Symbol: GEM
Listing: TSX Venture Exchange
Common Shares Outstanding: 123,522,572
TORONTO, Nov. 11 /PRNewswire/ - Pele Mountain Resources
Inc. (TSX Venture: GEM) ("Pele" or the "Company")
today announced the introduction of real-time market data for Rare
Earth Elements ("REE") on its corporate website. The
data is provided to Pele by Asian Metal, a global information
company serving the metals industry in nearly 200 countries. Price
assessments from Asian Metal serve as the benchmark for contracts
signed by major industry participants worldwide. Pele is the
first mineral exploration and development company to obtain the
right to publish this proprietary information on its website.
Real-time REE market data can be viewed on the Pele website at
www.pelemountain.com.
Pele's 100-percent owned Eco Ridge Mine Uranium and REE project
hosts the full suite of REE, including the highly-valued "heavy"
REE, in significant quantities, along with a NI 43-101 uranium
resource of 6.4 million pounds of "indicated"
U3O8 (5.68 million tonnes grading
0.051-percent U3O8) and 36.1 million pounds
of "inferred" U3O8 (37.26 million tonnes
grading 0.044-percent U3O8). Pele has
retained Scott Wilson Roscoe Postle Associates ("Scott Wilson
RPA") to provide an updated mineral resource estimate that will
include REE for the first time. This new resource estimate is
expected by year-end.
Recently imposed export restrictions have resulted in sharply
higher prices for REEs, sparking a rush to find and bring to
production new REE sources outside of China. Eco Ridge is located in the
Elliot Lake mining camp in
Ontario, Canada, which was the
only mining camp in Canada to have
achieved successful commercial production of REE. With
outstanding regional infrastructure, well-understood geology, and a
politically-stable and mining friendly jurisdiction, the
Elliot Lake camp is ideally
positioned to provide a significant and dependable supply of REE to
the western world.
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 . 11 PR Newswire
