|NICKEL drilling starts in Timmins|
this shoud be sweet if it hits - nickel is hot and timmins
FOR: PELE MOUNTAIN RESOURCES INC.
TSX VENTURE SYMBOL: GEM
JANUARY 8, 2004 - 12:50 ET
Pele Begins Drilling Program on Timmins Nickel Property
TORONTO, ONTARIO--Pele Mountain Resources Inc. (TSX Venture:GEM)
("Pele" or the "Company") is pleased to announce that a drill
program has begun to investigate two strong horizontal loop,
electromagnetic (HLEM) conductors at it's 100% owned Timmins
Nickel Property. The HLEM conductors will be drill tested with a
series of four drill holes that span 600 meters of strike length.
Both conductors extend southward from Pele's northern property
boundary, which ties on to the past producing Texmont Nickel Mine
Property, and is situated approximately 375 metres south of
Texmont's main shaft and approximately 175 metres south of
reported bedrock nickel mineralization within the Texmont
property. Pele's HLEM conductors correlate with the same
stratigraphic horizon as the nickel mineralized zones within the
Texmont property and are located adjacent to bedrock outcropping
of spinifex textured komatiite (an important indicator of
komatiite associated nickel deposits).
Pele acquired this highly prospective nickel property in late
2003 because of strong nickel market fundamentals and the
fortuitous availability of a property that included the
appropriate host rock types situated adjacent to a past producing
mine. Several former and currently producing nickel mines are
hosted within the world-renowned komatiite associated nickel
deposits of the Timmins area. The recent increase in nickel
prices and the construction of a nickel concentrator by
Falconbridge for its Montcalm nickel mine to be on-stream by
2005, has revitalized nickel exploration in the area which has
already lead to an important discovery of nickel mineralization
by Mustang Minerals Corporation.
Any zones of sulphide mineralization intersected in the current
drill program will be assayed for base (nickel, copper and
cobalt) and precious (platinum, palladium and gold) metals. An
additional HLEM survey is currently underway to further delineate
the conductors within Pele's property that appear to extend
beyond the original HLEM survey area.
Pele is a Canadian mining exploration and development company and
a leader in the search for economic diamond and gold deposits in
Northern Ontario. This press release has been reviewed and
approved by Dr. Edward Walker P. Geo., of PetroLogic Inc., an
independent consultant and Qualified Person.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Some
of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe Pele's
future plans, objectives or goals, including words to the effect
that Pele or management expects a stated condition or result to
occur. Since forward-looking statements address future events and
conditions, by their very nature, they involve inherent risks and
uncertainties. Actual results in each case could differ
materially from those currently anticipated in such statements.
None of the Company's properties have any known ore body of
economic or commercial value.
Common Shares Outstanding: 43,403,014
FOR FURTHER INFORMATION PLEASE CONTACT: