SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  For example, here is how to disable FireFox ad content blocking while on Silicon Investor.

   Gold/Mining/EnergyPele Mountain


Previous 10 Next 10 
To: rdww who wrote (229)2/17/2004 10:22:38 AM
From: rdww
   of 241
 
COMPANY STRIKES GOLD
By MAGGIE RIOPELLE
Timmins Times
Originally searching for nickel, Pele Mountain Resources Inc. was pleasantly surprised to find gold.
The company owns a property, located 35 kilometres south of Timmins, near the former Texmont nickel mine.
They will be back on the property next week to conduct additional drilling and sampling for gold resources.
“It’s very interesting news, because we weren’t even sampling for gold,” commented Al Shefsky, president. “We did find some nickel, up to 2.2 per cent, which was lower than anticipated. What really grabbed our attention was the gold. The gold numbers we’ve seen are significant – way beyond anything we were expecting.
“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 conductor that has been outlined within Pele's Timmins Property to extend for more than 1.6 kilometres, he added.
“There is a lot of core that has not been sampled. It is a great property with great potential.”
Once an extended drilling program is completed, the sampling will be sent to the labs. After which, Pele hopes to have a better indication of the gold resources on the property and what will be the next phase of the project.
“We may do some surface stripping, it is a wonderful way to get a picture of the resources and sampling. It is also very cost effective. We will be looking at this property one step at a time. The company is well funded right now and we have four other projects that are active.
“This is the first time we have been in Timmins and we think Timmins is great.”
As for the mining of nickel, Shefsky said the company still hopes to mine the nickel but will focus on the gold resources.
“We will have to add a whole new dimension to the plans now that we have very enticing gold mineralization. Anytime you make a new gold discovery it is an exciting time. One can only dream.”
Pele is a Canadian mining exploration and development company. The company is known for its search for economic diamond, nickel, and gold deposits in Northern Ontario.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: rdww who wrote (230)3/8/2004 10:55:46 PM
From: rdww
   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.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: rdww who wrote (231)3/19/2004 12:28:42 AM
From: rdww
   of 241
 
Pele Mountain Bulk Sample Returns Big Diamond

TSX VENTURE SYMBOL: GEM

MARCH 17, 2004 - 17:06 ET

TORONTO, ONTARIO--Pele Mountain Resources Inc. (TSX Venture: GEM)
("Pele" or the "Company") is pleased to announce that De Beers
Canada Exploration Inc. ("De Beers") has reported the recovery of
a 0.9 carat diamond from the Genesis diamond occurrence
("Genesis") located within the Festival Property, north of Wawa,
Ontario. The 0.9 carat diamond was recovered from an ultramafic
facies of rock that is comparable to the facies of rock from
which the 0.72 carat, white, gem quality diamond "The Big Goose"
was recovered in March 2003 from the Cristal Diamond Occurrence
("Cristal").

In late 2003, De Beers collected four bulk samples weighing a
total of 258 tonnes and processed them at their DMS facilities in
Grande Prairie. The processing circuit recovered diamonds greater
than 1mm square mesh sieve size which is a routine practice for
bulk samples in this size range. The 0.85mm to 1.00mm size
fraction was collected and retained at Pele's request but has not
yet been processed and any commercial size diamonds in this size
fraction are not included in the bulk sample results reported to
date.

The bulk sample sites were selected from different facies to
acquire information about the diamond distribution relationship
between micro diamonds and commercial size diamonds. Two of the
samples collected are ultramafic facies of rock from different
locations at Genesis and the other two samples collected are a
mafic facies of rock, one from Genesis and the other from the
Moet diamond occurrence. The four bulk samples also represent
locations with variable micro diamond results including locations
with relatively high (greater than 10 diamonds per kilogram) and
relatively low (less than 0.1 diamonds per kilogram) micro
diamond frequencies.

A total of 875 kilograms of diamond concentrate was produced in
Grande Prairie and then shipped to South Africa for final diamond
extraction and reporting of the results. Concentrates from three
(3) of the samples representing 203.4 tonnes of head feed weighed
328 kilograms, a concentrate weight of only 0.16% of these
samples. De Beers achieved the relatively smaller concentrate
weight (compared to the previous 100 tonne bulk sample from
Cristal with a concentrate weight of 3.3% of the sampled rock) by
modifying its standard processing circuit with the introduction
of a high power permanent magnet roll separator to process the
DMS concentrates. The magnetic separator used in Grande Prairie
was the same machine that Pele had used at its on-site processing
facility in 2002 and Pele was in full agreement with the use of
this magnet in the processing flow chart.

Each of the four bulk samples successfully returned commercial
size diamonds greater than 1mm square mesh sieve size as
indicated in the table below and the diamond recorded in the +13
sieve class screen size for the Genesis-2 sample is the 0.9 carat
diamond. As a routine practice at the Grande Prairie facility,
10% of the DMS rejects are reprocessed by De Beers for auditing
purposes. No diamonds were reported for three (3) out of the four
(4) routine audits (one per bulk sample), however, the audit
sample of the DMS rejects from the Genesis-2 sample returned
seven (7) of the 46 diamonds reported for this sample.

De Beers also reported that 100% of the diamonds for the
Genesis-3 sample and 100% of the diamonds from the Genesis-2
audit sample were not recovered by the diamond x-ray sorter. All
of the Genesis-3 diamonds and all of the diamonds recovered from
the audit of the Genesis-2 sample were recovered from the
non-magnetic x-ray rejects for each of these samples. To ensure
full recovery of all diamonds, to include low luminescence
diamonds, the standard flow sheet at De Beers' GEMDL facility in
Johannesburg includes magnetic separation of all x-ray rejects,
with full sorting of the non-magnetic fraction. In total, 44% of
all diamonds reported from the bulk samples were not recovered by
the diamond x-ray sorter. The following chart contains the
results of the bulk samples as reported by De Beers:

/T/

--------------------------------------------------------------------
Occurrence Rock Sample Sieve Class Screen Size(a) Total Total
Type Wt. +1 +2 +3 +5 +6 +13 Dia- Carat
Tonnes monds Wt.
--------------------------------------------------------------------
Genesis-1 Mafic 54.6 1 3 1 3 2 - 10 0.34
Genesis-2 Ultra- 82.9 16 16 10 3 - 1 46 1.75
mafic
Genesis-3 Ultra- 72.7 4 2 2 - - - 8 0.13
mafic
Moet Mafic 47.8 1 2 2 - - - 5 0.13
--------------------------------------------------------------------
(a) As reported by De Beers

/T/

Both the 0.9 carat diamond from Genesis and 0.72 carat diamond
from Cristal were recovered from a suite of rocks that are
considered to be a "primary facies" of diamond-bearing ultramafic
volcanic rock within the Festival Property. These rocks have been
identified in intermittent outcrop along a stratigraphic horizon
for more than 5 kilometers within the Festival Property with
surface widths up to and exceeding 100 metres. Based on all
results to date, the next sampling program will focus on testing
a number of the diamond bearing ultramafic facies within this
horizon.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:
Pele Mountain Resources Inc.
Al Shefsky
President
(416) 368-7224
Visit our website at www.pelemountain.com

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: rdww who wrote (232)3/23/2004 1:34:57 PM
From: rdww
   of 241
 
Pele Mountain to Drill Wawa Gold Project
3/23/04

TORONTO, ONTARIO, Mar 23, 2004 (CCNMatthews via COMTEX) --
Pele Mountain Resources Inc. (TSX Venture:GEM) ('Pele'or the 'Company') is pleased to announce that Pele Gold Corporation, a wholly owned subsidiary of the Company, is set to begin drilling at its 100% owned Wawa Gold Project. The drill program follows a successful mechanical stripping campaign that uncovered a new mineralized zone to the east and west of a bedrock grab sample that returned 23.8 grams gold per tonne (see Pele's press release dated March 8, 2004). The new zone has been named the Golden Eagle Zone and drilling is scheduled to begin within one week.
Al Shefsky, President and CEO of Pele stated, 'We are very excited to be back to work with a new drilling program on this highly prospective gold property. Our Wawa Gold Project is strategically located between several past producing gold mines including the Renabie Gold Mine, which produced more than 1,000,000 ounces of gold. Pele is looking forward to a very active field season at the Wawa Property this year.'

