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Gold/Mining/Energy : Pele Mountain

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To: GC who wrote (224)2/9/2004 10:56:07 AM
From: rdww   of 241
 
NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PELE MOUNTAIN RESOURCES INC.

TSX VENTURE SYMBOL: GEM

FEBRUARY 9, 2004 - 10:45 ET

Pele Mountain Discovers Gold Near Timmins

TORONTO, ONTARIO--Pele Mountain Resources Inc. (TSX Venture:GEM)
("Pele" or the "Company") is pleased to announce that gold
mineralization was intersected during its recent drill program
within its 100% owned Timmins Property, located 35 kilometres
south of Timmins. A limited suite of split core from zones of
alteration and deformation clearly indicate that the recent drill
program intersected significant concentrations of gold. The gold
mineralization is coincident with a ground horizontal loop
electromagnetic (HLEM) conductor that has been outlined within
Pele's Timmins Property to extend for more than 1.6 kilometres.

Selected samples of halved core were collected across relatively
narrow segments within different zones and submitted for assay to
SGS Lakefield Research Limited with a secure chain of custody.
All samples were of split core and only a limited number of
samples were collected from zones that were perspective for gold
mineralization. Assays of the more significant gold results are
summarized in the table below and additional sampling of the four
drill holes will be completed to gain a more thorough
understanding of the gold potential.

/T/

---------------------------------------------------------------------
Hole Line Sample # From To (m) Width
(m) (m) Au g/t
---------------------------------------------------------------------
PM-03-03 3+00S 3725 132.38 133.50 1.12 0.21
---------------------------------------------------------------------
PM-03-03 3726 133.50 134.41 0.91 4.55
---------------------------------------------------------------------

---------------------------------------------------------------------
PM-03-03 3727 134.85 135.98 1.13 0.16
---------------------------------------------------------------------
PM-03-03 3728 135.98 137.59 1.61 0.03
---------------------------------------------------------------------
PM-03-03 3729 137.59 138.56 0.97 0.67
---------------------------------------------------------------------
PM-03-03 3730 138.56 138.95 0.39 0.09
---------------------------------------------------------------------
PM-03-03 3731 138.95 139.68 0.73 1.04
---------------------------------------------------------------------
PM-03-03 3732 139.68 141.06 1.38 0.29
---------------------------------------------------------------------

---------------------------------------------------------------------
PM-03-04 7+00S 3765 142.45 143.00 0.55 1.67
---------------------------------------------------------------------
PM-03-04 3766 143.00 143.60 0.60 0.29
---------------------------------------------------------------------
PM-03-04 3767 143.60 144.51 0.91 0.12
---------------------------------------------------------------------

---------------------------------------------------------------------
PM-03-04 3773 147.45 148.10 0.65 0.13
---------------------------------------------------------------------
PM-03-04 3774 148.10 148.80 0.70 1.47
---------------------------------------------------------------------
PM-03-04 3775 148.80 149.12 0.32 0.41
---------------------------------------------------------------------
PM-03-04 3776 149.12 149.61 0.49 0.18
---------------------------------------------------------------------

/T/

The drill program was originally designed to test the HLEM
conductor that extended southward from the Texmont Nickel Mine
onto Pele's Timmins Property. The HLEM conductor closely
correlates with the basal contact of ultramafic flows that
include spinifex textured komatiite and economic concentrations
of nickel sulphide mineralization on the Texmont property to the
north.

The drilling program completed by Pele has demonstrated that the
HLEM conductor is coincident with gold mineralization and a
limited amount of nickel mineralization was also identified in
samples assayed to date. Spinifex textured komatiites and
ultramafic rocks with disseminated sulphides and massive sulphide
(pyrrhotite and pyrite) were intersected during drilling. Nickel
mineralization within these zones varied from below detection
limit ( less than0.05 weight percent) up to 0.22 weight percent
nickel.

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.

Common Shares Outstanding: 43,403,014.

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.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Pele Mountain Resources Inc.
Al Shefsky
President
(416) 368-7224
info@pelemountain.com
www.pelemountain.com
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