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 : Canadian Diamond Play Cafi -- Ignore unavailable to you. Want to Upgrade?

To: Letmebe Frank who wrote (1054)	7/3/2003 9:42:55 AM
From: rdww	Respond to of 16203

pele focusing on "primary deposits" Pele Mountain Advances Exploration at Festival Property Thursday July 3, 8:02 am ET TORONTO, ONTARIO--Pele Mountain Resources Inc. (TSX Venture:GEM - News; "Pele") (the "Company") is pleased to announce that the first phase of the 2003 diamond exploration field season at the Festival Property has been advancing actively since spring break-up. Prospecting and mapping during the past several weeks have confirmed the presence of a suite of "primary deposits" in intermittent outcrop within a stratigraphic horizon that extends for more than 5 kilometers in the southwest corner of the Festival Property. ADVERTISEMENT The "primary deposits" on Pele's Property contain an important new source of Canadian commercial size and gem quality diamonds and appear to be readily distinguishable based on their xenoliths, ultramafic groundmass and stratigraphic relationships from less prospective "secondary" lamprophyric diamond occurrences. During the 2003 winter exploration program, a 13 tonne sample from the Cristal diamond occurrence ("Cristal") returned 39 commercial size diamonds including a 0.72 carat white gem quality diamond. Follow-up drilling intersected a true width of 90-100 meters of the diamond bearing volcanic unit in a single hole drilled under Cristal. The "primary" nature of Cristal is evident through its ultramafic groundmass, xenoliths, mineralogy and a suite of kimberlite indicator minerals including G (10) and G (9) garnets, diamond inclusion chromites and high magnesium ilmenites. Recent mechanical stripping and washing at Cristal has also revealed significantly higher quantities of juvenile lapilli fragments than have been observed elsewhere on the Festival Property. The presence of juvenile lapilli is believed to be important because it further demonstrates the primary nature of the diamond-bearing facies at Cristal, which is one of at least five diamond occurrences that is considered indicative of the "primary deposits". Recent exploration along strike of Cristal has confirmed the continuation of related facies for more than 850 meters in intermittent outcrop to the northwest. Access to the Cristal area has recently been upgraded for the second phase of the 2003 exploration field season, which is currently underway and will include processing additional samples from the area. 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. 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 the Company's future plans, objectives or goals, including words to the effect that the Company 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. Common Shares Outstanding: 36,469,014 -------------------------------------------------------------------------------- Contact: Pele Mountain Resources Inc. Al Shefsky President Phone: (416) 368-7224

To: Letmebe Frank who wrote (1054)	7/3/2003 9:58:57 AM
From: Chas.	Read Replies (2) \| Respond to of 16203

Frank, CF takes 6 to 8 weeks when things are normal, less if fast tracked. Use 2 weeks ago as starting date for shipping CF to wherever, SRM has stated that they are not going to piecemeal the CF results but rather release one big report for all the intersections, pipes..... if that is what they do I would say end of year before results..... if they have good results early on I suspect they will start releasing info....maybe September........ guessing game for now....but some time before the end of the year for sure. regards