Robert Lauzon
Pele Mountain Resources Inc.
GEM-X
COMMENT
Sep 13, 2010
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.
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.
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.
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.)
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.