Pele Mountain Strengthens Technical Team in
Preparation for Development
of its Eco Ridge Mine Uranium and Rare Earth Elements Project at
Elliot Lake
Symbol: GEM
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.
About Pele
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.
Copyright . 21 PR Newswire