Pele's near term exploration program is focused on outlining gold resources that can be bulk sampled from the surface and trucked to nearby producing gold mills for custom milling. Pele successfully mined a 10,000 tonne bulk sample in 1999 from the Markes Zone, which is located approximately 10 kilometres west of the Golden Eagle Zone. The Markes Zone bulk sample returned 1,600 ounces of gold from just the top ten (10) metres of the zone and demonstrated that low cost surface mining can generate important exploration data as well as positive cash flow. The Markes Zone remains open at depth.

Previous gold exploration within the western half of Pele's Wawa Property has discovered at least six (6) gold-bearing zones with potential to host significant gold resources. All of the known zones are open along strike and at depth. Pele's mechanical stripping program that began on March 1, 2004 confirmed that the gold bearing structures continue into the eastern half of the property, which also appears very prospective for hosting significant zones of gold mineralization. Infrastructure in the area is excellent with road and rail access, electric power, a qualified workforce and modern gold mills located in close proximity to Pele's Wawa Property.

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.

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

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

NEWS RELEASE TRANSMITTED BY CCNMatthews The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Copyright (C) 2004, CCNMatthews. All rights reserved.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: rdww who wrote (233)4/6/2004 10:40:40 AM
From: rdww
   of 241
 
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

-30-

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

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: rdww who wrote (234)4/13/2004 12:19:55 PM
From: rdww
   of 241
 
Pele Mountain Announces Strategic Alliance at
Attawapiskat

TORONTO, ONTARIO--(CCNMatthews - Apr 13, 2004) - Pele Mountain
Resources Inc. (TSX Venture:GEM) ("Pele" or the "Company") is
pleased to announce that it's wholly owned subsidiary, Pele
Diamond Corporation ("Pele Diamond"), has entered into a
strategic alliance (the "Strategic Alliance") with 2043423
Ontario Inc.("2043423"), an arms length private company. The
purpose of the Strategic Alliance is to stake mining claims in
the vicinity of the Attawapiskat cluster of diamond bearing
kimberlite pipes and to pursue opportunities involving the staked
claims for the benefit of both parties.

In furtherance of the Strategic Alliance, a total of 47 mining
claims comprising 645 claim units (each claim unit covers
approximately 40 acres) have been staked in a single block of
contiguous mining claims that has been named the Turtle Pond
Diamond Property (the "Turtle Pond Property"). The Turtle Pond
Property was staked by contractors engaged by Pele Diamond who
filed applications to record the mining claims in the names of
Pele Diamond and 2043423, each as to an undivided 50% interest.
2043423 earned its undivided 50% interest in the Turtle Pond
Property by reimbursing Pele Diamond for substantially all
out-of-pocket costs incurred in staking the mining claims
comprising the Turtle Pond Property.

The Turtle Pond Property is strategically located to the south of
De Beers' Victor Kimberlite Pipe and ties on to mining claims
owned by De Beers where four known diamond bearing kimberlite
pipes have previously been found, including the X-Ray 1, Zulu,
Alpha North and Alpha 1 kimberlite pipes. The Turtle Pond
Property also ties on to the boundary of mining claims owned by
other joint ventures involving Metalex Ventures Ltd. that are
exploring in the area.

Pele Diamond and 2043423 have agreed that neither participant in
the Strategic Alliance will have or be entitled to an interest in
any mining claims now owned or hereafter acquired by the other
outside of the Turtle Pond Property. Pele's interest in the
Turtle Pond Property adds to the existing claim holdings at the
Company's Attawapiskat River Project which is comprised of five
100% owned claim blocks. Pele's claim holdings in the area cover
the largest wholly-owned group of mining claims within a 30
kilometre radius of De Beers' Victor Kimberlite Pipe, which is
advancing towards planned commercial diamond production in 2007.

Pele also announced today that is has staked 3 additional mining
claim blocks totaling 48 mining claim units at its 100% owned
West River Property, bringing the total number of mining claims
wholly-owned by Pele Mountain Resources Inc. in the area to
approximately 1750 units (in addition to its 50% interest in the
Turtle Pond Property).

Pele has also successfully completed approximately three hundred
(300) kilometers of line cutting and ground magnetic geophysics
and has intersected from 1 to 8 meters of predominantly limestone
in four additional drill holes at its West River Property since
the Company's February 13, 2004 press release. Each of these
drill holes encountered approximately 20 to 30 meters of
overburden before intersecting limestone and then reaching the
practical depth limit of the small portable core drill being
used. Three other drill holes were attempted; however, overburden
conditions were too difficult for the small portable drill to
penetrate through to bedrock.

Pele has demobilized the small portable drill from its camp and
has allowed the joint venture of Spider Resources Inc./ KWG
Resources Inc. ("Spider/KWG") to mobilize a large drill capable
of drilling several hundred meters along with a drill crew into
Pele's camp. Spider/KWG began drilling last week and has already
successfully intersected a new kimberlite body beginning at a
depth of 47.5 meters down its first drill hole. According to the
Spider/KWG press release dated April 12, 2004, "a 250 meter deep
magnetic linear feature traceable for 7 kilometers within the
joint venture property will be tested during this drill program.
This deep linear magnetic feature has been interpreted as a
"possible" kimberlite filled fissure or Dike." The Structure that
hosts this deep linear magnetic feature appears to extend onto
Pele's 100% owned West River Property within 2 kms of the
Spider/KWG property boundary and appears to continue for more
than 10 kilometers on Pele's ground.

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.

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:
Pele Mountain Resources Inc.
Al Shefsky
President
(416) 368-7224
www.pelemountain.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: rdww who wrote (235)4/27/2004 12:09:54 PM
From: rdww
   of 241
 
Pele completes first Golden Eagle drill program

Pele Mountain Resources Inc GEM
Shares issued 43,571,014 Apr 26 close $0.315
Tue 27 Apr 2004 News Release
Mr. Al Shefsky reports
PELE MOUNTAIN COMPLETES PHASE ONE DRILLING AT GOLDEN EAGLE
Pele Mountain's wholly owned subsidiary, Pele Gold, has completed the first
drill program on the Golden Eagle zone at its 100-per-cent-owned Wawa gold
project. Seven NQ-size drill holes were completed to test the near surface
gold potential of a recently uncovered 85-metre-long portion of the Golden
Eagle zone, which remains open at depth and along strike in both
directions. The seven drill holes were spread along 60 metres of the Golden
Eagle zone and tested this portion of the zone to a vertical depth of 25 to
30 metres.
Each drill hole intersected a mineralized shear zone and has been logged,
sawed in half, sampled by a qualified person and the samples have been
submitted for gold assay analysis by an independent Canadian laboratory.
Half of the drill core will be preserved and stored as permanent record of
the drilling. Although Pele is encouraged by the intersection of a
mineralized shear zone in all seven drill holes, readers are advised that
only the assay results will determine whether or not gold is present in the
samples.
The Golden Eagle zone is located in the eastern half of the Wawa gold
property and was uncovered by Pele Gold in a mechanical stripping program
that was announced in the company's press release in Stockwatch of March
23, 2004. Previous sampling by Pele of the Golden Eagle zone was limited to
two bedrock samples collected in 1999 that returned 23.8 grams gold per
tonne from a quartz vein and 0.2 gram of gold per tonne from adjacent wall
rock.
This press release has been reviewed and approved by Dr. Edward Walker,
PGeo, of Petrologic, an independent consultant and qualified person.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2004 Canjex Publishing Ltd. stockwatch.com

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: rdww who wrote (236)5/3/2004 10:34:50 PM
From: rdww
   of 241
 
Pele Mountain Announces Exploration Update

TORONTO, ONTARIO--(CCNMatthews - May 3, 2004) - Pele Mountain
Resources Inc. (TSX Venture:GEM) ("Pele" or the "Company")
announces its plans for its 2004 field exploration programs and
an update on the current status of its exploration properties in
northern Ontario. Pele has successfully established a diversified
portfolio of mineral properties with potential to host economic
deposits of diamonds, gold and nickel. As spring break-up
conditions advance and field exploration crews begin to deploy to
Pele projects later this week, the Company is looking forward to
an active and exciting 2004 field season.

