Canadian rare earth explorer Pele Mountain Resources Inc. (TSX-V:GEM)(OTCQX:GOLDF) announced today that it has entered into a binding agreement to sell its Highland Gold projects to a wholly owned subsidiary of Prodigy Gold Inc. (TSX-V:PDG) for US$1.8 million.
"Our updated Preliminary Economic Assessment for Eco Ridge demonstrates that Pele is one of the clear leaders in the ongoing race to develop new sources of critical rare earths outside of China,” said Pele President and CEO Al Shefsky
Only yesterday the company closed up 18% after it announced an updated PEA on its Eco Ridge project.
The project near Elliott Lake, Ontario, is now looking at a 9,000 tpd operation with life-of-mine production of 97.2-million pounds of total REO and 27.5-million pounds of U3O8 over an 11-year mine life. Rare earth elements to be processed include neodymium, dysprosium, yttrium, terbium and europium.
