TORONTO, ONTARIO--(Marketwired - Jan. 7, 2014) - Pele Mountain Resources Inc. (TSX VENTURE:GEM)(OTCQX:GOLDF) ("Pele" or the "Company") announced today that its Eco Ridge Mine Rare Earth and Uranium Project ("Eco Ridge") was recently featured on "360", an in-depth news program aired on Ontario's French language educational and cultural public television station, TFO. The episode "Les terres rares" can be found on TFO's YouTube page or, with English subtitles, on the Pele website at http://pelemountain.com/indexnew.php.
The episode explores the premise that rare earths constitute "the oil of the 21st century", and highlights the importance of rare earths in a wide variety of green energy, military defense, and other high technology applications. The program includes video from Pele's Eco Ridge Mine project, which is located in Elliot Lake, Ontario, the only mining camp in Canada that has produced rare earths commercially.
Eco Ridge has several competitive advantages that differentiate it from other emerging rare earth producers including:
- Located in Elliot Lake, a proven historic Heavy Rare Earth mining camp.
- Forecast revenue from Uranium production to cover operating costs, mitigating financial risk.
- Well-understood pathway to production.
- Outstanding regional infrastructure and enthusiastic local support.
- World-class development team with decades of Elliot Lake experience.
China controls about 90-percent of global rare earth production and nearly 99-percent of global heavy rare earth production and has imposed restrictions on the export of rare earths. Pele is focused on the sustainable development of a secure critical rare earth supply chain in Elliot Lake that can support value-added manufacturing in North America.
Pele Mountain Resources is focused on the sustainable development of its 100-percent owned Eco Ridge Mine Rare Earth and Uranium Project. 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".
For further information please visit the Pele website at www.pelemountain.com.
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.
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