Published on: 2/11/2013 10:19:02 AM Print | Font Sizes:  Normal Text Large Text

Pele Mountain releases drill results


By: Northern Ontario Business staff

Pele Mountain Resources has released the results of a 13-hole drill program that began in October at its Elliot Lake uranium project.

The company says results of drill program demonstrate the Eco Ridge Mine Rare Earths and Uranium Project’s potential to become a profitable producer of rare earth oxides and uranium oxide. The company released an updated positive economic assessment (PEA) last summer.

“These results continue to exceed expectations and have the potential to add substantial resources and years of mine life to the project,” said Al Shefsky, Pele’s president and CEO, in a news release. “The (main conglomerate bed) clearly continues to the northwest and the mineralized intersections appear to be increasing in thickness and grade to the northwest, as depth increases.”

“We are also greatly encouraged and intrigued by the discovery of much thicker zones of mineralization in the Stinson member,” he added. “With true thicknesses up to nearly 28 metres, this new discovery represents an exciting new exploration opportunity for the project.”

The project is aiming for production of 9,000 tonnes per day of total rare earth oxides and 27.5 million pounds of uranium over an 11-year mine life. Gross revenue over the mine life is estimated at $5.9 billion.

Details of the drill results are available at www.pelemountain.com.

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