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TORONTO, ONTARIO–(Dec. 2, 2014) – Pele Mountain Resources Inc. (TSX VENTURE:GEM)(OTCQX:GOLDF) (“Pele” or the “Company”) announced today that the Mayor and Council of the City of Elliot Lake have unanimously approved the issuance of a Letter of Support for Pele’s recently announced initiative to recycle high-grade rare earth bearing monazite in Elliot Lake, Ontario.
Elliot Lake Mayor Dan Marchisella stated, “The City of Elliot Lake welcomes and supports Pele’s plans for the sustainable development of a monazite recycling operation to produce rare earths in Elliot Lake. The project has excellent potential to bring high-paying jobs to our City and can support value added processing and green energy manufacturing in Northern Ontario. As our City Council begins its new 4-year mandate, we will proactively support sustainable economic development in our City.”
Pele President Al Shefsky stated, “We are very pleased to receive this support from the Mayor and the Council. We believe that monazite recycling is the most effective way to kick start the sustainable development of a low cost, early-to-market, critical rare earths supply chain in Elliot Lake.”
The expansion of Pele’s business model is designed to achieve relatively low cost, early-to-market critical rare earth production at the same location as its Eco Ridge Mine Rare Earth and Uranium Project (“Eco Ridge”). The monazite will be sourced from mineral sands mine tailings in countries that embrace sustainable mining practices and are allied trading partners with Canada. Pele is engaged with all levels of government, local communities and First Nations, rare earth industry leaders, and end users of rare earths to advance the sustainable development of Canada’s first critical rare earth supply chain in Elliot Lake.
Elliot Lake is Canada’s only proven historic critical rare earth mining camp, offering many competitive advantages as the hub of an early-to-market critical rare earth supply chain. It has outstanding regional infrastructure including highways, railway, electricity, natural gas, airport, deep-water ports, and a qualified workforce. The City also hosts vast undeveloped rare earth and uranium resources, such as those at Eco Ridge.
Pele Mountain Resources is focused on the sustainable development of a low cost, early to market, critical rare earth supply chain by recycling imported, high-grade rare earth bearing monazite in Elliot Lake, Ontario, at the same location as its Eco Ridge Mine Rare Earth and Uranium Project. Recycling monazite presents a relatively low CAPEX approach to producing critical rare earths and, ultimately, can support the development of Eco Ridge. Pele is engaged with government, First Nations, local communities, and rare earth industry leaders and end users to achieve this objective.
With excellent regional infrastructure and strong local support, Elliot Lake is an ideal location for production of a safe, secure, and reliable supply of critical rare earths and uranium. Eco Ridge continues to provide Pele shareholders with exposure and leverage to rare earth and uranium prices. Pele shares are listed on the TSX Venture Exchange under the symbol “GEM” and on the OTCQX under the symbol “GOLDF”.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe Pele’s future plans, objectives or goals, including words to the effect that Pele or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. The economic viability of the 43-101 mineral resource at Pele’s Elliot Lake Project has not yet been demonstrated by a preliminary feasibility study.
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