TORONTO, ONTARIO — (Marketwire) — 10/24/12 — Pele Mountain Resources Inc. (TSX VENTURE: GEM)(OTCQX: GOLDF) („Pele“ or the „Company“) announced today that its bench scale metallurgical testing program has achieved a significant milestone with the production of a mixed rare earth carbonate concentrate along with uranium oxide („U3O8“), also known as yellow cake. The metallurgical testing is being conducted at Saskatchewan Research Council („SRC“) using HQ-size drill core samples from Pele-s 100-percent owned Eco Ridge Mine Rare Earths and Uranium Project („Eco Ridge“) in Elliot Lake, Ontario.
Pele has tested the basic processing circuit elements that were the basis of its NI 43-101 Preliminary Economic Assessment („PEA“) including pre-concentration using flotation and high intensity magnetic separation, acid baking and leaching, purification of leach solutions, solvent extraction to recover uranium oxide (yellow cake), and precipitation of a mixed rare earth carbonate concentrate. Pele is now advancing processing optimization studies in order to expedite preparations for pilot plant testing and the submission of its updated Project Description to government regulators. Pele remains focused on its objective to obtain a license to construct its Eco Ridge Mine in 2015.
Al Shefsky, President of Pele stated, „Our production of mixed rare earth concentrates and yellow cake is an important metallurgical processing milestone and confirms that Pele Mountain is a clear leader in the race to develop secure and reliable supplies of critical rare earths in North America. We have achieved this excellent progress with the help of a very talented and dedicated team including the proactive and very capable personnel at SRC.“
Eco Ridge has competitive advantages that may enable its development ahead of other rare earth projects, including:
For further information about the PEA, please see Pele-s press release of
This press release has been reviewed and approved by Roger Payne P. Eng., Pele-s Executive Vice President and a Qualified Person under NI 43-101.
About Pele
Pele Mountain Resources is exploring and developing rare earth projects in the only two North American mining camps to ever achieve significant commercial rare earth production from hard rock mining: Mountain Pass, California and Elliot Lake, Ontario. Mountain Pass is North America-s premier rare earth mining camp and Elliot Lake was once the major source of heavy rare earth, yttrium and uranium production in North America. Both locations offer compelling competitive advantages compared to other emerging rare earth development projects, including extensive existing regional infrastructure, favourable mineralogy and metallurgy, and political stability. Pele-s shares are listed on the TSX Venture Exchange under the symbol „GEM“ and on the OTCQX under the symbol „GOLDF“.
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.
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.
Contacts: Pele Mountain Resources Inc. Al Shefsky President (800) 315-7353
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