The Conversation (0)
Jul. 05, 2011 07:53AM PST
Pele Mountain Resources Inc. (CVE:GEM,OTC:GOLDF) reports its results of a NI 43-101 Preliminary Economic Assessment on its Eco Ridge Mine rare earths and uranium project.
The press release is quoted as saying:
The Project is located in Elliot Lake, Ontario, the only Canadian mining camp to ever achieve commercial REO production and an historically important source of “Heavy” REO in North America. Recent extraordinary REO market developments, sparked by China’s reduction of export quotas, have resulted in sharply higher prices, inciting a rush to find and bring to production new sources outside of China. 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 is focused on transitioning Eco Ridge into the feasibility and licensing stages as it advances the Project toward development and production.
Pele Mountain’s President and CEO, Al Shefsky says:
“We are extremely pleased with this PEA of our Eco Ridge Mine Project. The PEA confirms our long-standing belief that Eco Ridge can be an important future source of rare earths and uranium, perhaps most critically as a secure and reliable long-term source of Heavy REO outside of China. Our project economics are robust and compelling and we are already planning next steps to rapidly advance towards development and production. The Eco Ridge PEA forecasts pre-tax cash-flow exceeding $7.00 per fully diluted Pele share. We do not believe that our stock price currently reflects the value of this important asset.”
Click here to access the entire news release.
Click here to access Pele Mountain’s company profile.(TSXV:GEM,OTC:GOLDF)