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


To: rdww who wrote (237)6/23/2004 3:08:49 PM
From: rdww  Respond to 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

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