Pele Mountain Acquires Attawapiskat Claims
Friday July 11, 8:01 am ET
Pele acquires property in JBL
TORONTO, ONTARIO--Pele Mountain Resources Inc. (TSX Venture:GEM - News; "Pele") (the "Company") is pleased to announce that it has acquired five (5) strategically located mining claim blocks within and adjacent to the Attawapiskat cluster of diamond bearing kimberlite pipes. Pele's new mining claim holdings, which are collectively referred to as the "Attawapiskat River Project", cover approximately 22,000 acres and constitute the second largest land position of 100% owned mining claims within a 20 kilometer radius of De Beers' Victor Pipe. Pele acquired its claims through a combination of agreements with arm's length parties and a staking program that took place in the spring of 2003. Pele's five new claim blocks have been named the Bull's Eye Property, West River Property, East River Property, Central Property and Caribou Property, respectively, and are outlined on the attached map.
Al Shefsky, President and CEO of Pele stated, "The acquisition of Pele's new mining claims among the Attawapiskat diamond pipes reinforces Pele's stature as a leader in the search for economic diamond deposits in Northern Ontario. Pele was very fortunate to obtain such a large and well situated mining claim package given that the Victor Pipe is advancing to a full feasibility study and an Ontario Geological Survey ("OGS") report stated that the potential to find additional kimberlite intrusions in the area is very good to excellent. With Pele's successful track record for discovering new diamond deposits in Northern Ontario, and our strategically located position within the Attawapiskat cluster, Pele now has an exciting new opportunity to increase shareholder value."
Pele's Bull's Eye Property is located at the center of an important area that hosts a very high concentration of diamond bearing kimberlite pipes. There are six (6) diamond-bearing kimberlite pipes located within approximately 1 km of Pele's Bull's Eye Property, which is situated only 5 kilometers northwest of De Beers' Victor Pipe, in the heart of the Attawapiskat cluster. The Tango 1 and Tango Extension pipes are located within 600 meters to the west and the Bravo 1 and Charlie 1 pipes are located within approximately 1 km to the southeast of Pele's Bull's Eye Property. The MacFadyen 1 and 2 diamond bearing pipes are located within 600 meters to the north and northeast of Pele's Bull's Eye Property. Pele's Bulls Eye Property was acquired from an arm's length vendor for reimbursement of staking costs and the retention by the vendor of a 1.5% NSR. The NSR can be purchased by Pele at its option for $500,000 for every 1/2 % NSR purchased or $1,500,000 to purchase the entire 1.5% NSR.
Pele's West River Property is comprised of 17 mining claims totaling 223 claim units (each claim unit measures approximately 40 acres), all of which were staked for Pele in March and April 2003. The West River Property is situated within the trend of the Attawapiskat cluster of diamond bearing kimberlite pipes, approximately 8 kilometers northwest of De Beers' Victor pipe and 2.5 kilometers northwest of De Beers' Tango 1 and Tango Extension diamond pipes.
Four indicator mineral samples were collected by the OGS from stream sediments on Pele's West River Property and every sample returned a significant number of kimberlite indicator minerals as reflected in the following chart of indicator mineral counts:
Kimberlite Indicator Counts For Samples Collected
From Pele's West River Property
OGS Forster-
Sample Cr-pyrope Eclogitic Cr-diopside Ilmenite Chromite itic
Number garnet garnet olivine
01JBL-0139 4 0 1 6 0 4
01JBL-0140 26 0 2 100 0 40
01JBL-0141 5 0 0 0 3 11
01JBL-0144 9 1 0 26 57 36
Each stream sediment sample weighs between 13 and 18 kgs and the recovered grains range from 0.25mm to 2mm.
Only pyrope garnets have been confirmed by electron microprobe analysis.
Pele's East River Property ties on to the north and west of De Beers' diamond bearing Delta pipe claim block, between the Victor pipe and the Delta pipe and also ties on in the northwest to a block of claims registered 80% in the name of Kel-Ex Development Limited ("Kel-Ex") a company controlled by Dr. Charles Fipke. Pele's East River Property contains 25 claim blocks comprised of 285 claim units and covers more than six kilometers of the Nayshkotayow River, downstream from the Victor pipe and most of the other known diamond bearing pipes in the Attawapiskat cluster. Pele's East River Property was staked during April 2003 for Pele.
Two indicator mineral samples were collected and processed by the OGS from stream sediments on Pele's East River Property. Both samples returned a very significant total number of kimberlite indicator minerals. The following is a chart of indicator mineral counts for Pele's East River Property:
Kimberlite Indicator Counts For Samples Collected
From Pele's West River Property
OGS Forster-
Sample Cr-pyrope Eclogitic Cr-diopside Ilmenite Chromite itic
Number garnet garnet olivine
01JBL-0039 20 1 0 10 2 88
01JBL-0040 53 0 27 25 0 365
Each stream sediment sample weighs between 13 and 18 kgs and the recovered grains range from 0.25mm to 2mm.
Only pyrope garnets have been confirmed by electron micro probe analysis.
Pele's Caribou Property consists of two claim blocks comprised of 24 mining claim units that tie on to a claim block registered 80% in the name of Kel-Ex. The Caribou Property was staked for Pele in April 2003. Pele's Central Property consists of 2 claim Blocks comprised of 4 mining claim units located approximately 5 kilometers south of the Victor Pipe.
Pele is a Canadian mining exploration and development company and a leader in the search for economic diamond deposits in Northern Ontario. Pele controls a 100% mineral rights interest in the 101 square km Festival Diamond Property, located 25 kms north of Wawa, where Pele has discovered an important new source of Canadian commercial size and gem quality diamonds. Pele also owns a 100% interest in two gold projects in northwestern Ontario. This press release had been reviewed and approved by Dr. Edward Walker, P.Geo, of PetroLogic Inc., an independent consultant and Qualified Person.
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: 36,469,014
Note: There is a Map of Attawapiskat River Project on CCNMatthews' website:
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