The provincial government has granted First Canadian Uranium Inc. two mining leases, giving the company exclusive rights to mine the Eco Ridge Mine Rare Earths and Uranium Project in Elliot Lake.
First Canadian is the wholly owned subsidiary of Pele Mountain Resources Inc.
The leases, which last for 21 years and are renewable, cover an area measuring 3,831 acres that includes the resource wireframe. The leases include surface rights that allow for the siting of project infrastructure and processing facilities, and total rent payable is $4,651.61 under the leases.
“The receipt of our mining leases marks another important milestone on the path to development at Eco Ridge,” said Pele president Al Shefsky in a news release. “We recently updated the project's NI 43-101 compliant resources with the inclusion of rare earth oxide (REO) resources for the first time, along with a significant upgrade in uranium oxide (U3O8) resources.”
Shefsky said the company is on track to deliver an updated NI 43-101 preliminary assessment in June that will “incorporate design enhancements achieved since the initial positive scoping study in 2007. An economic model will also be provided, based on revenues from both REO and U3O8.
“The PA will also include a schedule of activities necessary to advance the project through the feasibility and licensing stages,” Shefskey said. “We believe Eco Ridge contains an important future source of heavy REO and U3O8, and we are determined to rapidly advance its development.”
In 2009, First Canadian entered into a 21-year lease for surface patents on mining claims at Eco Ridge where mine portals and other mining and processing infrastructure may be located.
.jpeg;w=120;h=80;mode=crop)
