Pele Mountain Resources Inc. (CVE:GEM) reports the completion of a NI 43-101 Resource Estimate for both uranium oxide and rare earth oxides at its Eco Ridge mine uranium and rare earths project, Elliot Lake, Ontario.

Pele Mountain Resources Inc. (TSXV:GEM) reports the completion of a NI 43-101 Resource Estimate for both uranium oxide and rare earth oxides at its Eco Ridge mine uranium and rare earths project, Elliot Lake, Ontario.

The press release is quoted as saying:

The Resource Estimate includes 51.9-million pounds of “Indicated” total rare earth oxides (“TREO”) plus an additional 96.3-million pounds of “Inferred” TREO. These resources are in addition to 15.2-million pounds of Indicated uranium oxide (“U₃O₈“) plus an additional 31.4-million pounds of Inferred U₃O₈, which was announced in Pele’s press release dated January 24, 2011.

Pele’s President and CEO, Al Shefsky says:

“Our new REO resource is exciting because it provides a potentially significant source of by-product revenue at Eco Ridge and it places Pele on a short list of emerging North American rare earth developers. Our next priority at Eco Ridge is the completion of an updated NI 43-101 Preliminary Assessment (“PA”), which is expected in the second quarter of 2011. The PA will feature a detailed economic model based on combined revenues from U₃O₈ and REO and will include significant mining, processing, and waste management design enhancements achieved since our initial 2007 Scoping Study. We believe Eco Ridge contains an important future source of U₃O₈ and REO and we are determined to rapidly advance its development.”

Click here to access the entire news release.