Pele Mountain Announces Option Grants
TORONTO, ONTARIO -- (Marketwire) -- 12/30/11 -- Pele Mountain Resources Inc. (TSX VENTURE: GEM)(OTCQX: GOLDF) ('Pele' or the 'Company') announced that earlier today it granted 1,825,000 incentive stock options to members of management of the Company (the 'Management Options'). The Management Options are exercisable at $0.17 per share and expire on December 31, 2013.
The Company also announced that it has granted an aggregate of 1,000,000 incentive stock options to five (5) directors of the Company (the 'Director Options') and 175,000 incentive stock options to certain employees of the Company (the 'Employee Options') to acquire up to an aggregate of 175,000 common shares of Pele. The Director Options and Employee Options are exercisable at $0.17 per share and expire on December 31, 2014 and December 31, 2013, respectively.
In addition, the Company also announced that it has granted 175,000 incentive stock options to certain consultants of Pele (the 'Consultant Options') to acquire up to an aggregate of 175,000 common shares of Pele. The Consultant Options are exercisable at $0.17 per common share and expire on December 31, 2012.
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 are subject to regulatory acceptance of applicable filings.
About Pele
Pele Mountain Resources, a leader in Canadian rare earths 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 the only North American rare earths deposits with a positive NI 43-101 Preliminary Economic Assessment 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'.
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 Eco Ridge Mine Rare Earths and Uranium Project has not yet been demonstrated by a preliminary feasibility study.
Common Shares Outstanding: 148,951,246
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.
Contacts:
Pele Mountain Resources Inc.
Al Shefsky
President
(800) 315-7353
www.pelemountain.com
