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Gold/Mining/Energy : Pele Mountain -- Ignore unavailable to you. Want to Upgrade?


To: rdww who wrote (232)3/23/2004 1:34:57 PM
From: rdww  Read Replies (1) | Respond to 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.