The City of Elliot Lake Expresses Public Support for Development of Pele Mountain's Eco Ridge Mine Project
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 09/05/12 -- Pele Mountain Resources Inc. (TSX VENTURE: GEM)(OTCQX: GOLDF) ("Pele" or the "Company") today reported the receipt of a letter of support from the Council of the City of Elliot Lake, Ontario, for the development of Pele's Eco Ridge Mine Rare Earths and Uranium Project.
The letter, which was unanimously approved by City Council and signed by Mayor Rick Hamilton, states that, "As we have repeatedly stated on-record, the City of Elliot Lake promotes and encourages economic development including the responsible development of mining operations that can deliver sustainable, long-term benefits to our community." The letter also states, "The involvement of these talented and experienced mining professionals (Pele's Executive V-P Roger Payne and consulting engineers with long-term ties to Elliot Lake) promotes our confidence that your project will be advanced according to the highest industry standards". The letter concludes, "We hereby express our support for the development of the Eco Ridge Mine Rare Earths and Uranium Project."
The full text of the letter can be viewed at .
Pele President and CEO Al Shefsky commented: "We are honoured to receive this public statement of strong support from Mayor Rick Hamilton and the City Council. We are committed to the pursuit of responsible development at Eco Ridge, which we firmly believe will deliver long-term sustainable benefits to Elliot Lake and nearby communities. Our Eco Ridge Mine project has established Elliot Lake, Ontario as a clear leader in the ongoing race to develop new sources of critical rare earths outside of China."
Eco Ridge has competitive advantages that may enable its development ahead of other rare earth projects, including:
About Pele
Pele Mountain Resources, a leader in Canadian rare earth development, is focused on the sustainable development of its 100-percent owned Eco Ridge Mine Rare Earths and Uranium Project. Eco Ridge is located in Elliot Lake, the only Canadian mining camp to have ever achieved commercial rare earth production. At one time, Elliot Lake supplied 35-percent of the world's yttrium. With well-understood geology, mineralogy, and metallurgy, excellent regional infrastructure, and strong local support, Eco Ridge is an ideal location for a safe, secure, and reliable long-term supply of rare earths and U3O8. Pele has also entered into an agreement to purchase the Simon Rare Earth Claims in Mountain Pass, California. Pele's shares are listed on the TSX Venture Exchange under the symbol "GEM" and on the OTCQX under the symbol "GOLDF".
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.
Shares Outstanding: 148,951,246
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.
Contacts:
Pele Mountain Resources
Al Shefsky
President
(800) 315-7353
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Datum: 05.09.2012 - 14:17 Uhr
Sprache: Deutsch
News-ID 180570
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TORONTO, ONTARIO
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Mining & Metals
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