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

To: jrhana who wrote (32227)	11/11/2004 2:57:01 PM
From: rdww	Read Replies (1) \| Respond to of 39344

Goldcorp Begins Drilling at Pele Mountain's Ardeen Gold Project Thursday November 11, 1:24 pm ET TORONTO, ONTARIO--(CCNMatthews - Nov. 11, 2004) - Pele Mountain Resources (TSX Venture:GEM - News; "Pele" or the "Company") announced today that Goldcorp (TSX:G - News; NYSE:GG - News) has commenced drilling at Pele's Ardeen Gold Mine Project ("Ardeen") in northwestern Ontario. Goldcorp has an option to earn up to a 60-percent interest in Ardeen by spending $4.5-million by year-end 2008. The Ardeen property covers over 10,000 acres of the Shebandowan Greenstone Belt west of Thunder Bay and includes northern Ontario's first gold mine. The mine area and surrounding mineralized zones located at the center of the property are characterized by structurally-controlled, high-grade gold and silver mineralization hosted in quartz-carbonate vein systems and iron formation. The southern part of Ardeen hosts geology similar to the neighboring property of Moss Lake Gold Mines Ltd. ("Moss Lake") where according to published reports, an in situ resource of 2.1 million ounces of gold was delineated by Noranda Exploration Company in the mid-1990s. Last week, Moss Lake reported that drilling activity has resumed on that property as well. The current drill program at Ardeen will total approximately 2500 meters and has been designed to test for both disseminated and narrow-vein gold deposits. The first drill hole is located within 50 meters of the Moss Lake property boundary, in an area of widespread surface gossans and previously reported gold and copper mineralization, and is planned for a length of approximately 500 meters. The southern Ardeen claims have never been drill-tested by Pele for extensions of the Moss Lake deposit. Subsequent holes will test a variety of other zones for gold mineralization, including at least one hole to be drilled down plunge, beneath the historic workings of the Ardeen Gold Mine. Results will be released as they become available. Pele Mountain Resources is a Canadian mineral exploration company and a leader in the search for economic diamond and gold deposits in northern Ontario. Pele stock trades on the TSX Venture Exchange under the symbol "GEM". The Ardeen drilling program is being managed by Eveleigh Geological Consulting and this press release has been reviewed and approved by Peter Dimmell, P.Geo, a Qualified Person and a Director of Pele. 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. Common Shares Outstanding: 45,793,237 -------------------------------------------------------------------------------- Contact: Pele Mountain Resources Inc. Al Shefsky President Phone: (416) 368-7224 www.pelemountain.com -------------------------------------------------------------------------------- Source: Pele Mountain Resources Inc.