2,000 kg shipped for causticPele Mountain Completes Diamond Sampling Program at
Festival
TORONTO, ONTARIO--(CCNMatthews - Nov. 10, 2004) - Pele Mountain
Resources (TSX Venture:GEM) ("Pele" or the "Company") announced today
that the planned 2004 diamond sampling program at its 100-percent owned
Festival Diamond Project ("Festival") has been completed on schedule and
on budget. As announced previously, Pele and Goldcorp (TSX:G; NYSE:GG)
have signed an option agreement at Festival, pursuant to which Goldcorp
may earn up to a 60-percent interest in the project by meeting specified
funding requirements.
Previous exploration efforts at Festival have led to the discovery of
commercial size and gem quality diamonds, while establishing that the
property's oldest, most primitive metavolcanic rocks serve as the
primary diamond host. This suite of host rocks has been observed in
intermittent outcrop along a specific stratigraphic horizon for at least
five kilometers on the property.
The 2004 field season has been highly productive and has culminated in
the collection of a total of more than 2,000 kilograms of rock samples
from at least ten different occurrences that have been shipped to an
independent commercial laboratory for diamond extraction by caustic
digestion. The majority of these samples have been collected from
occurrences and rock types that have not previously been tested. Sample
locations were selected to include rock units that demonstrate surface
exposure and continuity sufficient to host substantial tonnage. The
results of this program are expected by year-end.
Consulting Geologist Dr. Edward Walker, P.Geo, stated, "I'm very pleased
with our progress this year. Over the last several months, we've
successfully reviewed the larger picture at Festival and approached the
project in a comprehensive and systematic manner. The addition of
Goldcorp to our exploration team was essential to this positive
development and I'd like to thank their personnel for the insight and
fresh ideas that they've contributed."
The Festival exploration program will meet the agreed projected budget
of $400,000 through year-end 2004 which is being funded by Goldcorp.
Pele is operating the program under the supervision of Dr. Walker, an
independent consultant and Qualified Person, who has reviewed and
approved this press release.
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 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
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FOR FURTHER INFORMATION PLEASE CONTACT:
Pele Mountain Resources Inc.
Al Shefsky
President
(416) 368-7224
(416) 368-7230 (FAX)
www.pelemountain.com