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Gold/Mining/Energy : Canadian Diamond Play Cafi -- Ignore unavailable to you. Want to Upgrade?

To: E. Charters who wrote (715)	3/7/2003 10:19:44 AM
From: rdww	Respond to of 16207

Pele Mountain to Drill at Festival Property Friday March 7, 9:50 am ET TORONTO, ONTARIO-- Common Shares Outstanding: 32,851,354 Pele Mountain Resources Inc. (TSX Venture:GEM - News; "Pele") (the "Company") is pleased to announce that exploration at the Festival Property, where Pele controls a 100% interest in the mineral rights, is progressing actively. The breakthrough discovery of the "Big Goose", a 0.72 carat white, gem quality diamond, has confirmed the presence of a population of large gem quality diamonds and has further substantiated the strong economic potential of the diamond deposits at the Festival Property. Pele's diamond exploration program is advancing with a high degree of confidence by utilizing systematic and cost effective exploration and diamond processing techniques. Based on the encouraging results from the Cristal diamond occurrence ("Cristal") a winter surface sampling campaign and boundary survey was completed last month. The next phase of exploration at the Festival Property involves a core-drilling program at Cristal, which is scheduled to begin next week. 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 Dr. Edward Walker P.Geo., of PetroLogic Inc., an independent consultant and Qualified Person. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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: PELE MOUNTAIN RESOURCES INC. Al Shefsky President Phone: (416) 368-7224 1 800 315 7353 Fax: (416) 368-7230 E-mail: info@pelemountain.com www.pelemountain.com

To: E. Charters who wrote (715)	3/7/2003 4:24:35 PM
From: VAUGHN	Read Replies (1) \| Respond to of 16207

Hello Eric DDN has had their results for some time now and are located in a far more remote and unaccessible site! I appreciate your feedback and offer though, thank you. Regards Vaughn P.S. If you're doing the rounds and are near Commander Resources any word on their (Falconbridge's) 2003 SVB drilling plans would also be appreciated. Enjoy...