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Gold/Mining/Energy : Pele Mountain

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To: rdww who wrote (230)3/8/2004 10:55:46 PM
From: rdww  Read Replies (1) of 241
 
Pele Gold Corporation Begins Gold Exploration
Mar.8.2004
TORONTO, ONTARIO--Pele Mountain Resources Inc. (TSX Venture:GEM)
("Pele" or the "Company") is pleased to announce that a
mechanical stripping and sampling program is underway to discover
and delineate significant near surface bedrock gold occurrences
at its Wawa Gold Project. In 1999, Pele successfully recovered
1,600 ounces of gold from a 10,000 tonne surface sample mined at
the Markes Zone. This sample successfully demonstrated the
possibility of generating a positive cash flow from low cost
surface bulk sampling at Pele's Wawa Gold Project. The Wawa Gold
Project is located approximately 50-kilometers northeast of Wawa,
Ontario.

Late in 2003, Pele's 100% owned Wawa Gold Project and its 100%
owned Ardeen Gold Mine Project were transferred to Pele Gold
Corporation, a wholly owned subsidiary of the Company. The new
corporate structure is intended to highlight both the Company's
diamond and gold projects and to provide additional flexibility
for Pele to facilitate future opportunities to enhance
shareholder value.

Pele's Wawa Gold Project covers approximately 14 kilometers of
the Goudreau-Localsh Deformation Zone and is strategically
located within an area that has hosted several former producing
gold mines. On the east side of Pele's Property, the Renabie Gold
Mine produced more than 1,000,000 ounces of gold. On the west
side of Pele's Property there have been many former gold
producers including, the Kremzar, Edwards, Cline and Magino gold
mines. Infrastructure in the area is considered by management to
be excellent with road and rail access, electric power, a
qualified workforce and modern gold mills located in close
proximity to Pele's Property.

Pele acquired its Wawa Gold Project in 1996 and has conducted
several phases of exploration that have included geophysics,
geochemistry, prospecting, mechanical stripping, mapping and more
than 6000-meters of diamond drilling. In December 2003, Pele
reactivated exploration at its Wawa Gold Project by initiating a
data compilation and surface sampling program that has confirmed
the presence of widespread gold mineralization across several
different geological units.

The current mechanical stripping and sampling program has
expanded into a new area approximately 9-kilometers east of the
Markes Zone. Previous sampling by Pele in the new area was
limited to two bedrock samples collected in 1999 that returned
23.8 grams gold/tonne from a quartz vein and 0.2 grams gold/tonne
from adjacent wall rock. The current stripping program will open
the area around these two samples to determine if they are
related to a zone of significant gold mineralization.

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.

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: 43,571,014

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Al Shefsky
President
(416) 368-7224
(416) 368-7230 (FAX)
www.pelemountain.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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