Pele Mountain enters agreement to acquire rare earth mining claims surrounded by Molycorp, 1800 metres from the Mountain Pass Mine

TORONTO, ONTARIO--(Marketwire - March 6, 2012) - Pele Mountain Resources Inc. (TSX VENTURE:GEM)(OTCQX:GOLDF) ("Pele" or the "Company") today announced that it has entered into a binding Purchase and Sale Agreement (the "Agreement") to purchase 11 contiguous mining claims (the "Simon...