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

To: james flannigan who wrote (1489)	10/30/2003 9:02:17 AM
From: rdww	Respond to of 16206

Pele Mountain Advances Diamond Exploration at its Attawapiskat River Project Oct 30.2003. 8:00 ET TSX venture symbol : GEM TORONTO, ONTARIO--Pele Mountain Resources Inc. (TSX Venture: GEM) ("Pele" or the "Company") is pleased to announce that it has continued an aggressive program of acquisition and staking of mining claims at its East River Property within and adjacent to the Attawapiskat cluster of diamond bearing kimberlite pipes. The size of Pele's claim holdings within the five separate claim blocks in its Attawapiskat River Project has increased to a total of more than 650 mining claim units comprising approximately 30,000 acres. Pele's mining claims comprise the second largest 100% owned land package within approximately 20 kilometers of De Beers' Victor Project. During the past six months Pele has advanced a diamond exploration program at its Attawapiskat River Project that began with a review of available information including assessment files at the Ministry of Northern Development and Mines and has proceeded with an active on-site exploration program. Work to date has included diamond indicator mineral sampling, and acquisition and analysis of airborne and ground geophysical data. A ground geophysical survey program is currently under way to delineate possible kimberlite targets for follow up drill testing in an area where a prominent northwest striking linear feature crosses Pele's West River Property. This linear feature has been confirmed to host kimberlite along strike to the southeast of Pele's property and appears to be spatially related to several of the known kimberlite pipes in the Attawapiskat cluster. A number of possible kimberlite targets have been identified on Pele's claims from airborne and ground geophysical data interpreted by Scott Hogg and Associates Ltd, who are independent consultants with extensive experience and expertise related to geophysical analysis in the area of the Attawapiskat cluster of kimberlite pipes. Kimberite and diamond indicator minerals including pyrope garnet, chrome diopside, illmenite, chromite and olivine have been recovered from samples collected from Pele's West River Property and East River Property and additional samples have been shipped to SGS Lakefield Research Ltd. for indicator mineral analysis. This Press release has been reviewed and approved by Dr. Edward Walker P. Geo. of PetroLogic Inc., an independent consultant and Qualified Person and has been reviewed and approved by Scott Hogg and Associates Ltd. 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: 39,139,014 -30- FOR FURTHER INFORMATION PLEASE CONTACT: Pele Mountain Resources Inc. Al Shefsky President (416) 368-7224 www.pelemountain.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.