Symbol: GEM
Listing: TSX Venture Exchange
Common Shares Outstanding: 133,918,746
TORONTO, May 3 /PRNewswire/ - Pele Mountain Resources Inc.
(TSX Venture: GEM; OTCQX:GOLDF) ("Pele" or the
"Company") announced today that its shares have commenced
trading in the United States on
the OTC market's prestigious tier, OTCQX International.
Investors can find current financial disclosure and Real-Time Level
2 quotes for the Company on www.otcqx.com and www.otcmarkets.com.
Pele's U.S. trading symbol is "GOLDF". Pele's shares
are also listed on Canada's TSX
Venture Exchange under the symbol "GEM".
Pele President and CEO
Al Shefsky stated, "With rapidly
increasing interest in our Eco Ridge Mine Rare Earths and Uranium
Project and our portfolio of Northern
Ontario gold properties, we are pleased to begin trading on
OTCQX International. The OTCQX will provide Pele with a
cost-effective means of enhancing its visibility and liquidity,
benefiting all of our investors, especially those residing in
the United States."
Pele anticipates delivery of an updated Preliminary Assessment
for Eco Ridge, including economic
modeling and a timeline for advancing the project through the
feasibility and licensing stages, during the current calendar
quarter. Pele recently received an updated NI 43-101 Resource
Estimate for Eco Ridge which, for
the first time, included both rare earth oxides and uranium
oxide. The Eco Ridge Resource Estimate can be viewed at:
http://www.pelemountain.com/mineral-resources.php.
The OTCQX is the premium tier of the OTC marketplace, providing
Pele with exposure to American institutional and retail
investors. OTCQX International is reserved for companies that
are listed on a qualified stock exchange in their home country,
providing a visible presence in the U.S., without the duplicative
regulatory burdens of a traditional U.S. exchange listing.
Merriman Capital, Inc. of San
Francisco will serve as Pele's Principal American Liaison
("PAL") on OTCQX International, and will be responsible for
providing guidance on OTCQX requirements and compliance with U.S.
securities laws. Merriman Capital, Inc. is a wholly-owned
subsidiary of Merriman Holdings, Inc. (NASDAQ: MERR) and is a
member of FINRA and SIPC.
About Pele
Pele Mountain Resources is focused on the sustainable
development of its 100-percent owned Eco Ridge Mine Rare Earths and
Uranium Project. Eco Ridge is
one of very few North American deposits with NI 43-101 compliant
REO resources and is located in Elliot
Lake, the only Canadian mining camp to have ever achieved
commercial REO production. An updated Preliminary Assessment
is on schedule for expected delivery during the second quarter of
2011, incorporating design enhancements achieved since the initial
positive Scoping Study in 2007 and, for the first time, providing a
detailed economic model based on revenues from both REO and
U3O8. With well-understood geology,
excellent regional infrastructure, and strong local support,
Eco Ridge is an ideal location for a
safe, secure, and reliable long-term supply of REO and
U3O8. Pele also holds interests in a
portfolio of Northern Ontario gold
properties at Highland and Ardeen. Pele's shares are listed
on the TSX Venture Exchange under the symbol "GEM" and on
the OTCQX under the symbol "GOLDF".
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the world's
largest electronic marketplace for broker-dealers to trade unlisted
stocks. The OTC Link™ platform supports an open
network of competing broker-dealers that provide investors with the
best prices in over 10,000 OTC securities. In 2010,
securities on OTC Link traded over $144
billion in dollar volume, making it the third largest U.S.
equity trading venue after NASDAQ and the New York Stock Exchange.
The wide spectrum of OTC-traded companies can be categorized
into three tiers - OTCQX (the quality-controlled marketplace for
investor friendly companies), OTCQB® (the U.S. reporting
company marketplace for development stage companies), and OTC
Pink™ (the speculative trading marketplace) - so
investors can identify the level and quality of information
companies provide. To learn more about how OTC Markets Group
makes the unlisted markets more transparent, informed, and
efficient, visit www.otcmarkets.com.
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.