Strong market fundamentals for diamonds and precious and base
metals has presented a positive environment for Pele to create
its diversified portfolio of properties that include each of
these important mineral groups. In the second half of 2003, Pele
acquired its Timmins Property that includes the potential for
nickel deposits and re-activated exploration programs on its Wawa
and Ardeen Gold properties. Pele's Festival Diamond Property,
Attawapiskat River Diamond Project, and Turtle Pond Diamond
Property provide exposure to the market's growing interest in
Canadian diamonds. During the last 6 months, Pele has
successfully advanced exploration on each of its diamond, gold
and nickel properties respectively and the Company remains
focused on enhancing long term value through increased
exploration and development of these properties.

Pele has successfully completed three drill programs and received
diamond results for 258 tonnes of rock processed by De Beers
during the first few months of 2004. Pele has also developed high
potential drill ready targets at all five of its exploration
projects in northern Ontario. The 2004 exploration field season
will begin with prospecting for possible bulk sample site
locations for diamonds within the Festival Property and for gold
within the Wawa Gold Property. The Company is in a strong
position to advance an active field season with approximately
$1,500,000 in cash and is pursuing new strategic relationships to
expand and intensify exploration opportunities while minimizing
the cost and risk to Pele.

Festival Diamond Property

Following a limited review of the Festival Property during the
past nine months since the Option and Joint Venture Agreement was
signed, De Beers has advised Pele that due to a global
rebalancing of priorities, it "does not intend to make the 2004
Share Subscription or the 2004 Expenditures under the Agreement."
Accordingly, the Option and Joint Venture Agreement entered into
on July 31, 2003 between Pele and De Beers is at an end without
De Beers earning an interest in the Festival Property. Al
Shefsky, President and CEO of Pele stated, "It is unfortunate
that De Beers' rebalancing of global priorities has resulted in
what Pele believes is a premature decision that does not reflect
the potential of the diamond deposits of the Festival Property.
Although Pele is disappointed by De Beers' decision, we remain
optimistic and firmly committed to demonstrating the potential of
this diamond property".

De Beers provided a report entitled "Review of the economic
potential of the Festival Property" which concluded that De Beers
globally is not interested in the deposit type found to date
within the Festival Property. The macro diamond grades of the
diamond deposits sampled and modelled by De Beers suggest a grade
of 10 carats per hundred tonnes or less at a cut-off of 1.5 mm.
De Beers confirmed that the diamond deposits on the Festival
Property sampled a peridotitic mantle within the diamond
stability field at depths of at least 250 km and are hosted
within volcanic rocks that were deposited on the surface
approximately 2.7 billion years ago.

De Beers initiated field operations in August 2003 after signing
the Option and Joint Venture Agreement in July of 2003. They
completed a geophysical survey of the entire Festival Property,
however, De Beers focused its diamond sampling efforts at the
previously discovered Moet, Mumm and Genesis diamond occurrences
as outlined by exploration work completed by Pele. These diamond
occurrences appear to be distal to the paleosurface that includes
the 5 km corridor that hosts the most "primary" diamond-bearing
volcanic rocks as outlined by exploration work completed by Pele.


The diamond-bearing rocks of the Festival Property have physical
characteristics that distinguish them from kimberlites. A routine
audit of 10% of the DMS tailings from the Genesis-2 bulk sample,
one of four recently processed bulk samples by De Beers returned
a number of diamonds larger than 1mm that were not recovered
during the initial DMS processing of the sample. The remaining
audit samples returned no diamonds. De Beers has advised Pele
that it intends to re-process all of the DMS tailings from bulk
sample Genesis-2 at its DMS processing facility in Grande
Prairie, Alberta before the end of May 2004.

