Pele Mountain Introduces Real-Time Rare Earth Element Market Data on Its Corporate Website |
| Newswire.ca - Nov 11, 2010 |
TORONTO, Nov. 11 /CNW/ - 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.
For further information:
Al Shefsky, President, at (800) 315-7353, or visit the Pele website at www.pelemountain.com.
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- Posted: 2010-11-11 07:43:16
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