TSX-V GEM.V 0,02 CA$ -60,00%

Announces Closing of Private Placement

Publié le 05 février 2016

Pele Mountain Announces Closing of Private Placement

February 5, 2016 - Toronto � Pele Mountain Resources Inc. (TSX VENTURE: GEM) (OTCQX: GOLDF) ("Pele" or the "Company") announced that it has closed a non-brokered private placement offering (the "Offering") comprised of 4,155,000 flow-through units (the "FT Units") at a purchase price of $0.05 per FT Unit for aggregate gross proceeds of $207,750 and 6,049,000 units (the "Units") at a price of $0.05 each for aggregate gross proceeds of $302,450. The total amount raised under the Offering was $510,200.

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About Pele

Pele Mountain Resources is focused on the sustainable development of its Eco Ridge property in Elliot Lake, Ontario. The Eco Ridge property has unique characteristics that make it an attractive development site, including excellent regional infrastructure, strong local support, and its strategic location within Canada�s only historic rare earth mining camp.

Pele is focused on advancing Eco Ridge as host to Canada�s first rare earth processing centre and has begun assessing its potential to host a large-scale renewable energy project. The NI 43-101 mineral resources at Eco Ridge also provide Pele shareholders with exposure and leverage to the growing global demand for rare earths and uranium.

Pele Mountain Resources Inc.

Al Shefsky, President

(800) 315-7353

www.pelemountain.com