pele news - may14
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: PELE MOUNTAIN RESOURCES INC.
TSX VENTURE SYMBOL: GEM
MAY 14, 2004 - 09:52 ET
Pele Mountain Begins Review Of Jamieson Polymetallic
Property
TORONTO, ONTARIO--(CCNMatthews - May 14, 2004) - Pele Mountain
Resources Inc. (TSX Venture:GEM) ("Pele" or the "Company") is
pleased to announce that it has begun a due diligence review
pursuant to a Purchase and Sale Agreement (the "Agreement") to
acquire a 100% interest in a group of 16 mining claim units in
Timmins (the "Property") where gold, silver, copper and zinc
occurrences have been reported.
A Portion of the strategically located Property was originally
staked in the early part of the last century by George Jamison,
and comprised part of the claims owned by Canadian Jamieson Mines
Limited, which operated a successful past producing gold, silver,
copper and zinc mine less than two kms from the Property. More
than half of the Property is located in Jamieson Township which
is adjacent to Kidd Township, where the Kidd Creek Mine is
currently in production. Falconbridge Ltd. is also the registered
owner of claims that tie on to the southwest part of the
Property. Several other successful past producing mines including
the Kam kotia, the Jameland, and the Genex are also located in
close proximity to the Property.
During a preliminary due diligence property visit, several
mineralized outcrops and several early twentieth century
prospector's trenches and pits were observed. Historical data
available at the Ministry of Northern Development and Mines about
the Property is limited however it confirms the presence of gold,
silver, copper and zinc occurrences on the Property.
Al Shefsky President and CEO of Pele stated, "It is rare to find
a property in the heart of this prolific gold and base metal camp
with such high potential for mineral deposits and which has not
been explored in modern times. Given the availability of
outstanding infrastructure including nearby custom milling
facilities and the presence of mineralization on the Property,
Pele will immediately begin focusing its efforts on a due
diligence review of this new Property. Pele's exploration program
for the Wawa Gold Project and Festival diamond Property will be
proceeding during this review."
Upon signing of the Agreement this week, a non-refundable $10,000
deposit was paid to the Vendors and the Vendors executed and
filed forms to transfer the Property to Pele. The Agreement calls
for a payment of $15,000 in cash and 400,000 common shares of
Pele on closing and $20,000 in cash or shares on each of the
first, second and third anniversary of the closing date. In
addition, $250,000 in cash or shares is due on the fourth
anniversary after closing and the Vendors retain a total of 1.5%
NSR. The Agreement remains subject to a number of conditions
including regulatory approval and completion of a satisfactory
due diligence review by the Company before closing.
Pele is a Canadian mineral 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., an independent consultant
and Qualified Person.
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: 43,571,014
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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