FOR
IMMEDIATE RELEASE
March 6, 2008 – Toronto – Pele Mountain Resources Inc. (TSX Venture: GEM) ("Pele" or the "Company") announced new
drill results from its Elliot Lake Uranium Mine Project (the “Project”) in Northern
Ontario. Pele recently completed a 26-hole, 5,000-metre in-fill
drill program which was designed to upgrade NI 43-101 inferred
resources to the indicated classification for feasibility study
purposes. Drilling is continuing in preparation for an update to the NI
43-101 resource estimate which is expected during the spring of 2008.
Similar to the previous results
reported by Pele on January 24, 2007, the latest drill results continue
to delineate near-surface relatively higher-grade mineralization within
the Adit Block and an arcuate shaped extension to the east and south
east for approximately one kilometre around a topographic basement
high.
Drill
Results - Main Conglomerate Bed, North & East Flanks of Topographic
High
Hole ID
|
From
(m)
|
Length
(m)
|
Est. True Width (m)
|
U3O8
(%)
|
PM-07-71
|
273.15
|
2.92
|
2.78
|
0.051
|
PM-07-72*
|
213.38
|
2.53
|
2.50
|
0.065
|
PM-07-73
|
266.33
|
2.55
|
2.53
|
0.042
|
PM-07-74
|
211.80
|
2.78
|
2.65
|
0.046
|
PM-08-75
|
237.30
|
2.57
|
2.45
|
0.076
|
PM-08-76
|
284.56
|
2.79
|
2.66
|
0.069
|
PM-08-77
|
218.47
|
2.66
|
2.54
|
0.037
|
PM-08-78
|
107.84
|
2.72
|
2.59
|
0.074
|
PM-08-79
|
111.13
|
2.69
|
2.56
|
0.058
|
PM-08-80
|
28.07
|
3.43
|
2.43
|
0.049
|
PM-08-81
|
36.75
|
2.87
|
2.74
|
0.054
|
PM-08-82
|
225.00
|
2.40
|
2.29
|
0.036
|
* Previously
reported
Additional in-fill and step-out drilling
continues in and around the Adit Block with objectives of upgrading the
mineral resource at Elliot Lake. A
second drill rig has also been mobilized to the Project to begin
testing geophysical targets identified in a recently flown
“VTEM” airborne electromagnetic survey for higher-grade
remobilized uranium.
Pele is advancing its 100-percent owned Elliot
Lake Project to the licensing and feasibility stages, following
recommendations provided by Scott Wilson Roscoe Postle Associates in
its recent positive Scoping Study. The Scoping Study focused on U3O8
mineralization in a portion of the Main Conglomerate Bed ("MCB")
which averages about 2.5 metres in
thickness and extends across a strike length of 6,000 metres
and a dip length of at least 3,800 metres,
all within the Pele property.
This press release has been
reviewed and approved by Robert MacGregor, P.Geo., an independent
Qualified Person under NI 43-101.
About Pele
Mountain Resources
Pele Mountain Resources
provides investors with superior leverage to uranium as it advances its
100-percent owned Elliot Lake Uranium Project toward objectives of
development and production. The project hosts substantial NI
43-101 compliant U3O8 resources (6.4 million
pounds “indicated” at a grade of 0.051-percent and 36.1
million pounds “inferred” at a grade of 0.044-percent) and
has received a positive Scoping Study, providing the basis for
economically-viable, environmentally-compliant uranium mining and
processing operations.1 The Elliot Lake mining camp
has produced more than 300 million pounds of U3O8 and
was formerly known as the “Uranium Capital of the
World”. Pele also holds a diverse portfolio of gold,
diamond, and base metal projects in Northern
Ontario. Pele stock is listed on the TSX Venture
Exchange under the symbol “GEM”.
For further information
please contact Al Shefsky, President, at (800) 315-7353, or visit the
Pele website at www.pelemountain.com.
1.
The Scoping Study is preliminary in nature and includes both indicated
and inferred mineral resources. Inferred mineral resources are
considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized
as mineral reserves. There is no certainty that the preliminary
assessment will be realized.
The TSX-V 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. The economic viability of the
43-101 mineral resource at Pele's Elliot Lake Project has not yet been
demonstrated by a preliminary feasibility study.