Pele Mountain Resources Inc.

Pele Mountain Resources Inc.

March 23, 2007 10:48 ET

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

TORONTO, ONTARIO--(CCNMatthews - March 23, 2007) - Pele Mountain Resources Inc. (TSX VENTURE:GEM) ("Pele" or the "Company") is pleased to announce that shareholders of the Company have overwhelmingly 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;

3. amendment and restatement of the Corporation's 2003 stock option plan (the "Amended and Restated 2007 Plan") to constitute a pure "rolling" 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;

4. a grant of incentive stock options to certain executive officers and directors of the Corporation under the Amended and Restated 2007 Plan; and

5. adoption of the Shareholder Rights Plan Agreement between the Corporation and Equity Transfer & Trust Company dated effective January 31, 2007;

More specific details of the matters approved at the Meeting are set forth in a management information circular of the Corporation dated February 9, 2007 and posted on the System for Electronic Data Analysis and Retrieval (SEDAR) at

About Pele Mountain Resources

Pele Mountain Resources is focused on the advancement of its 100-percent owned Elliot Lake uranium project in northern Ontario. The Elliot Lake project hosts a NI 43-101 compliant mineral resource of 33 million pounds of U3O8 with very good potential to increase the mineral resources on the property, according to a Technical Report authored by Scott Wilson Roscoe Postle Associates Inc.

The Elliot Lake mining camp was once known as "the uranium capital of the world" and has produced more than 270 million pounds of U3O8 from stratigraphically-bound deposits that demonstrate remarkable consistency over extensive areas. The uranium market is currently experiencing a strong upward price trend due to uncertain supply and increasing global demand.

Pele also holds a diverse portfolio of gold, diamond, and base metal projects located across northern Ontario, including the Highland project where drilling has outlined several high-grade, narrow-vein gold zones within an historic mining camp. Through project generation and mineral discovery, Pele provides shareholders with exposure and leverage to the increasing global demand for natural resources. 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: 70,381,860

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

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