October 12, 2007 Pele Mountain Resources provided details of its recently completed scoping study for the Elliot Lake uranium project in Ontario, Canada. Highlights include an 18-year mine life that produces 826,000 pounds of U3O8 annually at a cash operating cost of US$55.51 per pound, an innovative mining and processing plan comprising conventional mining and acid leaching along with underground bioleaching, and an updated National Instrument 43-101 mineral resource estimate that includes 6.39 million pounds U3O8 (grading 0.051%) classified as indicated and 36.15 million pounds U3O8 (grading 0.044%) classified as inferred.
July 19, 2007 Mine planning and other scoping studies continue to advance on schedule at its 100-percent owned Elliot Lake project. The focus of the ongoing studies is to establish the basis for economically viable, safe, and environmentally compliant mining and processing facilities at Elliot Lake where an inferred resource of over 33 million pounds of U3O8 has been outlined, with the potential for significant upgrade and expansion. The final scoping study is expected to be available at the end of September.
June 19, 2007 Received an independent review and compilation of the resource estimates on the property. Historical resource estimate were reported using a 0.80 lb/ton cut-off grade which represents the undiluted cut-off grade for the underground leaching over the last years of production. This may not represent the current economic cut-off grade. The project area is estimated to contain an historical resource estimate of over 205 million pounds of U3O8.