TORONTO, ONTARIO--(Marketwired - Nov. 27, 2013) - Pele Mountain Resources Inc. (TSX VENTURE:GEM)(OTCQX:GOLDF) ("Pele" or the "Company") is pleased to announce that Mr. John Wilkinson has joined Pele's Board of Directors. Mr. Wilkinson served as a Cabinet Minister in the government of Ontario from 2007 to 2011.
As Ontario's first full-time Minister of Research & Innovation, he implemented the $1.6 Billion Ontario Innovation Agenda. Then, as Minister of Revenue, he successfully shepherded the largest Ontario Tax Reform in more than 40 years. Finally, as Minister of the Environment he was responsible for the passage of the Water Opportunities and Water Conservation Act, 2010 which will maintain Ontario's sustainable fresh water supplies for generations to come.
Pele President and CEO Al Shefsky stated, "We are delighted to welcome John to our team and look forward to working with him toward the sustainable development of our Eco Ridge Mine Rare Earths and Uranium Project in Elliot Lake. We are seeing increased interest from the Canadian government, the Ontario government, and major end users of rare earths in the development of secure, local, rare earth supply chains to support value added manufacturing in clean energy and high technology applications. John's leadership, vision, and experience in the advancement of important large-scale projects will add immense value as we progress toward the licensing and feasibility phases at Eco Ridge."
Regarding his appointment to the Pele Board, Mr. Wilkinson stated, "As the world moves to address climate change and break its addiction to fossil fuels, demand for clean technologies will increase. I believe the Eco Ridge Mine Project in Elliot Lake is poised to provide a secure 'Made in Ontario' source for both the rare earths and uranium that the world needs."
Mr. Wilkinson, of Stratford, Ontario, was first elected to the Ontario Legislature in 2003 as the Member of Provincial Parliament (MPP) for Perth-Middlesex. In 2007, he was re-elected as the MPP for Perth-Wellington. He was the first Certified Financial Planner elected to the Ontario Legislature.
The Company granted Mr. Wilkinson an aggregate of 500,000 incentive stock options exercisable at $0.10 per share and expiring on November 27, 2016. All options granted and any common shares issued upon their due exercise will be subject to a statutory four-month hold period. The granting of the options is subject to regulatory acceptance of applicable filings.
About Pele
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 located in Elliot Lake, the only Canadian mining camp to have ever achieved commercial rare earth production. With well-understood geology and mineralogy, excellent regional infrastructure, and strong local support, Eco Ridge is an ideal location for the development of a safe, secure, and reliable long-term supply of critical rare earths and uranium. 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.
Shares Outstanding: 165,304,198