Shares of Pele Mountain Resources Inc. have begun trading in the U.S. on the OTC market's OTCQX International tier under the GOLDF trading symbol.
The OTCQX facilitates the trading of shares between independent brokers, and Pele expects the move will provide increased exposure to American institutional and retail investors.
“With rapidly increasing interest in our Eco Ridge Mine Rare Earths and Uranium Project, and our portfolio of Northern Ontario gold properties, we are pleased to begin trading on OTCQX International,” said Al Shefsky, Pele Mountain president and CEO, in a news release. “The OTCQX will provide Pele with a cost-effective means of enhancing its visibility and liquidity, benefitting all of our investors, especially those residing in the United States.”
In January, an updated NI 43-101 resource estimate for Eco Ridge showed a major increase in indicated uranium oxide, which more than doubled to 15.2 million pounds (14.3 million tonnes at 0.048 per cent U3O8), with an additional inferred U3O8 resource of 31.4 million pounds (33.1 million tonnes at 0.043 percent U3O8).
The company said it anticipates providing an updated preliminary assessment for Eco Ridge, including economic modelling and a timeline for advancing the project through the feasibility and licensing stages, during the current quarter.
It will additionally include a detailed economic model based on combined revenues from uranium oxide and rare earth oxides, and will include mining, processing, and waste management design enhancements achieved since the initial 2007 scoping study.
Pele Mountain is focused on the sustainable development of the 100-per cent owned Eco Ridge Mine Rare Earths and Uranium Project in Elliot Lake as a primary uranium mine, producing rare earth elements as a by-product.
OTCQX is the world's largest electronic marketplace for broker-dealers to trade unlisted stocks.
The company also trades on Canada's TSX Venture Exchange under the trading symbol GEM.
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