Pele Mountain Resources Inc.
TSX VENTURE : GEM

Pele Mountain Resources Inc.

November 06, 2009 09:28 ET

Wallbridge Mining Discovers 2.5 km Section of Hess Offset Dyke at Pele Mountain's Sudbury Project

TORONTO, ONTARIO--(Marketwire - Nov. 6, 2009) - Pele Mountain Resources Inc. (TSX VENTURE:GEM) ("Pele" or the "Company") announced today that Wallbridge Mining Company Ltd. (TSX:WM) ("Wallbridge") has reported the discovery of a 2.5 kilometre long section of the Hess Offset Dyke at Pele's Sudbury Nickel Project in Northern Ontario. Wallbridge is expected to complete its initial earn-in of a 60-percent project interest by year-end 2009 and is the project operator during the option period.

Wallbridge reports that detailed and reconnaissance mapping in the northwestern portion of the property has demonstrated that the Hess Offset Dyke has a significant branch that extends across the Pele property for approximately 2.5 kilometres and is up to 35 metres wide. Within that length, there is an approximately 100-150 metre magnetic anomaly, possibly caused by pyrrhotite-hosted Ni-Cu-PGE mineralization, similar to sulphide mineralization found at Vale's nearby Rivers Options property, about 1.5 kilometres to the west. The anomaly will be drilled shortly.

Additionally, Wallbridge reports that a radial quartz-gabbro dyke, which from geochemistry is also likely related to the Sudbury Igneous Complex, has been discovered in the northeastern corner of the property. An intersection of Ni-Cu-PGE mineralization is reported from a drill hole drilled into the Hess Offset Dyke north of the property boundary in this area by Inco in 1967.

Pele President and CEO Al Shefsky stated, "We are very pleased with the exceptional work of our exploration partners, Wallbridge and Coventry Resources Limited, at our Sudbury Nickel and Ardeen Gold projects, respectively. In optioning these properties to capable partners, Pele shareholders realize value from active exploration and discovery while allowing the Company to focus on advancing our core projects at Highland Gold and the Eco Ridge Mine".

The Sudbury Nickel Project covers 14,000 acres on the North Range of the prolific Sudbury Mining Camp of Northern Ontario. Past exploration by Pele and Wallbridge has confirmed the presence of multiple offset dikes and an extensive belt of Sudbury breccia on the property. Offset dikes in the Sudbury area have hosted extensive Ni-Cu-PGE mineralization as well as several successful mining operations. Sudbury breccia is a host lithology often associated with footwall-style Ni-Cu-PGE mineralization.

The Sudbury Mining Camp is the most productive nickel mining district in the world, continuing to deliver world-class base and precious metal output after more than a century of operation. The camp's dominant feature is the Sudbury Basin, a 60-kilometre long elliptical structure that features Ni-Cu-PGE deposits along the contact and footwall of the Sudbury Igneous Complex, which forms the outer rim of the Sudbury Basin, as well as within offset dikes that emanate radially outward from it.

This news release has been reviewed and approved by Peter Dimmell, P. Geo., a Pele director and a Qualified Person under National Instrument 43-101.

About Pele

Pele Mountain Resources is discovering and developing the mineral wealth of Northern Ontario. At its Eco Ridge Mine uranium project, Pele is advancing toward the sustainable development of a safe, secure, and reliable operation near Elliot Lake. At its East Highland Gold project, Pele has located several high-grade showings and is working to identify mineable gold resources. The Company also holds the Ardeen Gold and Sudbury Nickel projects, which are actively explored under option agreements with Coventry Resources Ltd. and Wallbridge Mining Company, respectively. Pele's shares are 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: 95,486,944

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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