In recognizing the challenges and opportunities relating to the
physical characteristics of the diamond deposits within the
Festival Property, Pele previously designed and field-tested a
low cost, environmentally friendly magnetic separation flowchart
that successfully recovered diamonds and proved cost effective.
Pele is again acquiring a high power magnetic separator to test
the "primary" diamond deposits within the 5 km corridor between
the Cristal diamond occurrence and the Veuve Clicquot diamond
occurrence.

As previously reported in Pele's press releases, diamond
exploration completed by Pele and De Beers has identified a
"primary" suite of diamond-bearing rocks which is expected to
host the relatively highest diamond grades within the property,
most of which has not been tested to date.

Future exploration work will focus on determining the most
prospective occurrences within the 5 km stratigraphic horizon
that hosts the "primary" suite of diamond-bearing rocks. These
locations will be sampled to prioritize them for follow-up bulk
sampling. This work will commence before the end of this week.

Attawapiskat River Property

Pele's Attawapiskat River Project comprises the largest group of
mining claims owned by any company within a 30 kilometre radius
of the Victor Kimberlite Project, where De Beers is developing
the first commercial diamond mine in Ontario. Pele's mining
claims cover the extension of an important structure along which
most of the kimberlites in the Attawapiskat cluster occur and tie
on to claim blocks hosting several known diamond bearing
kimberlite pipes. Pele has recovered diamond indicator minerals
from its claims and has identified additional drill targets in
high resolution ground magnetic surveys that are ready to be
drill tested.

A sharp increase in diamond exploration activity in the area has
recently generated several new kimberlite discoveries which
demonstrate the potential for additional kimberlites in the area.
Three new kimberlites were drilled during the past few weeks by
the Spider/KWG Joint Venture on a property that ties on to Pele's
Property and Metalex Ventures Ltd. announced last week that it
too has discovered kimberlite in the area. Pele is currently
reviewing the data acquired during the past 6 months of the
project and assessing a number of opportunities for adding long
term value through expanded diamond exploration in the James Bay
Lowlands.

Pele Gold Corporation

Late in 2003 Pele transferred both of its gold projects to a
wholly owned subsidiary called Pele Gold Corporation ("Pele
Gold") in order to highlight both the Company's diamond and gold
projects and to provide additional flexibility to facilitate
future opportunities to enhance shareholder value.

Ardeen Gold Mine Project

Pele Gold's 100% owned Ardeen Gold Mine Project is located 110
kms west of Thunder Bay, just south of the Trans-Canada Highway.
The Ardeen was northern Ontario's first gold mine, and produced
30,000 ounces of gold and 175,000 ounces of silver during
operations in the early 1930's. Pele has completed more than
12,000 meters of diamond drilling on the property and has
outlined gold mineralization in a number of zones in close
proximity to the mine's existing 3 compartment shaft, which was
sunk to the 1200 foot level. In 2003 the Company commissioned a
compilation study of available data for its Ardeen Gold Mine
Project in preparation for future exploration programs. This
effort has been very productive in identifying areas with
potential to host significant additional gold resources. The
southern portion of the Ardeen Gold Mine Project hosts geology
which is similar to the adjacent property to the east where a
2,000,000 ounce gold resource has been reported. Exploration
activity on an adjacent property to the west of the Ardeen Gold
Mine Project has led to important new gold discoveries and the
participation of a major gold producing company in that project.
Pele Gold is currently assessing a number of opportunities for
adding long term value through renewed and expanded gold
exploration at its Ardeen Gold Mine Project.

Wawa Gold Project

Pele Gold's 100 % owned 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. Infrastructure in the area is
excellent with road and rail access, electric power, a qualified
work force and modern gold mills located in close proximity to
Pele Gold's Wawa Property. Pele acquired the Wawa Gold Project in
1996, and in 1999, successfully recovered 1600 ounces of gold
from a 10,000 tonne surface sample mined at the Markes Zone. This
sample successfully demonstrated the possibility of conducting
advanced exploration that provided important information about a
particular gold bearing zone while generating positive cash flow
in the process.

