To: rdww who wrote ( 230) 3/8/2004 10:55:46 PM From: rdww Read Replies (1) | Respond to 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.