SOURCE: Pele Mountain Resources Inc.

August 01, 2006 09:54 ET

Pele Mountain Collects 1,300-Kilogram Sample of HQ Drill Core From Talisker Diamond Occurrence

TORONTO -- (MARKET WIRE) -- August 1, 2006 -- Pele Mountain Resources (TSX-V: GEM) ("Pele" or the "Company") announced today that Pele Gold Corporation ("Pele Gold"), a wholly owned subsidiary of the Company, has collected a 1,300-kilogram sample of HQ drill core from the Talisker diamond occurrence at Pele Gold's 100-percent owned Highland Project. The sample has been shipped to Saskatchewan Research Council where it will be processed by caustic digestion to recover diamonds larger than 425-micron square mesh sieve size.

The Talisker diamond occurrence has been drilled along a strike length of over 1,100 metres, to a depth of over 100 metres, and remains open in both directions along strike and at depth. Recent drilling has intersected apparent widths of between 4 and 10 metres along the reported strike length. Previous sampling has consisted of a single 78-kilogram sample of B-size drill core that returned five diamonds, including a white octahedron macro diamond that measured 1.12mm x 0.74mm x 0.72mm. Of the remaining four diamonds, one reported to the plus-300-micron size fraction and three reported to the plus-150-micron size fraction. The sample was processed with a bottom screen sieve of 75 microns at Saskatchewan Research Council.

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. Saskatchewan Research Council is an independent ISO 17025-accredited laboratory.

Pele Mountain Resources is focused on mineral exploration within the established mining camps 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 several project fronts, including Company-operated gold and diamond exploration at Highland, diamond exploration at Festival and Alliance funded by Goldcorp and Trigon Exploration Canada, gold and base metal exploration at Ardeen funded by Maple Minerals Corp and East-West Resource Corporation, and Ni-Cu-PGE exploration at Sudbury funded by Wallbridge Mining Company Ltd. Pele stock trades on the TSX Venture Exchange under the symbol "GEM."

For further information please contact Al Shefsky, President, at (416) 368-7224, or visit the Pele website at www.pelemountain.com.

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.

Contact Information

  • Contact:
    Al Shefsky
    President
    (416) 368-7224