Pele Mountain Resources Inc.

Pele Mountain Resources Inc.

November 14, 2005 13:41 ET

Field Program Completed in Advance of Winter Drilling at Pele Mountain's Alliance Diamond Project

TORONTO, ONTARIO--(CCNMatthews - Nov. 14, 2005) - Pele Mountain Resources (TSX VENTURE:GEM) ("Pele") today announced the completion of an autumn field program at its Alliance diamond project in northwestern Ontario. Exploration at Alliance is funded and operated by Trigon Exploration Canada Ltd. ("Trigon") (TSX Venture:TEL) which can earn up to a 60-percent interest in the project from Pele.

A program of airborne geophysics, targeted till sampling, and geochemical sampling, led to the identification and staking of three new kimberlite targets. There are now 58 staked targets at Alliance. The resulting data will assist in prioritizing the kimberlite targets for an early 2006 drilling program.

A 4,680 line-kilometre airborne geophysical survey was flown by Trigon using a proprietary high resolution airborne magnetic system over two separate blocks within the Alliance project area. The first block was flown to characterize and better resolve several previously staked magnetic targets. The second block was flown to identify pipe-like targets in an area given the highest exploration priority based on regional indicator mineral results.

Upon completion of the geophysical survey, Trigon performed fieldwork that included prospecting, ground checking of identified airborne magnetic targets, target-specific heavy mineral sampling and mobile metal ion ("MMI") sampling. Heavy mineral samples were obtained down-ice from 33 high priority geophysical targets, while seven targets were sampled for MMI chemistry. Sampling results are expected before year end.

Pele's diamond projects, including Alliance and Attawapiskat in the James Bay Lowlands and Festival further south near Wawa, lie on the Archean-age Superior Craton in northern Ontario. Archean cratons are the primary host of economic diamond deposits worldwide and Superior, the world's largest craton, has demonstrated its potential for hosting economic diamond deposits through the development of De Beers Canada's Victor Project, where commercial diamond production is anticipated in 2008.

This press release has been reviewed and approved by Dr. Edward Walker, P.Geo., an independent consultant and Qualified Person pursuant to National Instrument 43-101.

Pele Mountain Resources is an exploration play on the abundant mineral wealth of northern Ontario. Pele has acquired and developed a diverse portfolio of diamond, gold, base metal, and uranium properties which provide exposure and leverage both to discovery and to the increased global demand for natural resources. Pele is active on five project fronts, including diamond exploration at Festival and Alliance funded by partners Goldcorp and Trigon Exploration Canada, gold and base metal exploration at Ardeen funded by partners Maple Minerals Corp and East-West Resource Corporation, and in-house exploration at its Highland Gold and Sudbury Offset properties. Pele stock trades 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. None of the Company's properties have any known ore body of economic or commercial value.

Common Shares Outstanding: 50,072,215

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

Contact Information