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

To: E. Charters who wrote (27796)	2/9/2004 10:56:56 AM
From: rdww	Read Replies (1) \| Respond to of 39344

Pele Mountain Discovers Gold Near Timmins TSX VENTURE SYMBOL: GEM FEBRUARY 9, 2004 - 10:45 ET TORONTO, ONTARIO--Pele Mountain Resources Inc. (TSX Venture:GEM) ("Pele" or the "Company") is pleased to announce that gold mineralization was intersected during its recent drill program within its 100% owned Timmins Property, located 35 kilometres south of Timmins. A limited suite of split core from zones of alteration and deformation clearly indicate that the recent drill program intersected significant concentrations of gold. The gold mineralization is coincident with a ground horizontal loop electromagnetic (HLEM) conductor that has been outlined within Pele's Timmins Property to extend for more than 1.6 kilometres. Selected samples of halved core were collected across relatively narrow segments within different zones and submitted for assay to SGS Lakefield Research Limited with a secure chain of custody. All samples were of split core and only a limited number of samples were collected from zones that were perspective for gold mineralization. Assays of the more significant gold results are summarized in the table below and additional sampling of the four drill holes will be completed to gain a more thorough understanding of the gold potential. /T/ --------------------------------------------------------------------- Hole Line Sample # From To (m) Width (m) (m) Au g/t --------------------------------------------------------------------- PM-03-03 3+00S 3725 132.38 133.50 1.12 0.21 --------------------------------------------------------------------- PM-03-03 3726 133.50 134.41 0.91 4.55 --------------------------------------------------------------------- --------------------------------------------------------------------- PM-03-03 3727 134.85 135.98 1.13 0.16 --------------------------------------------------------------------- PM-03-03 3728 135.98 137.59 1.61 0.03 --------------------------------------------------------------------- PM-03-03 3729 137.59 138.56 0.97 0.67 --------------------------------------------------------------------- PM-03-03 3730 138.56 138.95 0.39 0.09 --------------------------------------------------------------------- PM-03-03 3731 138.95 139.68 0.73 1.04 --------------------------------------------------------------------- PM-03-03 3732 139.68 141.06 1.38 0.29 --------------------------------------------------------------------- --------------------------------------------------------------------- PM-03-04 7+00S 3765 142.45 143.00 0.55 1.67 --------------------------------------------------------------------- PM-03-04 3766 143.00 143.60 0.60 0.29 --------------------------------------------------------------------- PM-03-04 3767 143.60 144.51 0.91 0.12 --------------------------------------------------------------------- --------------------------------------------------------------------- PM-03-04 3773 147.45 148.10 0.65 0.13 --------------------------------------------------------------------- PM-03-04 3774 148.10 148.80 0.70 1.47 --------------------------------------------------------------------- PM-03-04 3775 148.80 149.12 0.32 0.41 --------------------------------------------------------------------- PM-03-04 3776 149.12 149.61 0.49 0.18 --------------------------------------------------------------------- /T/ The drill program was originally designed to test the HLEM conductor that extended southward from the Texmont Nickel Mine onto Pele's Timmins Property. The HLEM conductor closely correlates with the basal contact of ultramafic flows that include spinifex textured komatiite and economic concentrations of nickel sulphide mineralization on the Texmont property to the north. The drilling program completed by Pele has demonstrated that the HLEM conductor is coincident with gold mineralization and a limited amount of nickel mineralization was also identified in samples assayed to date. Spinifex textured komatiites and ultramafic rocks with disseminated sulphides and massive sulphide (pyrrhotite and pyrite) were intersected during drilling. Nickel mineralization within these zones varied from below detection limit ( less than0.05 weight percent) up to 0.22 weight percent nickel. Pele is a Canadian mining exploration and development company and a leader in the search for economic diamond and gold deposits in Northern Ontario. This press release has been reviewed and approved by Dr. Edward Walker P. Geo., of PetroLogic Inc., an independent consultant and Qualified Person. Common Shares Outstanding: 43,403,014. 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. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Pele Mountain Resources Inc. Al Shefsky President (416) 368-7224 info@pelemountain.com www.pelemountain.com