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Gold/Mining/Energy : GOLDCORP (G.A) & CSA.A

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To: Gordon Owen who wrote (31)	8/26/2004 10:43:36 AM
From: rdww	Read Replies (1) of 89

PELE MOUNTAIN AND GOLDCORP ADVANCE DIAMOND EXPLORATION Pele Mountain Resources' exploration fieldwork is now under way at its 100-per-cent owned Festival diamond project in Northern Ontario. As previously reported in Stockwatch, Pele and Goldcorp have signed an option agreement at Festival pursuant to which Goldcorp may earn up to a 60-per-cent interest in the project by meeting specified financing requirements. The Festival diamond property covers 101 square kilometres adjacent to the Trans-Canada Highway north of Wawa, Ont. Exploration efforts over the last four years have led to the discovery of commercial-size and gem-quality diamonds at Festival. The diamond-bearing suite of rocks at Festival appear in intermittent outcrops along a zone that is up to five kilometres long and up to and exceeding 100 metres wide. Exploration results to date suggest that the strongest potential for an economic diamond resource is within the oldest, most primitive suite of diamond-bearing rocks. The current program will focus on 10 of the occurrences where limited exploration has been performed as well as on other high-potential target areas that have yet to be explored. Following initial hand stripping, mapping, and petrology work, specific favourable facies of rock at each of the occurrences will be channel sampled for diamond analysis. Up to 2,000 kilograms of those samples will be submitted for diamond extraction by caustic digestion. The results of this initial program will be used to prioritize locations for follow-up drilling, sampling and bulk sampling. The Festival exploration program is budgeted for $400,000 through year-end 2004 and is being financed by Goldcorp. Pele is operating the program under the supervision of Dr. Edward Walker, PGeo. WARNING: The company relies upon litigation protection for "forward-looking" statements. © 2004 Canjex Publishing Ltd.

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