Pele Mountain Updates Progress at Its Eco Ridge Mine Rare Earth and Uranium Project
19 Mars 2014 - 6:26PM
Marketwired
Pele Mountain Updates Progress at Its Eco Ridge Mine Rare Earth and
Uranium Project
TORONTO, ONTARIO--(Marketwired - Mar 19, 2014) - Pele Mountain
Resources Inc. (TSX-VENTURE:GEM)(OTCQX:GOLDF) ("Pele" or the
"Company") today provided an update on its Eco Ridge Mine Rare
Earth and Uranium Project ("Eco Ridge") in Elliot Lake,
Ontario.
Pele continues to achieve progress toward its primary corporate
objective: the sustainable development of Eco Ridge. The Company
continues to advance a processing optimization test program in
preparation for a small-scale pilot processing operation. Pele
recently performed a suite of flotation tests that successfully
demonstrated that most of the pyrite in the main conglomerate bed
can be effectively separated from the rest of the mineralization
without a significant loss of rare earths or uranium.
Pele's Executive Vice-President Roger Payne stated, "The
separation of pyrite from other mineralization at Eco Ridge is an
important development because its removal early in the process can
facilitate a more environmentally sound disposal method. Wastes,
including pyrite, can be returned underground as cemented backfill
at Eco Ridge. The early removal of pyrite would also reduce the
mass of concentrates reporting to downstream units of the
processing circuit, creating potential savings in OPEX and
CAPEX."
Pele remains engaged in discussions with rare earth and uranium
end-users in pursuit of long-term off-take agreements and/or
strategic partnerships to support development funding. Pele also
remains engaged with governments, the private sector, local
communities, and academic institutions, and has mobilized a world
class team to develop the next generation of rare earth and uranium
production in Elliot Lake.
The technical information in this Press Release has been
reviewed and approved by Pele's Executive Vice President, Roger
Payne P. Eng. a Qualified Person under NI 43-101.
Pele is focused on the sustainable development of its
100-percent owned Eco Ridge Mine project, located in Elliot Lake,
Ontario, the only Canadian mining camp to ever achieve 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 supply of critical rare earths and uranium. Pele also
owns strategic mining claims containing high grade rare earth
mineralization at Mountain Pass, California, just 1800 metres from
Molycorp's open pit mine. Pele's 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.
Shares Outstanding: 165,529,198
Pele Mountain Resources Inc.Al ShefskyPresident(800)
315-7353www.pelemountain.com
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