ECO RIDGE OVERVIEW
Pele’s flagship property is its 100-percent owned Eco Ridge Project. Eco Ridge is located in Elliot Lake, Ontario, a proven mining camp with historic production exceeding 300-million pounds of uranium oxide and the only mining camp in Canada to have achieved commercial production of rare earth oxides. Elliot Lake has outstanding regional infrastructure including highways, railway, electricity, natural gas, airport, deep-water ports, and a qualified workforce.
In June 2013, Pele announced an updated NI 43–101 Mineral Resource Estimate for Eco Ridge along with an Economic Review of the project, providing an updated sensitivity analysis on the 2012 Preliminary Economic Assessment.
As recent market conditions for rare earths and uranium have not supported the construction of relatively high production, high CAPEX mining and processing projects like Eco Ridge, Pele has expanded its business model to include processing high-grade rare earth bearing monazite in Elliot Lake. Management believes that monazite processing will help Pele win the race to production of critical rare earths in Canada and, ultimately, will support the development of Eco Ridge as market conditions improve.
Uranium minerals are the major mineral sources for heavy rare earths at Eco Ridge, allowing for excellent recovery. The Project has no known environmental liabilities and enjoys enthusiastic local support. The Province of Ontario has already granted two renewable 21-year Mining Leases at Eco Ridge, giving Pele secure land tenure and the exclusive right to mine the resources.
Pele places great value on community relations and has prioritized constructive dialogue with local stakeholders since becoming active in Elliot Lake in 2006. Pele has received Letters of Support from the Municipal, Provincial, and Federal Governments and recently underscored its commitment to work with First Nations with its appointment of Martin Cooper as Vice President of Indigenous Relations. Pele seeks to provide long-term benefits to the regional community through responsible, sustainable development.