a world-class technical team in preparation for development of its 100-percent owned Eco Ridge Mine uranium and rare earth elements ("REE") deposit at Elliot Lake in Northern Ontario.
Dr. Mariano stated, "Elliot Lake is the only mining camp in Canada to have achieved successful commercial production of REE and was once the most important source of heavy REE in North America. Rafinates from uraninite deposits generally, and especially those found at Elliot Lake such as at Pele's Eco Ridge Mine deposit, potentially represent a major source of REE in North America and include the highly-valued heavy lanthanides."
Dr. Mariano is a world-renowned consulting geologist to the rare-earth mineral industry with particular expertise in rare earth geology and mineralogy. His 50-year career has included assignments with Molycorp, Union Carbide, Anschutz Corp., CBMM, and Hecla Mining Company. Dr. Mariano is currently assisting several emerging rare earth exploration and development companies, including Rare Element Resources and Medallion Resources. His counsel regarding exploration for rare metals and the potential economic viability of rare metal deposits are eagerly sought by the industry worldwide. Dr. Mariano earned a Ph.D. in Geology from Boston University. He joins Dr. William Bird on Pele's Rare Metals Advisory Board.
Recent extraordinary Rare Earth Oxide ("REO") market developments, sparked by China's reduction of export quotas, have resulted in sharply rising prices for several REOs, all of which are found at Eco Ridge in significant quantities. Pele's Eco Ridge Mine project, with its well-understood geology and politically-stable jurisdiction, is ideally positioned to provide a significant and dependable supply of REO to the western world.
Pele President and CEO Al Shefsky stated, "We are very pleased to welcome Dr. Mariano to Pele Mountain. While we have made substantial progress advancing Eco Ridge on multiple fronts through a difficult market over the last three years, we are now building the team that can unlock the REE value contained at Eco Ridge and, we believe, move the project toward the mine development and production stages."
As announced previously, based on the production rate used in Pele's October 2007 NI 43-101 Scoping Study by Scott Wilson RPA (the "Scoping Study"), Eco Ridge leach solutions could contain up to 218,000 kilograms of recoverable total REO annually, in addition to 826,000 pounds of uranium oxide. These projections are based on the Scoping Study and on REO assays from 30 widely spaced drill holes and the results of leach tests performed at SGS Canada Inc. Pele has retained Scott Wilson RPA to provide an updated NI 43-101 mineral resource estimate that will include rare earth elements for the first time. This new resource estimate is expected by year-end.
Pele Mountain Resources is focused on the sustainable development of its Eco Ridge Mine Uranium and REE project, located in the Elliot Lake mining camp of Northern Ontario. Pele's expert team of technical personnel, advisors, and consultants is working to optimize mining, processing, and waste management techniques at Eco Ridge. With well-understood geology, excellent regional infrastructure, and strong local support, Eco Ridge provides an ideal location for a safe, secure, and reliable long-term supply of Uranium and REE. Additionally, Pele has, or is actively seeking, qualified strategic partners to advance its other high-potential exploration projects, including high-grade gold properties at Highland and Ardeen. Pele's shares are listed on the TSX Venture Exchange under the symbol "GEM".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe Pele's future plans, objectives or goals, including words to the effect that Pele or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. The economic viability of the 43-101 mineral resource at Pele's Elliot Lake Project has not yet been demonstrated by a preliminary feasibility study.
SOURCE Pele Mountain Resources Inc.