Listing: TSX Venture Exchange
Common Shares Outstanding: 133,938,746
FOR IMMEDIATE RELEASE
TORONTO, Sept. 13, 2011 /CNW/ - Pele Mountain Resources Inc. (TSXV: GEM); (OTCQX: GOLDF) ("Pele" or the "Company") announced today that it has granted 200,000 incentive stock options
to Mr. Roger Payne, the Company's Executive Vice President (the "Executive Options"). As previously announced on July 27, 2011, Mr. Payne who has accepted
the appointment to serve as Pele's Executive Vice President joins the
Pele team to advance mine development at the Pele's Eco Ridge Mine Rare
Earths and Uranium Project in Elliot Lake, Ontario.
Mr. Payne has more than 40 years of professional engineering experience
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.
The Executive Options are exercisable at $0.25 per share being equal to
or greater than the closing price of Pele's common shares on the TSX
Venture Exchange on the date immediately preceding the grant. The
Executive Options expire on December 31, 2013.
All options granted and any common shares issued upon their due exercise
will be subject to a statutory four-month hold expiring January 14,
2012. The granting of the options are subject to regulatory acceptance
of applicable filings.
Pele Mountain Resources, a leader in Canadian rare earth development, 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 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, mineralogy,
and metallurgy, 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 U3O8. 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.
For further information:
Al Shefsky, President, at (800) 315-7353, or visit the Pele website at www.pelemountain.com