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

To: Letmebe Frank who wrote (1833)	2/13/2004 12:14:44 PM
From: rdww	Respond to of 16206

Pele Advances Attawapiskat River Diamond Project FEBRUARY 13, 2004 - 12:05 ET TORONTO, ONTARIO--Pele Mountain Resources Inc. (TSX Venture:GEM) ("Pele" or the "Company") is pleased to report that an aggressive exploration program is progressing at its 100% owned Attawapiskat River Diamond Project. Kimberlite indicator minerals have recently been recovered from Pele's West River Property that include: high forsteritic olivine, lherzolitic garnets, high-magnesium ilmenites, and high-magnesium chromites. The samples containing the kimberlite indicator minerals were stream sediments collected with an auger from a creek bed within the vicinity of a number of prospective magnetic targets in the southern portion of Pele's West River Property. The samples were processed for kimberlite and diamond indicator minerals and the recovered indicator minerals were analyzed with an electron microprobe at SGS Lakefield Research Limited. Pele is currently performing an extensive, highly detailed ground magnetic survey. Approximately 200 line kilometres of grid have already been cut in the southern portion of the West River Property with 100 metre and 50 metre line spacing. Magnetic readings are being taken on 25 metre and 12.5 metre intervals along the cut lines. The highly detailed ground magnetic survey has revealed a number of magnetic anomalies that may be indicative of pipe-like kimberlite intrusions, which are not readily discernible on available airborne magnetic surveys. The magnetically dominant Precambrian basement lithologies appear to have masked certain relatively more subtle, near surface pipe-like magnetic targets that have recently been identified by Pele's detailed ground magnetic data. Drill testing of magnetic targets using a small portable drill began immediately upon identification of ground magnetic anomalies as Pele's magnetic survey was progressing. Following several delays in January as a result of extreme winter weather conditions, two of these anomalies were drilled to a depth of approximately 35 to 40 metres, which is approaching the practical depth limit of Pele's portable drill. Both resulted in the successful recovery of core containing predominantly limestone from bedrock. Recently obtained detailed ground magnetic data have identified additional targets within the much stronger magnetic background of the Precambrian basement that exhibit magnetic characteristics indicative of near surface, pipe-like kimberlite intrusions. The drilling of these targets will commence in the next few days. Pele's West River Property is strategically located at the northwest extension of a structure that appears to have controlled the emplacement of most of the known diamond-bearing kimberlites of the Attawapiskat cluster. Pele's mining claims in the area comprise the largest 100% owned claim holdings within a 30 kilometre radius of De Beers' Victor kimberlite pipe, which, according to published information, is advancing towards planned commercial diamond production in 2007. 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: Al Shefsky, President (416) 368-7224 www.pelemountain.com