TORONTO, ONTARIO--(MARKET WIRE)--Aug 26, 2008 -- Pele Mountain Resources Inc. (CDNX:
GEM.V -
News) ("Pele" or the
"Company") today announced that it has assembled a world-class
technical team to develop its recently-named Eco Ridge Mine
project in Northern Ontario's historic Elliot Lake uranium
camp. In October 2007, Pele received a positive scoping
study for the project which outlined a NI 43-101 compliant
resource of 6.4 million pounds of "indicated" U3O8 and 36.1
million pounds of "inferred" U3O8 and which provided the
basis for an economically-viable, environmentally-compliant
uranium mining and processing operation.(1)
Complementing Vice President of Uranium Operations Fergus
Kerr, whose 35-year career includes 14 years in Elliot Lake
with Denison Mines, Pele's technical team now also includes
industry veterans Roger Payne and Don Hovdebo, as well as
SRK Consulting and SNC Lavalin. Pele has also engaged leading
strategic communications firm, Hill & Knowlton, to assist
the Company in advancing the Eco Ridge Mine project.
"The name 'Eco Ridge Mine' reflects our commitment to sustainable
development as we lead the next generation of uranium mining
at Elliot Lake," explained Pele President and CEO Al Shefsky.
"The name was carefully chosen to convey the unique nature
of our project. Our top-notch technical team is leveraging
leading-edge, environmentally-friendly technologies never
before deployed in Canadian uranium mining to develop a
safe, secure, and reliable operation that, we believe, will
deliver significant long term benefits to the region and
to our shareholders."
Mr. Kerr added, "Our team is committed to achieving environmental,
economic, and social sustainability at Eco Ridge. Every
phase of this project, from development through operation
and decommissioning, is being designed to safeguard the
environment while providing Canada with a dependable, long-term
energy source."
Mr. Kerr is leading efforts to finalize the license application
and project description for submission to the Canadian Nuclear
Safety Commission (CNSC) and the federal government's Major
Projects Management Office. These documents will detail
Pele's innovative approach at Eco Ridge, marking a significant
advancement over methods used historically at Elliot Lake.
The mining, processing, and waste management plans at Eco
Ridge are the result of optimization studies pursued since
the release of the scoping study which presented a "base
case" scenario to support an 18-year mine life with 826,000
pounds of annual uranium production.(1)
Roger Payne joins the Pele team as a technical consultant
to provide engineering and operational expertise. Mr. Payne
has more than 40 years of professional engineering experience
in Europe, Africa and the Americas, including 17 years with
Rio Algom Limited where he held several senior positions.
Don Hovdebo has also been retained as a technical consultant,
advising Pele on permitting issues and the preparation of
its environmental impact assessment. Mr. Hovdebo has more
than 16 years experience in uranium mining and related permitting
issues, serving as project manager to both industry and
government on new mine environmental impact assessments
and on mine site decommissioning, reclamation, and final
closure projects. He is a principal at SRK Consulting.
SRK Consulting is leading Pele's pre-feasibility study at
Eco Ridge, scheduled for completion in March 2009, in collaboration
with SNC-Lavalin. SRK Consulting is developing the mine
design and updating the NI 43-101 resource estimate, while
SNC-Lavalin is leading efforts to optimize ore processing
and waste management. SRK Consulting is an independent,
international consulting practice with wide-ranging experience
in all phases of mining from exploration to final closure.
SNC-Lavalin is one of the world's leading engineering and
construction groups, with vast experience in operations
and maintenance services.
About Pele Mountain Resources
Pele Mountain Resources is committed to the sustainable
development of the Eco Ridge Mine in the historic Elliot
Lake mining camp. The company is developing a safe, secure,
and reliable uranium mining operation in order to deliver
lasting benefits to local communities and its shareholders.
Pele also holds a diverse portfolio of gold, diamond, and
base metal projects in Northern Ontario. Pele stock is listed
on the TSX Venture Exchange under the symbol "GEM".
(1) The Scoping Study is preliminary in nature and includes
both indicated and inferred mineral resources. Inferred
mineral resources are considered too speculative geologically
to have the economic considerations applied to them that
would enable them to be categorized as mineral reserves.
There is no certainty that the preliminary assessment will
be realized.
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 pre feasibility study.
Common Shares Outstanding: 84,067,612
The TSX-V has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
