May 3, 2011 - Toronto - Pele Mountain Resources Inc. (TSX
Venture: GEM; OTCQX:GOLDF) ("Pele" or the "Company")
announced today that its shares have commenced trading in the United
States on the OTC market's prestigious tier, OTCQX International.� Investors can find current financial
disclosure and Real-Time Level 2 quotes for the Company on www.otcqx.com� and www.otcmarkets.com Pele's
U.S. trading symbol is "GOLDF".� Pele's shares are also listed on
Canada's TSX Venture Exchange under the symbol "GEM".
Pele President and CEO
Al Shefsky stated, "With rapidly
increasing interest in our Eco Ridge Mine Rare Earths and Uranium
Project and our portfolio of Northern Ontario gold properties, we are
pleased to begin trading on OTCQX International.� The OTCQX will provide Pele with a
cost-effective means of enhancing its visibility and liquidity,
benefiting all of our investors, especially those residing in the
United States."
Pele anticipates
delivery of an updated Preliminary Assessment for Eco Ridge, including
economic modeling and a timeline for advancing the project through the
feasibility and licensing stages, during the current calendar
quarter.� Pele recently received
an updated NI 43-101 Resource Estimate for Eco Ridge which, for the
first time, included both rare earth oxides and uranium oxide.� The Eco Ridge Resource Estimate can
be viewed at: http://www.pelemountain.com/mineral-resources.php.
The OTCQX is the
premium tier of the OTC marketplace, providing Pele with exposure to
American institutional and retail investors.� OTCQX International is reserved for
companies that are listed on a qualified stock exchange in their home
country, providing a visible presence in the U.S., without the
duplicative regulatory burdens of a traditional U.S. exchange listing. �
Merriman Capital, Inc.
of San Francisco will serve as Pele's Principal American Liaison
("PAL") on OTCQX International, and will be responsible for
providing guidance on OTCQX requirements and compliance with U.S.
securities laws.� Merriman
Capital, Inc. is a wholly-owned subsidiary of Merriman Holdings, Inc.
(NASDAQ: MERR) and is a member of FINRA and SIPC. �
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 one of very few North
American deposits with NI 43-101 compliant REO resources and is located
in Elliot Lake, the only Canadian mining camp to have ever
achieved commercial REO production.� An updated Preliminary
Assessment is on schedule for expected delivery during the second
quarter of 2011, incorporating design enhancements achieved since the
initial positive Scoping Study in 2007 and, for the first time,
providing a detailed economic model based on revenues from both REO and
U3O8.� With well-understood geology, 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".
About OTC Markets Group Inc.
OTC
Markets Group Inc. (OTCQX: OTCM) operates
the world's largest electronic marketplace for broker-dealers to
trade unlisted stocks. The OTC LinkT platform supports an open network
of competing broker-dealers that provide investors with the best prices
in over 10,000 OTC securities. In 2010, securities on OTC Link
traded over $144 billion in dollar volume, making it the third largest
U.S. equity trading venue after NASDAQ and the New York Stock Exchange.
The wide spectrum of OTC-traded companies can be categorized
into three tiers - OTCQX (the quality-controlled marketplace for
investor friendly companies), OTCQB� (the U.S. reporting
company marketplace for development stage companies), and OTC PinkT (the speculative trading
marketplace) - so investors can identify the level and quality of
information companies provide. To learn more about how OTC
Markets Group makes the unlisted markets more transparent, informed,
and efficient, visit www.otcmarkets.com.
For
further information please contact Al Shefsky,
President, at (800) 315-7353, or visit the Pele website at www.pelemountain.com.
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.