Barite Powder Grinding Process

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.” Copper Ore Crusher

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.ironorebeneficiationpalnt.com

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. Barite Powder Grinding Process

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.

Mr. Wallis is now co-author of the “Amended NI 43-101 Preliminary Assessment for the Lost Creek Project, Sweetwater County, Wyoming (dated April 2, 2008, as amended February 25, 2011)”(the “Amended Report”), with Lyntek, and he has analyzed certain drill data from the project generated by the Company between June 2006 – March 2008, which was not previously included in the report. Mr. Wallis’s analysis of that drill data is now contained within the Amended Report.

Terminology in the report (e.g., use of “ore,” “reserve”) was amended to more correctly reflect the nature of the mineral resource (e.g., “mineralization” and “resource”) at Lost Creek. Several items in the report which previously had relied upon and made reference to the 2006 Report have been amended to include independent analysis. See Items 11-15 Amended Report. There is also clarification provided as to reliance on other experts in the Amended Report. See Item 17 Amended Report; see also Item 23 Amended Report. Mr. Kyle, Vice President of Lyntek, and co-author, has conducted an additional site visit in connection with the preparation of the Amended Preliminary Assessment to verify the drilling program. See Item 2 Amended Report. Additional detail has been added to Item 20 of the Amended Report to provide specific budget recommendations.

The final objective of these drill holes is to produce a mineral resource at Kihitian; however, the correlation between the thickness of the veins in the adits and in the drill holes was poor, necessitating the need to drill directly in the adits area. It is probable that none of these reported intersections represent true widths.

Also, the drilling in this zone is proving that the mineralised area is much thicker than the exposed veins in the older adits (see January 13, 2010 press release). The drilling at Kihitian during the last couple of months has consistently offered high-grade uranium grades and at much thicker intervals than exposed in the adits.

The drill program was designed to test for continuity and grade of the uranium mineralization within a shallow, sub-horizontal, 5 to 25 metre thick horizon (“A” level) of rhyolitic flows and minor pyroclastic sequences hosting “mantos”, fracture-filling, vertical joints and disseminated autunite, meta-autunite and weeksite. A similar but generally thicker horizon (“B” level) occurs approximately 75-100 metres lower stratigraphically, which has been intercepted to date in two boreholes, one with very high-grade U mineralization (see November 26, 2010 press release citing 7m grading 36 lbs/t U3O8 as part of a 65m thick continuously mineralized interval). The assay results from the second deeper hole is pending. Gold mining Equipment