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Pele Mountain Resources Inc (TSXV:GEM,OTCQX:GOLDF) announced that, while they continue to remain focused on their Eco Ridge Mine Rare Earth and Uranium Project, they have announced the beginning of the Festival Project JV with Goldcorp.
Pele Mountain Resources Inc (TSXV:GEM,OTCQX:GOLDF) announced that, while they continue to remain focused on their Eco Ridge Mine Rare Earth and Uranium Project, they have announced the beginning of the Festival Project JV with Goldcorp.
As quoted in the press release:
The Festival Project is owned by Pele Mountain and Goldcorp under a joint venture that was entered into in 2006 with each company owning 50-percent. Recent spending has been funded primarily by Goldcorp, with Pele electing not to contribute its pro rata share. Accordingly, Goldcorp’s interest will increase to approximately 51-percent of the joint venture and Pele will own approximately 49-percent. Any new work on the property will impact the relative percentage ownership of each party in the joint venture.
Pele Mountain’s President and CEO, Al Shefsky, said:
While we remain squarely focused on the development of our 100-percent owned Eco Ridge Mine Rare Earth and Uranium Project, we are excited to participate in exploration with Goldcorp, Canada’s pre-eminent gold mining company. The Michipicoten Greenstone Belt has a rich production history and is again emerging as an important Canadian gold district. Our interest in Festival provides Pele with the potential for discovery at virtually no cost to the Company.
To view the whole press release, click here.
