FOR IMMEDIATE RELEASE
October 24, 2007 – Toronto – Pele Mountain Resources Inc. (TSX Venture: GEM) ("Pele" or the "Company") announced
today that field work for the first phase of its baseline environmental
studies at its Elliot Lake Uranium Mine Project has been
completed. These studies include a preliminary assessment of the
current conditions of aquatic and terrestrial ecosystems located on its
Elliot Lake property and will be used in preparation for its
application to the Canadian Nuclear Safety Commission.
Pele recently received a positive scoping
study (the “Scoping Study”)
from Scott Wilson Roscoe Postle Associates (“Scott Wilson RPA”) for
its 100-percent owned project at Elliot Lake. Pele is
systematically pursuing opportunities to increase projected revenues,
reduce projected costs, and advance the project to the licensing and
feasibility stages, following recommendations provided by Scott Wilson
RPA in the Scoping Study. Highlights of the Scoping Study are
included in Pele’s press release dated October 4, 2007. The full Scoping Study is
available on the Pele website at www.pelemountain.com.
The baseline
environmental studies began earlier this year with an examination of
available archived environmental data for the property and surrounding
area, followed by a field work program this summer to examine its
terrestrial and aquatic ecosystems. Field work to-date has
included a botanical survey of the forest and wetland environments, a
wildlife survey, and a study of the fisheries and aquatic ecosystem
within the property’s six primary lakes. Analysis of the
collected data is underway with preliminary aquatic and terrestrial
site characterization reports expected for completion by year-end.
The field work was
conducted by a five-person team, with participation by a representative
of the Serpent River First Nation. The program was conducted
under the auspices of the Anishinabek/Ontario Fisheries Resource Centre
under the project direction of Chris Blythe of Blythe and Associates in
consultation with SENES Consultants Limited (“SENES”), who carried
out a preliminary review of the environmental aspects of the proposed
project. Mr. Blythe specializes in fish, wildlife, and botanical,
habitat assessments and surveys. SENES has extensive experience
in all aspects of Environmental Assessments and contributed to the
development of the Environmental section of the Scoping Study.
About Pele
Mountain Resources
Pele Mountain Resources is a Canadian energy and mineral exploration
company focused on advancing its 100-percent owned Elliot Lake Uranium
Project toward objectives of development and production. The
project has a positive Scoping Study and hosts a NI 43-101 compliant
“indicated resource” of 6.39 million pounds of U3O8
(5.68 million tonnes grading 0.051-percent U3O8)
and an “inferred resource” of 36.15 million pounds U3O8
(37.26 tonnes grading 0.044-percent U3O8) with
the potential for significant upgrade and expansion. Elliot Lake
was once known as "the uranium capital of the world" and has
produced more than 270 million pounds of U3O8
from vast, stratigraphically-bound deposits.
Pele also holds a diverse portfolio of gold, diamond, and base metal
projects located across Northern Ontario. Through project
generation, strategic partnerships, and mineral discovery, Pele
provides shareholders with exposure and leverage to the growing global
demand for natural resources. Pele stock is listed on the TSX
Venture Exchange under the symbol “GEM”.
For further
information please contact Al Shefsky, President, at (416) 368-7224, or
visit the Pele website at www..pelemountain.com.
- The Preliminary Assessment
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.
