Pele Mountain Resources Inc.
TSX VENTURE : GEM

Pele Mountain Resources Inc.

March 20, 2008 11:57 ET

Pele Mountain Shareholders Approve All Matters Presented at the Annual and Special Meeting of Shareholders

TORONTO, ONTARIO--(Marketwire - March 20, 2008) - Pele Mountain Resources Inc. (TSX VENTURE:GEM) ("Pele" or the "Company") is pleased to announce that shareholders of the Company have approved all matters voted on at the Company's Annual and Special Meeting of Shareholders held on March 9, 2007 (the "Meeting").

More specifically, the following matters were approved by the shareholders of the Company:

1. election of the proposed slate of directors of the Corporation;

2. reappointment of DMCT LLP, Chartered Accountants, as the auditors of the Corporation to hold such office until the close of the next annual meeting of Shareholders; and

3. approval of the Corporation's 2007 stock option plan (the "2007 Option Plan"), reserving for grant options to acquire up to a maximum of 10% of the issued and outstanding shares of the Corporation calculated at the time of each stock option grant.

More specific details of the matters approved at the Meeting are set forth in a management information circular of the Corporation dated January 31, 2008 and posted on the System for Electronic Data Analysis and Retrieval (SEDAR) at www.sedar.com.

About Pele Mountain Resources

Pele Mountain Resources provides investors with superior leverage to uranium as it advances its 100-percent owned Elliot Lake Uranium Project toward objectives of development and production. The project hosts substantial NI 43-101 compliant U3O8 resources (6.4 million pounds "indicated" at a grade of 0.051-percent and 36.1 million pounds "inferred" at a grade of 0.044-percent) and has received a positive Scoping Study, providing the basis for economically-viable, environmentally-compliant uranium mining and processing operations(1). The Elliot Lake mining camp has produced more than 300 million pounds of U3O8 and was formerly known as the "Uranium Capital of the World". Pele also holds a diverse portfolio of gold, diamond, and base metal projects in Northern Ontario. Pele stock is listed on the TSX Venture Exchange under the symbol "GEM".

(1). The Scoping Study is preliminary in nature and includes both indicated and inferred mineral resources. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the Scoping Study will be realized.

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: 84,027,612

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

Contact Information