The increase in the price of gold over the past year prompted the
Company to re-activate a new phase of gold exploration at its
Wawa Gold Project beginning with an expansion of exploration into
the under explored eastern half of the Wawa Property. A
mechanical stripping campaign during March 2004 uncovered a well
mineralized shear zone to the east and west of two samples
collected in 1999 that returned 23.8 grams gold per tonne from a
mineralized quartz vein and 0.2 grams gold per tonne from
adjacent wall rock respectively. The new zone was named the
Golden Eagle Zone. The initial phase drill program to test the
near surface gold potential of the newly uncovered Golden Eagle
Zone was completed in April 2004. Gold assays from the seven
drill holes returned anomalous gold values up to 0.4 grams gold
per tonne from the sampled drill core.

Timmins Nickel Property

An initial drilling phase within the Timmins property
demonstrated that the stratigraphy that hosts the adjacent
Texmont Nickel Mine deposit continues onto Pele's property.
Assays from the initial drill core intersected massive, net
textured and disseminated sulphides and these assayed up to 0.22%
nickel and 4.5 grams gold per tonne. Limited follow-up sampling
of 30 samples from a previously unsampled section of core
however, returned no significant gold assays. The original
horizontal-loop electromagnetic survey identified a sulphide
related conductor that extends more than 1.6 kms from the Texmont
Nickel Mine property boundary onto Pele's ground. This survey has
been extended since the initial drilling phase was completed and
additional drill targets have been identified adjacent to and
along strike of the original conductors drilled. Pele believes
the potential for nickel-bearing sulphides within the property
remains high and is currently assessing its opportunities for
increasing long term value by expanding nickel exploration on the
property.

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 the Company's future plans, objectives or goals,
including words to the effect that the Company 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:
Pele Mountain Resources Inc.
Al Shefsky
President
(416) 368-7224
www.pelemountain.com

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: rdww who wrote (237)6/23/2004 3:08:49 PM
From: rdww
   of 241
 
Pele Mountain and Goldcorp Sign Letter of Intent

TORONTO, ONTARIO--(CCNMatthews - Jun 23, 2004) - Pele Mountain
Resources Inc. (TSX Venture:GEM) ("Pele" or the "Company") is
pleased to announce that it has entered into a Letter of Intent
with Goldcorp Inc. that outlines plans to jointly explore and
develop Pele's Festival Diamond Project and the Ardeen Gold Mine
Project which is 100% owned by Pele Gold Corporation, a wholly
owned subsidiary of the Company. Goldcorp and Pele have agreed to
use commercially reasonable efforts to enter into formal Option
and Joint Venture Agreements ("Formal Agreements") by July 31,
2004 for each of these two projects based on the following
principal terms, failing which the Letter of Intent will be null
and void:

- Goldcorp may earn a 50% interest in the Ardeen Gold Mine
Project by incurring expenditures of $3,000,000 by December 31,
2007 and may earn an additional 10% by incurring additional
expenditures of $1,500,000 by December 31, 2008. Minimum annual
expenditures will be detailed in the Formal Agreements.

- Goldcorp may earn a 50% interest in Pele's Festival Diamond
Project by incurring expenditures of $2,000,000 by December 31,
2006 and may earn an additional 10% by incurring additional
expenditures of $1,000,000 by December 31, 2007. Minimum annual
expenditures will be detailed in the Formal Agreements.

Al Shefsky, President and CEO of Pele stated, "Pele is excited to
be working with Goldcorp, whose Red Lake Mine is the richest gold
mine in the world and whose innovative exploration and mining
methods, outstanding financial performance and completely
unhedged philosophy have established Goldcorp as the preeminent
gold mining company. We are looking forward to bringing the world
class management and financial strength of Goldcorp to Pele's
Ardeen Gold Mine Project and Festival Diamond Project."

Pele is a Canadian mining exploration and development company and
a leader in the search for economic diamond and gold deposits in
Northern Ontario.

