Pele Mountain (TSXV:GEM) announced the acquisition of a block of contiguous mining claims totally roughly 183 acres in the vicinity of Molycorp’s Mountain Pass Mine.
Al Shefsky, Pele President and CEO stated:
With this acquisition, we are now strategically positioned in the only two North American mining camps to ever achieve significant commercial rare earth production from hard rock mining: Mountain Pass, California and Elliot Lake, Ontario. Mountain Pass is North America’s premier rare earth mining camp and Elliot Lake was once the major source of heavy rare earth and yttrium production in North America. Both locations offer compelling competitive advantages compared to other emerging rare earth development projects, including extensive existing regional infrastructure, favourable mineralogy and metallurgy, and political stability.