Pele Mountain Presents Testimony to Parliamentary Committee on Natural Resources
03 Mars 2014 - 3:00PM
Marketwired
Pele Mountain Presents Testimony to Parliamentary Committee on
Natural Resources
TORONTO, ONTARIO--(Marketwired - Mar 3, 2014) - Pele Mountain
Resources Inc. (TSX-VENTURE:GEM)(OTCQX:GOLDF) ("Pele" or the
"Company") announced today that its President, Al Shefsky,
testified via video conference at the February 25, 2014
Parliamentary hearing on the "Rare Earths Industry in Canada"
before the Standing Committee on Natural Resources in Canada's
House of Commons.
In his testimony, Mr. Shefsky advocated for Canada to implement
a National Strategy to facilitate the sustainable development of a
supply chain that includes critical rare earth production and
separation in Canada within the next 3 to 5 years. With its
world-class deposits, including Pele's Eco Ridge Mine Rare Earth
and Uranium Project ("Eco Ridge"), Canada is in a unique position
to not only produce critical rare earths, but to create its own
supply chain to support value added manufacturing in Canada.
Mr. Shefsky stated, "Canada must recognize that it is in a race.
Canada has significant advantages in this race - we can lead and
win, but we must act decisively. If Canada does not adopt such a
National Strategy it will lose an extraordinary opportunity for
economic growth and employment to foreign competitors who are
investing heavily to seize this opportunity. We are encouraged that
our government is focusing on this important issue that is so vital
to Canadian interests."
Specifically, Mr. Shefsky suggested that such a National
Strategy include the following three actions:
- Canada should publicly declare its commitment to achieving
commercial production of separated critical rare earths in Canada
within 3 to 5 years. This is an achievable goal and would motivate
end-users seeking security of supply to work with Canadian rare
earth developers as a source for their product lines.
- Canada should prioritize financial and technical support to
emerging developers of critical rare earth deposits who can supply
the market within 3 to 5 years and whose development plans are
aligned with Canada's interests, i.e. those developers that are
able to produce critical rare earths in Canada, to be separated in
Canada, supporting downstream value-added manufacturing
opportunities in Canada.
- Canada should provide logistical support for a strategic
alliance with a non-sovereign company that has the expertise and
experience to build and operate a rare earth separation plant in
Canada. The rare earth separation plant is an essential link
between Canada's resources and downstream value chains.
To listen to the audio testimony please click here. To read the
testimony please click here.
Pele Mountain Resources is developing the Eco Ridge Mine Rare
Earth and Uranium Project in Elliot Lake, Ontario. Elliot Lake is
home to one of Canada's great historic mining camps, and offers
several competitive advantages in the race to develop an
early-to-market rare earth supply chain.
Elliot Lake…
- is Canada's only proven historic critical rare earth mining
camp and it also produced more than 300-million pounds of
uranium;
- has vast and accessible critical rare earth resources and the
geology, mineralogy, and pathway to production are well
understood;
- has outstanding regional infrastructure already in place
including highways, railway, electricity, natural gas, airport, and
deep-water ports.
The City of Elliot Lake supports the development of Pele
Mountain's Eco Ridge Mine Project and has said so publicly. Pele's
development team has operational experience in Elliot Lake from
some of its most productive years.
Pele is collaborating with all levels of government, local First
Nations, the private sector, and academia to advance the
sustainable development of Canada's first critical rare earth
supply chain.
About Pele
Pele Mountain Resources 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. With well-understood geology and mineralogy, excellent
regional infrastructure, and strong local support, Eco Ridge is an
ideal location for the development of a safe, secure, and reliable
long-term supply of critical rare earths and uranium. Pele's shares
are listed on the TSX Venture Exchange under the symbol "GEM" and
on the OTCQX under the symbol "GOLDF".
Shares Outstanding : 153,151,246
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. 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.
Al Shefsky, President(800) 315-7353www.pelemountain.com
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