TORONTO, Jan. 4 /PRNewswire/ -- Pele Mountain Resources (TSX-V:GEM) is a Canadian mineral exploration and development company focused on the sustainable development of its 100% owned flagship Eco Ridge Mine Uranium and Rare Earth Elements ("REE") Project in Elliot Lake, Ontario. The vast uranium and REE mineralization at Eco Ridge provides Pele investors with outstanding leverage to these critical metals. Very shortly, Pele expects to release an updated NI 43-101 resource estimate that will include both uranium and Rare Earth Oxides ("REO") for the first time.
As the uranium market continues firming and extreme tightness in the REE market persists, market prices for uranium and REE remain exceptionally strong. Particularly, the uncertainty regarding long-term REE supplies has led to a rush to develop REE resources outside of China. At MoneyinMetals.com, we believe that Eco Ridge possesses strategic advantages that may place it ahead of its competitors in the race to bring these resources to production.
-- Eco Ridge lies within a proven mining camp with well-understood geology, in-place infrastructure, and which has produced more than 300 million pounds of uranium. Elliot Lake is the only Canadian mining camp to reach commercial REO production and was once the primary source of heavy REO in North America. -- The goal is for Eco Ridge to be a uranium mine that would produce REO as by-products. Therefore, it isn't wholly dependent on the increasingly volatile REE market. Furthermore, Pele has reported good recoveries of Yttrium & heavy REO that would be available in the uranium leach solutions without additional mining or processing costs! -- Eco Ridge can offer a secure and reliable REO source with minimal geopolitical risk and with strong local support for project development.
Pele Mountain has invested considerable effort optimizing the mining, processing, and waste management plans at Eco Ridge. Although, the market environment may remain speculative with respect to uranium and REE pricing, Pele Mountain is positioned to be a leader among the emerging developers of these strategic metals.
Forward-Looking Statements: Some of the statements contained in the above article are forward looking statements and not statements of facts. Such statements are based on publically available information contained in Pele Mountain Resources' press releases or assumptions made from other publicly available documents. Forward looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from expected results. Readers must rely on their own evaluation of these uncertainties.
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