The Conversation (0)
Pele Mountain Resources Inc. (CVE:GEM,OTC:GOLDF) reports that the Province of Ontario has granted two mining leases to its Eco Ridge REE and uranium project.
The press release is quoted as saying:
The Mining Leases give Pele the exclusive right to mine the Eco Ridge deposit and include surface rights that allow for siting of project infrastructure and processing facilities. The Mining Leases are for a period of 21 years (commencing on March 1, 2011) and are renewable.
Pele Mountain’s President and CEO, Al Shefsky says:
“The receipt of our Mining Leases marks another important milestone on the path to development at Eco Ridge. We recently updated the project’s NI 43-101 compliant resources with the inclusion of rare earth oxide (“REO”) resources for the first time, along with a significant upgrade in uranium oxide (“U3O8“) resources. We remain on schedule to deliver an updated NI 43-101 Preliminary Assessment (“PA”) next month that will incorporate design enhancements achieved since the initial positive Scoping Study in 2007 and, for the first time, providing an economic model based on revenues from both REO and U3O8. The PA will also include a schedule of activities necessary to advance the project through the feasibility and licensing stages. We believe Eco Ridge contains an important future source of heavy REO and U3O8 and we are determined to rapidly advance its development.”