|Pele Mountain Begins Drilling at Wawa Gold Project|
TORONTO, ONTARIO--(CCNMatthews - Apr 6, 2004) - Pele Mountain
Resources Inc. (TSX Venture:GEM) ("Pele" or the "Company") is
pleased to announce that its wholly owned subsidiary, Pele Gold
Corporation ("Pele Gold"), has begun drilling the Golden Eagle
Zone at Pele Gold's 100% owned Wawa Gold Project. The Golden
Eagle Zone was uncovered during a mechanical stripping program
last month (see Pele's press release of March 23, 2004). The
current drill program is designed to test the near surface gold
potential of the Golden Eagle Zone along strike to the east and
west of previous bedrock sampling. Previous sampling by Pele in
the new area was limited to two bedrock samples collected in 1999
that returned 23.8 grams of gold per tonne from a quartz vein and
0.2 gram of gold per tonne from adjacent wall rock.
Pele's board of directors has allocated to Pele Gold a
preliminary budget of $250,000 for gold exploration at the Wawa
Gold Project. A private placement of $125,000 of flow through
shares of Pele Gold was subscribed for by Pele in early February
2004, the proceeds from which will be used to fund qualified
exploration expenditures (including the current drill program).
These qualified exploration expenditures will be flowed through
to Pele which in turn have been previously renounced by Pele to
subscribers of Pele's flow through shares pursuant to private
placements completed during 2003.
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. Ed 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: 43,571,014
FOR FURTHER INFORMATION PLEASE CONTACT:
Pele Mountain Resources Inc.