Pele Mountain Resources Inc.
TSX VENTURE : GEM

Pele Mountain Resources Inc.

November 03, 2005 10:54 ET

Second Phase Drill Program Underway at Pele Mountain's Highland Gold Project

TORONTO, ONTARIO--(CCNMatthews - Nov. 3, 2005) - Pele Mountain Resources (TSX VENTURE:GEM) ("Pele" or the "Company") announced today that drilling is underway at the Highland Gold Project in northern Ontario. Highland is 100-percent owned by Pele Gold Corporation, a wholly-owned subsidiary of the Company.

The 26-hole, approximately 600-metre drill program will focus on the Springbank and Talisker gold occurrences where sampling and drilling this summer revealed near-surface, high-grade gold. The program will consist of short step-out holes intended to further define and extend both mineralized zones. Baselines will be cut at both locations to facilitate additional winter work programs.

Highlights from initial phase drilling included the following results:



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Occurrence Drill Hole From (m) To (m) Length (m) Gold (g/t)
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Springbank PP-DH05-01 24.46 26.96 2.50 9.9
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Including 24.46 25.11 0.65 13.3
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PP-DH05-05 0.00 2.45 2.45 12.7
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Including 1.00 1.70 0.70 23.7
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PP-DH05-06 6.46 11.81 5.35 7.0
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Including 9.87 10.47 0.60 26.0
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Talisker PP-DH05-07 5.23 5.66 0.43 2.54
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12.30 13.62 1.32 4.34
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PP-DH05-08 3.21 11.37 8.16 8.36
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Including 10.05 10.60 0.55 95.52
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Both the Springbank and Talisker gold occurrences are within Pele's royalty-free Porter-Premier property in the western Goudreau-Lochalsh Deformation Zone ("GLDZ"), an area that has seen considerably less exploration than the central GLDZ, home to the development-stage Island Gold project and several other past producing gold mines. Pele's recent drill results demonstrate that associations and controls identified by the high-grade gold intersections at Springbank and Talikser are fundamentally similar to those within the central GLDZ and that high-grade gold-bearing shears extend onto Pele's claims in the western GLDZ.

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

  • Pele Mountain Resources Inc.
    Al Shefsky
    President
    (416) 368-7224
    or visit the Pele website at www.pelemountain.com