Pele Mountain Resources Inc.

Pele Mountain Resources Inc.

June 05, 2013 09:28 ET

Pele Mountain Shareholders Approve All Matters Presented at the Annual and Special Meeting of the Shareholders

TORONTO, ONTARIO--(Marketwired - June 5, 2013) - Pele Mountain Resources Inc. (TSX VENTURE:GEM)(OTCQX:GOLDF) ("Pele" or the "Company") is pleased to announce that shareholders of the Company have approved all matters voted on at the Company's Annual and Special Meeting of Shareholders held on March 7, 2013 being, namely:

  1. election of management's proposed slate of directors of the Company;
  2. reappointment of Collins Barrow LLP, as the auditors of the Company to hold such office until the close of the next annual meeting of Shareholders;
  3. approving the Company's stock option plan, reserving for grant options to acquire up to a maximum of 10% of the issued and outstanding shares of the Company calculated at the time of each stock option grant;
  4. ratifying and adopting By-law No. 1B, which requires advance notice to the Company of nominations of directors in circumstances where such nominations are made by shareholders other than pursuant to a requisition of a meeting or a shareholder proposal pursuant to the provisions of the Business Corporations Act (Ontario); and
  5. ratifying and adopting the Amended and Restated Shareholder Rights Plan Agreement between the Company and Equity Transfer & Trust Company, which extends the plan for a further 3 years.

More specific details of the matters approved at the Meeting are set forth in a management information circular of the Company dated January 31, 2013 and posted on the System for Electronic Data Analysis and Retrieval (SEDAR) at

About Pele
Pele Mountain Resources is focused on the sustainable development of its 100-percent owned Eco Ridge Mine Rare Earth and Uranium Project. Pele has completed a positive NI 43-101 Preliminary Economic Assessment for Eco Ridge that demonstrates its potential to become a profitable producer of rare earth oxides and uranium oxide. Eco Ridge is located in Elliot Lake, the former "uranium mining capital of the world" and the only Canadian mining camp to have ever achieved commercial rare earth production. Elliot Lake was historically the major source of heavy rare earth production in North America. 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 uranium, critical rare earths and scandium. Pele's shares are listed on the TSX Venture Exchange under the symbol "GEM" and on the OTCQX under the symbol "GOLDF".

Common 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.

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