Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (7445)	2/5/2003 3:45:54 PM
From: Canuck Dave	Read Replies (1) \| Respond to of 39344

Russ, I'm fairly new to precious metal markets. The recent volatility in the spot price is overall a good sign, is it not? Nobody shoots at a dead duck and all that? We'll have to endure these corrections. I sure wasn't smart enough to see it coming it this time (or most of the other times, either). CD

To: russwinter who wrote (7445)	2/5/2003 3:55:23 PM
From: rdww	Respond to of 39344

Pele Mountain Resources Inc.: Drilling Commences at High Grade 'Pele Zone' Wednesday February 5, 3:47 pm ET TORONTO, ONTARIO--Pele Mountain Resources Inc. (TSX Venture:GEM - News; "Pele") is pleased to announce the commencement of a first phase, 500 meter drill program at its 100% owned Ardeen Gold Mine Project, located 110 kilometers west of Thunder Bay, Ontario. The first drill target is a geophysical anomaly near the intersection of two gold bearing structures one of which is the Pele Zone. The Pele Zone is a shear zone, up to 10 meters wide, that hosts high grade gold bearing quartz veins which are the extension of the vein system that was mined in the Ardeen Gold Mine, Northern Ontario's first producing gold and silver mine. After completion of the first hole the drill will be relocated approximately 700 to 800 meters east on the Pele Zone to test an area where previous drilling by Pele has intersected values of up to 33.3 grams gold per tonne over a 1.45 meter core length. The purpose of drilling in this area will be to test the high-grade gold bearing quartz veins as well as the potential for wider zones of mineralization. Split cores will be assayed for both gold and silver content and half of the core will be preserved. 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, which is located 25 kms north of Wawa. Pele also owns a 100% interest in two gold projects in northwestern Ontario. This press release had been reviewed and approved by Peter Dimmell P.Geo., a Qualified Person and a Director of Pele. 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. -------------------------------------------------------------------------------- Contact: Al Shefsky President Phone: (416) 368-7224 or visit our website at www.pelemountain.com E-mail: info@pelemountain.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. -------------------------------------------------------------------------------- Source: Pele Mountain Resources Inc.