Pele Mountain Resources Inc.

Pele Mountain Resources Inc.

November 23, 2006 07:30 ET

Pele Mountain Announces Two New Discoveries at Sudbury

Major Breccia Belt and Second Offset Dike Discovered

TORONTO, ONTARIO--(CCNMatthews - Nov. 23, 2006) - Pele Mountain Resources Inc. (TSX VENTURE:GEM)("Pele") announced today that Wallbridge Mining Company Limited (TSX:WM) has discovered a major breccia belt hosting anomalous platinum group elements, as well as a second offset dike at Pele's 100-percent owned Sudbury Project (the "Project") in northern Ontario. Wallbridge has also extended the original "Pele Offset" dike, discovered last year to a total strike length of 3.5 kilometres. Exploration at the Project is funded and operated by Wallbridge, which can earn up to a 72.5-percent interest in the Project by funding it through to feasibility, arranging mine construction financing, and issuing 1,050,000 shares of Wallbridge to Pele.

Pele President and CEO Al Shefsky stated, "Our partners at Wallbridge are doing outstanding work and we congratulate them on these important new discoveries. Results to date at Pele's Sudbury Project demonstrate strong potential for mineralization relating to both offset dike and footwall geology. These types of environments are renowned for hosting world class Ni-Cu-PGE deposits in the Sudbury mining camp. Wallbridge's achievements at our Sudbury Project showcase how Pele's generative strategy is adding value for our shareholders through strategic alliances that leverage exploration spending on our properties."

Wallbridge has discovered a major, previously undocumented breccia belt, with an orientation roughly concentric to the contact of the Sudbury Igneous Complex (SIC). Selected samples of the breccia contain weakly anomalous concentrations of platinum and palladium as well as pathfinder elements, which are enriched in similar breccias that host Copper-PGE mineralization at Xstrata's Strathcona Mine and FNX's McCreedy West Mine in the Levack Trough about 8 kilometres to the south.

A second offset dike was also discovered in the southeast corner of the property in a road outcrop about one kilometre west of last year's offset dike discovery. The new discovery has been confirmed by whole rock and trace element analysis along with petrographic study of outcrop samples. It has been exposed by trenching over about 60 metres, ranging between 4 and 6 metres in width, and is open along strike to the north and south. Prospecting and additional mapping are underway to extend the dike in both directions and to define exploration targets along it. Sulphide boulders discovered last year are located approximately 50 metres southeast of the new dike. Geochemical analysis of samples from the boulders is underway to determine if they have a genetic link to the new dike or other Sudbury-related mineralization.

Pele's Sudbury project consists of approximately 350 mining claim units covering 14,000 acres in the prolific Sudbury Mining Camp, the most productive nickel mining district in the world. The camp's dominant feature is the Sudbury Basin, a 60-kilometre long elliptical structure that features copper-nickel-platinum-palladium 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 extend radially outward from it. Offset dikes have become the target of progressively more intense exploration interest because they have hosted several successful operations, including the Copper Cliff and Worthington mines.

Field samples were prepared at ALS Chemex Ltd. Laboratories in Sudbury, then shipped to its analytical facilities in Vancouver. Samples were analyzed for major elements by lithium metaborate fusion with an ICP-AES finish and rare earth elements by ICP-MS.

The Qualified Person responsible for the technical content of this press release is Bruce Jago, PhD. P.Geo, Vice-President, Exploration of Wallbridge Mining Company Limited.

About Pele Mountain Resources

Pele Mountain Resources is discovering and developing the mineral wealth of northern Ontario. Pele is focused on the exploration and development of its 100-percent owned projects at Elliot Lake and Highland. The Elliot Lake uranium project contains a substantial "Measured Ore Estimate" compiled by Rio Algom within an historically prolific mining camp. Exploration at Highland indicates outstanding potential for gold resources and existing regional infrastructure provides opportunities for revenue producing operations. Pele is also a generative exploration company holding a diverse portfolio of gold, diamond, and base metal projects, providing exposure and leverage to discovery and to the increased global demand for natural resources. Four Pele projects are currently funded through agreements with strategic partners, including Goldcorp, Wallbridge Mining, Trigon Exploration, East West Resources and Maple Minerals (a division of Mega Uranium). 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.

Common Shares Outstanding: 63,222,145

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

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