ELLIOT LAKE HISTORY

More than 300 million pounds of U₃O₈ were mined from conglomerate beds near Elliot Lake by Rio Algom and Denison Mines from 1956 to 1996, earning the camp the title "the Uranium Capital of the World". Pele management believes that as an established mining camp with excellent infrastructure, well-understood geology, and a politically-stable and mining-friendly jurisdiction, Elliot Lake is an ideal location for the development of a secure and reliable long-term uranium supply.

Following local uranium discoveries in 1953, the town of Elliot Lake was rapidly constructed as a regional mining support center. The new boom town quickly reached its peak in 1960 with a population of 25,000 people supporting 11 active uranium mines. However, after the U.S. Atomic Energy Commission declined to renew its foreign contracts for uranium, the boom soon turned to bust and, by 1966, Elliot Lake’s population was reduced to less than 7,000 people.

A second boom ensued through the 1970s, driven by energy demand this time rather than nuclear weaponry, bringing the City’s population back to 20,000 around 1980. Although the 1980s brought uranium discoveries of much higher grade in Saskatchewan and Australia, mining persisted in the Elliot Lake camp until the closure of the Stanleigh Mine in 1996.

Today, Pele is leading the next generation of uranium mining at Elliot Lake. The Company’s top-notch technical team is leveraging leading-edge, environmentally-friendly technologies never before deployed in Canadian uranium mining to develop a safe, secure, and reliable operation that will deliver significant long term benefits to the region. Pele is actively engaged in communications with local communities to provide timely and comprehensive information and to obtain public feedback regarding its proposed project.

The new mine at Eco Ridge is expected to create up to 200 direct full-time jobs in the area, increasing economic diversification and benefiting local business over the long-term. Pele management believes that the construction and operation of the mine will draw new families to Elliot Lake, supporting sustainable economic growth and restoring its proud mining heritage.