July 27, 2011
Roger Payne Named Executive Vice-President at Pele Mountain
Listing: TSX Venture Exchange
Common Shares Outstanding: 133,938,746
TORONTO, July 27, 2011 /PRNewswire/ - Pele Mountain Resources Inc. (TSXV: GEM) (OTCQX: GOLDF) ("Pele" or the "Company") announced today that Roger Payne, P.Eng., has accepted an appointment
to serve as Executive Vice-President of Pele, effective immediately.
in Europe, Africa, and the Americas, including nearly 20 years in the
Elliot Lake mining camp with Rio Algom Limited. After serving in a
number of technical positions, he ultimately oversaw the exemplary and
precedent-setting mine closure process at Elliot Lake through the
1990s, serving as Manager of Environment & Decommissioning and then as
General Manager. He has contributed to Pele as a consultant at its Eco
Ridge Mine Rare Earths and Uranium Project since 2008.
Pele President and CEO Al Shefsky stated, "Roger's experience in the
Elliot Lake camp is unparalleled. His project management expertise and
professional relationships with local communities, regulatory agencies,
and technical consultants are invaluable as we prepare for sustainable
development at Eco Ridge. His knowledge and proficiency regarding all
facets of the mining life cycle in Elliot Lake adds great depth to our
management team. It is a privilege to welcome Roger to Pele Mountain."
Mr. Payne stated, "As a consultant to the Eco Ridge Mine project over
the last several years, I'm impressed with its steady course of
progress. The management and technical service providers at Eco Ridge
are first-class and have clearly demonstrated the seriousness and
outstanding potential of this project. Mr. Shefsky and his team should
be commended for their efforts to-date. I'm very pleased to be
associated with Pele and Eco Ridge."
Mr. Payne joins Pele's technical advisors Drs. Tony Mariano and William
Bird along with several highly qualified consulting firms including SNC
Lavalin, Roscoe Postle Associates ("RPA"), SRK Consulting, and MIRARCO. Pele is assembling a world-class team
to advance mine development at Eco Ridge.
Pele also announced today that Fergus Kerr has stepped down as Vice
President of Uranium Operations. Mr. Shefsky commented, "We would like
to express deep gratitude to Mr. Kerr for his outstanding contributions
at Eco Ridge. We look forward to a continued working relationship with
Fergus as a consultant to the Company."
Pele's Preliminary Economic Assessment(1 )(the "PEA") of Eco Ridge, prepared by RPA, demonstrates its potential to become a
profitable producer of rare earth oxides ("REO") and uranium oxide ("U(3)O(8)"). The PEA forecasts cumulative production of 10.7-million pounds of
Total REO and 24.9-million pounds of U(3)O(8) over a 14-year mine life with pre-tax cash flow of US$1.31-billion, a
positive NPV of $662-million (at a 7.5% discount rate), and an IRR of
47-percent. For more details on the PEA, please see Pele's press release dated July 5, 2011
Pele Mountain Resources is focused on the sustainable development of its
100-percent owned Eco Ridge Mine Rare Earths and Uranium Project. Eco
Ridge is one of very few North American Rare Earths deposits that has
completed a NI 43-101 Preliminary Economic Assessment with robust
economics and is located in Elliot Lake, the only Canadian mining camp
to have ever achieved commercial REO production. With well-understood
geology, excellent regional infrastructure, and strong local support,
Eco Ridge is an ideal location for a safe, secure, and reliable
long-term supply of REO and U(3)O(8). Pele also holds interests in a portfolio of Northern Ontario gold
properties at Highland and Ardeen. Pele's shares are listed on the TSX
Venture Exchange under the symbol "GEM" and on the OTCQX under the symbol "GOLDF".
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.
SOURCE Pele Mountain Resources Inc.