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

-30-

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

--------------------------------------------------------------------------------

Share RecommendKeepReplyMark as Last Read


To: rdww who wrote (238)8/17/2004 12:26:01 PM
From: rdww
   of 241
 
Pele Mountain and Goldcorp Sign Option Agreements

FOR IMMEDIATE RELEASE

August 12, 2004 - Toronto - Pele Mountain Resources (TSX Venture:GEM) ("Pele" or the "Company") announced today that it has signed two separate formal option agreements with Goldcorp Inc. (TSX:G; NYSE:GG) pursuant to which Goldcorp may earn an interest in Pele’s Ardeen Gold Mine Project (“Ardeen”) and Festival Diamond Project (“Festival”) in northern Ontario. Goldcorp will be the operator at Ardeen and Pele will be the operator at Festival. Goldcorp will fund exploration activities on both projects beginning immediately.

Al Shefsky, President and CEO of Pele, stated, “We are extremely excited to be working with Goldcorp, Canada’s pre-eminent gold mining company. The Agreements signed today will provide the financial and technical resources needed to enable aggressive exploration efforts at Ardeen and Festival. We believe that Goldcorp’s innovative exploration and management team will add substantial value to these important projects to the benefit of our shareholders.”

Pele’s Ardeen Gold Mine Project is located 110 kilometres west of Thunder Bay and was northern Ontario’s first producing gold mine. The property features a three-compartment main shaft sunk to the 1200-foot level, along with numerous high-grade gold occurrences within and in close proximity to the four-kilometre strike length of the Ardeen’s primary vein system. Recent data compilation work at Ardeen has identified numerous high potential exploration targets. Ardeen is 100% owned by Pele Gold Corporation, a wholly owned subsidiary of the Company.

Pele’s Festival Diamond Project is located 25 kilometres north of Wawa, along the Trans Canada Highway. Bulk sampling has confirmed the presence of commercial size and gem quality diamonds at Festival while surface exposure at its many diamond deposits suggests the potential for significant near-surface tonnage. Diamond occurrences at Festival measure up to 800 meters along strike and more than 100 meters across in intermittent outcrop. Festival is 100% owned by the Company.

Details of the two option agreements are as follows:

At Ardeen, Goldcorp may earn a 50-percent interest by incurring expenditures of $3-million by year-end 2007 and may earn an additional 10-percent interest by incurring additional expenditures of $1.5-million by year-end 2008. Minimum annual expenditures required for Goldcorp to keep the option in good standing are as follows:

• 2004: $400,000 by year-end.
• 2005: an additional $700,000 by year-end.
• 2006: an additional $900,000 by year-end.
• 2007: an additional $1-million by year-end.

At Festival, Goldcorp may earn a 50-percent interest by funding expenditures of $2-million by year-end 2006 and may earn an additional 10-percent interest by funding additional expenditures of $1-million by year-end 2007. Minimum annual funding required for Goldcorp to keep the option in good standing are as follows:

• 2004: $400,000 by year-end 2004.
• 2005: an additional $800,000 by year-end.
• 2006: an additional $800,000 by year-end.

Upon Goldcorp satisfying its requirements under each respective option agreement a joint venture will be formed to continue exploration and development of the Property and thereafter each participant will contribute its share of expenditures according to its participating interest. The material terms of the joint venture to be entered into upon fulfillment of the option requirements have been negotiated and form a part of the option agreements signed today. Upon commencement of commercial diamond production at the Festival Diamond Property, each participant will receive its share of diamonds produced in kind.

Details of on-going exploration programs at Ardeen and Festival will be announced in future press releases.

For further information please contact Al Shefsky, President, at (416) 368-7224, or visit the Pele website at www.pelemountain.com.

Pele Mountain Resources is a Canadian mineral exploration company and a leader in the search for economic diamond and gold deposits in northern Ontario. Pele’s stock trades on the TSX Venture Exchange under the symbol “GEM”. 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.

Share RecommendKeepReplyMark as Last Read
Previous 10 Next 10