TORONTO, May 02, 2018 (GLOBE NEWSWIRE) -- Pele Mountain Resources Inc. (GEM.V) (“Pele” or the “Company”) has signed a sustainable energy development agreement (the “Agreement”) with the City of Elliot Lake, Ontario (the “City”). Under terms of the Agreement, Pele is appointed, on an exclusive basis, to be the developer of energy and energy storage projects on City lands until May 1, 2020.
The Agreement essentially provides a two-year extension of the previous sustainable energy development agreement between the City and Pele, which expired yesterday.
As before, the Agreement sets out a framework for negotiating and entering into a mutually beneficial long-term energy services agreement to increase the City’s energy efficiency and to facilitate growth and diversification of the City’s economy.
However, in sharp contrast to the timeframe of the prior agreement, there are now significant development projects under discussion and being planned by the City in conjunction with Samsung Renewable Energy, a subsidiary of Samsung C&T Corporation’s Investment and Trading Group, and a leading project developer specializing in renewable energy and infrastructure serving utilities, industry, and communities.
Publicly available details regarding the City’s development objectives can be found on the Media page of the Pele website at www.pelemountain.com/media/overview.php. The Agreement will pertain to these development objectives.
Elliot Lake Mayor Dan Marchisella stated, “Pele has been a responsible corporate citizen here since 2005, demonstrating a strong commitment to our community. Furthermore, beginning in 2015, Pele has initiated and participated in dynamic, forward-thinking conversations regarding possibilities for renewable energy, energy storage, and reduced dependence on the regional power grid in Elliot Lake. As these conversations, which have featured key introductions, move toward a more advanced stage, we are pleased to extend this Agreement with Pele.”
Martin Cooper, Interim President and CEO of Pele stated, “We are very pleased with the extension of the Agreement and look forward to working with the City and its partners to further explore and pursue opportunities for renewable energy and energy storage, with a longer-term goal of developing community-wide smart grid infrastructure in Elliot Lake.”
About Pele Mountain Resources
Pele Mountain is focused on the development of renewable energy projects in Northern Ontario as well as its mineral resource interests in Northern Ontario. Management continues to seek out new strategic opportunities to enhance shareholder value.
Pele Mountain shares are listed on the TSX Venture Exchange under the symbol “GEM”.
For further information, please contact Martin Cooper, CEO and President, at 1–800–315–7353, or visit the Pele website at www.pelemountain.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.