Pele Mountain Resources (TSX.V - GEM) Updates Economic Model to Include Revenue from Rare Earths From Eco Ridge Mine Project - Video Highlights of MoneyinMetals Report
(Thomson Reuters ONE) -
Toronto, Ontario, March 31, 2011 - Mining Analyst, Mark Weaver, of
MoneyinMetals.com issued a report on Pele Mountain Resources, which trades under
the symbol GEM on the TSX Venture Exchange.
Pele Mountain recently announced NI 43-101 resources of 52 million pounds of
indicated total rare earth oxides plus another 96 million pounds of total rare
earth oxides in the inferred category.
The rare earth resources are in addition to 15 million pounds of indicated
uranium oxide plus another 31 million pounds in the inferred category, which
were announced in January.
To view the video highlights of Mark Waever's MoneyinMetals report for Pele
Mountain, please click here. If this link is not enabled, please cut and paste:
http://www.investmentpitch.com/media/837/Pele_Mountain_Resources_-_TSX.V:_GEM_-
_News_Alert/
Pele President and CEO Al Shefsky stated, "Our new rare earth 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."
Mark Weaver reports:
Further reductions in export volume by China are again resulting in higher
prices for rare earth CNBC reported last week that China's exports of rare earth
metals burst through the $100,000 per tonne mark for the first time in February,
up almost 9-fold from last year, while the volume of trade remains below
historical averages. Money in Metals believes this news bodes well for Pele
Mountain.
Pele's Eco Ridge Mine project is located in Elliot Lake, Ontario, which is the
only mining camp in Canada that successfully achieved commercial production of
rare earth oxides in the past. Additionally:
* Eco Ridge contains the full range of naturally occurring rare earth oxides,
including the highly valued "heavy" rare earth oxides.
* Elliot Lake was one of the most important sources of heavy rare earth oxides
in North America.
* The project has the potential to be a primary uranium mine that would
produce rare earth oxides as by-products, and would not be wholly dependent
on the volatile rare earth oxide market.
* The mining and processing method to recover uranium at Eco Ridge will also
recover the rare earth oxides into the leach solutions, at no extra cost.
* Eco Ridge has well-understood geology and lies within a politically stable
and mining-friendly jurisdiction.
Pele Mountain's team of technical personnel, advisors, and consultants is
working to optimize mining, processing, and waste management techniques at Eco
Ridge and an updated Preliminary Assessment is expected in the second quarter of
2011. The Preliminary Assessment will feature a detailed economic model based
on combined revenues from both uranium oxides and rare earth oxides for the
first time and will include design enhancements achieved since Pele's initial
Scoping Study in 2007. With globally significant uranium and rare earth
resources, excellent regional infrastructure, and strong local support, Eco
Ridge provides an ideal location for a safe, secure, and reliable long-term
supply of these critical metals.
For more information, including resource estimates for the individual rare earth
oxides, please visit Pele Mountain's website at www.pelemountain.com or contact
them at 800-315-7353 or by email info(at)pelemountain.com
Mark Weaver, of MoneyinMetals.com is an analyst working in association with Jay
Taylor of Taylor Hard Money Advisors. Mark Weaver began coverage on Pele
Mountain in October 2010, when its stock was trading in the market at $0.17.
CONTACT:
Pele Mountain Resources
Al Shefsky, President and CEO
800-315-7353
info(at)pelemountain.com
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 31.03.2011 - 15:23 Uhr
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News-ID 53028
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