Pele Mountain Resources Inc.

Pele Mountain Resources Inc.

November 07, 2007 07:00 ET

Pele Mountain Appoints Fergus Kerr Vice-President of Uranium Operations to Lead Mine Development at Elliot Lake

TORONTO, ONTARIO--(Marketwire - Nov. 7, 2007) - Pele Mountain Resources Inc. (TSX VENTURE:GEM) ("Pele" or the "Company") announced today that Fergus Kerr, P.Eng., has been appointed Vice-President of Pele's Uranium Operations. Mr. Kerr will lead the licensing, permitting, feasibility studies, environmental process, engineering, procurement, and other matters pertaining to the development of Pele's Elliot Lake Uranium Project in Northern Ontario.

Mr. Kerr has more than 35 years of mining industry experience, including 14 years in Elliot Lake as General Manager, Manager of Mining, and Mine Superintendent for Denison Mines. Following the closure of Denison's mine at Elliot Lake, Mr. Kerr was a Mine Manager at Inco's Sudbury operations for seven years. Mr. Kerr has also served as a Sector Director of the Workplace Safety and Insurance Board of Ontario and is currently an Adjunct Professor at Laurentian University, lecturing on occupational health engineering. Mr. Kerr has assisted Pele as a consultant during the past year, overseeing efforts to complete the recently-announced positive Scoping Study.

Pele President and CEO Al Shefsky stated, "Fergus has the skills and experience to lead the advancement of the project through the permitting and feasibility work and into commercial production. We're very fortunate to have a professional of Fergus's calibre and look forward to working together with him to make our Elliot Lake Uranium Mine Project a model of excellence in mine development."

Fergus Kerr added, "Our work to-date suggests that we have a viable uranium deposit at Elliot Lake and I am looking forward to helping lead a new era of opportunity in this important mining camp. We will incorporate current best practices in sustainable development in everything we do at Elliot Lake".

The employment agreement with Mr. Kerr is for a term of 3 years commencing January 1, 2008 and in addition to provisions for base salary and expenses, Mr. Kerr will also receive an option to purchase 300,000 shares of Pele at $0.60, exercisable until March 30, 2011. The options will vest as to one-third (or 100,000) each year beginning on January 1, 2008 and each subsequent annual anniversary.

About Pele Mountain Resources

Pele Mountain Resources is a Canadian energy and mineral exploration and development company focused on advancing its 100-percent owned Elliot Lake Uranium Mine Project. The project has a positive Scoping Study and hosts a NI 43-101 compliant "indicated resource" of 6.39 million pounds of U3O8 (5.68 million tonnes grading 0.051-percent U3O8) and an "inferred resource" of 36.15 million pounds U3O8 (37.26 tonnes grading 0.044-percent U3O8) with the potential for significant upgrade and expansion. Elliot Lake was once known as "the uranium capital of the world" and has produced more than 270 million pounds of U3O8 from vast, stratigraphically-bound deposits.

Pele also holds a diverse portfolio of gold, diamond, and base metal projects located across Northern Ontario. Through project generation, strategic partnerships, and mineral discovery, Pele provides shareholders with exposure and leverage to the growing global demand for natural resources. Pele stock is listed on the TSX Venture Exchange under the symbol "GEM".

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. The economic viability of the 43-101 mineral resource at Pele's Elliot Lake Project has not yet been demonstrated by a preliminary feasibility study.

Common Shares Outstanding: 73,014,060

The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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