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Gold/Mining/Energy : Pele Mountain

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To: rdww who wrote (223)2/13/2004 12:16:11 PM
From: rdww  Read Replies (1) of 241
 
Pele Advances Attawapiskat River Diamond Project

FEBRUARY 13, 2004 - 12:05 ET

TORONTO, ONTARIO--Pele Mountain Resources Inc. (TSX Venture:GEM)
("Pele" or the "Company") is pleased to report that an aggressive
exploration program is progressing at its 100% owned Attawapiskat
River Diamond Project. Kimberlite indicator minerals have
recently been recovered from Pele's West River Property that
include: high forsteritic olivine, lherzolitic garnets,
high-magnesium ilmenites, and high-magnesium chromites. The
samples containing the kimberlite indicator minerals were stream
sediments collected with an auger from a creek bed within the
vicinity of a number of prospective magnetic targets in the
southern portion of Pele's West River Property. The samples were
processed for kimberlite and diamond indicator minerals and the
recovered indicator minerals were analyzed with an electron
microprobe at SGS Lakefield Research Limited.

Pele is currently performing an extensive, highly detailed ground
magnetic survey. Approximately 200 line kilometres of grid have
already been cut in the southern portion of the West River
Property with 100 metre and 50 metre line spacing. Magnetic
readings are being taken on 25 metre and 12.5 metre intervals
along the cut lines. The highly detailed ground magnetic survey
has revealed a number of magnetic anomalies that may be
indicative of pipe-like kimberlite intrusions, which are not
readily discernible on available airborne magnetic surveys. The
magnetically dominant Precambrian basement lithologies appear to
have masked certain relatively more subtle, near surface
pipe-like magnetic targets that have recently been identified by
Pele's detailed ground magnetic data.

Drill testing of magnetic targets using a small portable drill
began immediately upon identification of ground magnetic
anomalies as Pele's magnetic survey was progressing. Following
several delays in January as a result of extreme winter weather
conditions, two of these anomalies were drilled to a depth of
approximately 35 to 40 metres, which is approaching the practical
depth limit of Pele's portable drill. Both resulted in the
successful recovery of core containing predominantly limestone
from bedrock. Recently obtained detailed ground magnetic data
have identified additional targets within the much stronger
magnetic background of the Precambrian basement that exhibit
magnetic characteristics indicative of near surface, pipe-like
kimberlite intrusions. The drilling of these targets will
commence in the next few days.

Pele's West River Property is strategically located at the
northwest extension of a structure that appears to have
controlled the emplacement of most of the known diamond-bearing
kimberlites of the Attawapiskat cluster. Pele's mining claims in
the area comprise the largest 100% owned claim holdings within a
30 kilometre radius of De Beers' Victor kimberlite pipe, which,
according to published information, is advancing towards planned
commercial diamond production in 2007.

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:
Al Shefsky,
President
(416) 368-7224
www.pelemountain.com
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