First Canadian Uranium, a subsidiary of Pele Mountain Resources, has been granted two mining leases by the province of Ontario for its Eco Ridge Mine Rare Earths and Uranium Project.
The mining leases give the company the exclusive right to mine the Eco Ridge deposit and include surface rights that allow for siting of project infrastructure and processing facilities.
The leases cover an area of about 3,831 acres that includes substantially all of the Resource Wireframe, and are for a period of 21 years and are renewable.
The Eco Ridge Mine project covers about 20,000 acres in total, including areas down dip from the Resource Wireframe where historic drilling has intersected the mineralized reef, indicating excellent potential to significantly expand REO and U3O8 resources.
In addition to the mining leases in Ontario, the company has also entered into a 21-year lease for surface patents on mining claims at Eco Ridge, where mine portals and other mining and processing infrastructure may be located.