Pele Mountain Resources Announces Economic Assessment

Pele Mountain Resources Inc. (TSXV:GEM,OTCQX:GOLDF) announced the filing of its updated preliminary economic assessment on its Eco Ridge Mine rare earths and uranium project.

As quoted in the press release:

The PEA was prepared by Roscoe Postle Associates Inc. (“RPA”) and demonstrates that Eco Ridge has excellent potential to become a profitable producer of rare earth oxides (“REO”) and uranium oxide (“U3O8″).

Since publication of its previous PEA in July 2011, Pele has pursued opportunities for processing improvements at Eco Ridge. As reported in Pele’s press release dated April 16, 2012, the updated PEA demonstrates that the predominant monazite rare earth mineralogy allows for excellent recovery with acid baking methods, improving recoveries by more than 10-fold for Light REO, by more than double for Heavy REO, and by nearly 30-percent for U3O8. The projected financial benefits from sharply higher rare earth recoveries far outweigh associated capital and operating cost increases and more conservative forecast commodity pricing.

Click here to read the Pele Mountain Resources Inc. (TSXV:GEM) press release.