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Pele Mountain Announces Major Increase in Uranium and Rare Earth Resources at Eco Ridge

Pele Mountain Resources Inc. (GEM.V) announced an updated NI 43-101 Resource Estimate for its Eco Ridge Mine Project in Elliot Lake, Ontario. Pele has completed a positive Preliminary Economic Assessment for Eco Ridge that demonstrates its potential to become a profitable producer of rare earth oxides and uranium oxide.

Highlights of the updated Resource Estimate include:

- A 116% increase to Inferred Resource tonnage to 36.56-million tonnes at an increased average grade of 0.047% U3O8 and 1,554 ppm Total REO. This includes a 136% increase in U3O8 to 37.62-million pounds and a 130% increase in Total REO to 125.25-million pounds.

- An 11% increase to Indicated Resource tonnage to 22.74-million tonnes at an average grade of 0.045% U3O8 and 1,606 ppm Total REO. This includes a 10% increase in U3O8 to 22.55-million pounds and a 10% increase in Total REO to 80.51-million pounds.

- Expanded higher-grade zones identified for production early in the mine life, which can positively impact project economics.

- Substantial increases in critical REO resources including neodymium, dysprosium, yttrium, terbium and europium oxides as well as in scandium oxide resources.

Pele President and CEO Al Shefsky stated: "Our recent drilling conclusively demonstrated the down dip continuity of the Eco Ridge deposit and has led to a major increase in NI 43-101 uranium and rare earth resources at the project."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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