Dennis da Silva
Pele Mountain Resources Inc.
GEM-X
WATCH
May 17, 2007
Has 33 million lbs. of uranium at Elliot Lake. Hasn't been very well profiled in the market so it has not done well. Have to do a better job of getting the story out there.
Recently acquired uranium deposits. 30,000,000 lbs. has been identified. Just beginning a drilling program to bring them up to reporting standards. Their non-uranium assets are being ignored, but also have value.
A higher risk company because of its location, Elliot Lake, which has become more of a residential area. Have a deposit, but a little higher cost than what he likes. Probably a Buy on a 10-year outlook.(Buy uranium stocks when uranium is near its bottom, possibly around $75/$80.)
Marketed themselves as a uranium company a few years back. Uranium has had a real strong uptick recently. You wouldn't have made any money off this in the last 3-4 years.
Main resource is at Eco Ridge at Elliot Lake in Northern Ontario. Also producing rare earth. Resource will be updated in the next little while. Close to good infrastructure.