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Gold/Mining/Energy : A CANADIAN DIAMOND HUNT -- Ignore unavailable to you. Want to Upgrade?

To: grampa who wrote (545)	10/3/2001 1:38:49 PM
From: rdww	Respond to of 930

DeBeer's takes 100t's from Pele' Wawa site for processing Pele Mountain and De Beers to Process Bulk Sample Toronto, Ontario - Wednesday, October 3, 2001, 6:00 AM EDT Common Shares Outstanding: 24,278,981 Pele Mountain Resources Inc. ("Pele") (CDNX:YPN) is pleased to announce that it has entered into an agreement with De Beers Canada Exploration Inc. ("De Beers") to process a bulk sample of approximately 100 tonnes of ultramafic breccia from Pele's Cristal diamond occurrence ("Cristal"). The purpose of the bulk sample is to establish the presence of commercial size diamonds at Cristal. Under the terms of the agreement, Pele is responsible for mining the bulk sample, crushing the rock to De Beers' specifications, and transporting the bulk sample to De Beers' facilities at Grande Prairie, Alberta. De Beers has agreed to process the bulk sample at its Dense Media Separation plant ("DMS Plant") and to recover and evaluate the diamonds at no cost to Pele. Neither Pele nor De Beers have committed to enter into further agreements with each other at this time. The bulk sample has already been mined from an outcrop of pyroclastic rock near the center of Cristal, which has a width of more than 200 meters on the surface. The bulk sample has been mobilized from Cristal to a crushing plant, where it is currently being sized to minus 12 mm, loaded into ore bags and security sealed in preparation for shipment to De Beers DMS Plant in Grande Prairie, Alberta. The results of the bulk sample are expected to be available by mid-December, 2001. Previous sampling for micro diamonds at Cristal returned encouraging results from all of the facies sampled including 159 diamonds from 39.4 kgs processed in the immediate area of the bulk sample (see Pele's press release of September 26, 2001). Cristal is one of a cluster of at least 5 large diamond-bearing volcanic complexes discovered by Pele during the 2001 field season at the Festival Property. Al Shefsky, President of Pele stated, "The mining and processing of this bulk sample represents an important advancement in what has become an incredibly successful field season at the Festival Property. De Beers has been very generous and helpful in providing expert technical assistance and access to its advanced diamond recovery technologies. On behalf of Pele, I would like to express our appreciation for the opportunity to work with De Beers, the world leader in diamond exploration, production and marketing in evaluating the potential for commercial diamonds at Pele's Festival Property." 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 Property, which is located 25 kms north of Wawa. Pele also owns a 100% interest in two gold projects in northwestern Ontario. For further information please contact Al Shefsky, President at (416) 3687224