FOR IMMEDIATE RELEASE
November 7, 2007 – Toronto – Pele Mountain Resources Inc. (TSX Venture: GEM) ("Pele" or the
“Company”) announced today that Fergus Kerr, P..Eng., has
been appointed Vice-President of Pele’s Uranium
Operations.. Mr. Kerr will lead the licensing, permitting,
feasibility studies, environmental process, engineering, procurement,
and other matters pertaining to the development of Pele’s Elliot
Lake Uranium Project in Northern Ontario.
Mr. Kerr has more than 35 years of mining
industry experience, including 14 years in Elliot Lake as General
Manager, Manager of Mining, and Mine Superintendent for Denison Mines. Following
the closure of Denison’s mine at Elliot Lake, Mr. Kerr was a Mine
Manager at Inco’s Sudbury operations for seven years. Mr.
Kerr has also served as a Sector Director of the Workplace Safety and
Insurance Board of Ontario and is currently an Adjunct Professor at
Laurentian University, lecturing on occupational health
engineering. Mr. Kerr has assisted Pele as a consultant during
the past year, overseeing efforts to complete the recently-announced
positive Scoping Study.
Pele President and CEO Al Shefsky stated,
“Fergus has the skills and experience to lead the advancement of
the project through the permitting and feasibility work and into
commercial production. We’re very fortunate to have a
professional of Fergus’s calibre and look forward to working
together with him to make our Elliot Lake Uranium Mine Project a model
of excellence in mine development.”
Fergus Kerr added, “Our work to-date
suggests that we have a viable uranium deposit at Elliot Lake and I am
looking forward to helping lead a new era of opportunity in this
important mining camp. We will incorporate current best practices
in sustainable development in everything we do at Elliot Lake.
The employment agreement with Mr. Kerr is for
a term of 3 years commencing January 1, 2008 and in addition to
provisions for base salary and expenses, Mr. Kerr will also receive an
option to purchase 300,000 shares of Pele at $0.60, exercisable until
March 30, 2011. The options will vest as to one-third (or
100,000) each year beginning on January 1, 2008 and each subsequent
annual anniversary.
About Pele Mountain Resources
Pele Mountain Resources is a Canadian energy
and mineral exploration and development company focused on advancing
its 100-percent owned Elliot Lake Uranium Mine Project. 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 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.