January 8, 2009 - Toronto - Pele Mountain
Resources Inc. (TSX Venture: GEM)
("Pele" or the "Company")
announced today that Wallbridge Mining Company Ltd. (TSX: WM FWB:
WC7) ("Wallbridge") has fulfilled its option
commitment at Pele's Sudbury Nickel Project through 2008 by spending an
additional $300,000 on qualifying exploration expenditures in 2008 and
by recently issuing an additional 400,000 of its common shares to
Pele. Wallbridge is expected to complete its earn-in of a
60-percent interest in the project by spending an additional $500,000
on exploration by year-end 2009 and can increase its interest to
72.5-percent by completing a bankable feasibility study and arranging
project financing through to commercial production. The Option
agreement at Sudbury
demonstrates Pele's corporate strategy to joint-venture and/or monetize
non-core assets in order to focus on development of its Eco Ridge Mine
uranium project in Elliot Lake.
The Sudbury
project covers approximately 14,000 acres
on the North Range
of the prolific Sudbury Mining Camp of Northern Ontario.
Past exploration by Pele and Wallbridge has discovered two new offset
dikes and an extensive belt of Sudbury Breccia on the Pele
property. Offset dikes in the Sudbury
area have hosted extensive Ni-Cu-PGE mineralization as well as several
highly successful, historical and on-going mining operations. Sudbury
Breccia is a host lithology often associated with footwall-style Cu-PGE
mineralization.
The
Sudbury Mining Camp is the most productive nickel mining district in
the world, continuing to deliver world-class base and precious metal
output after more than a century of operation. The camp's
dominant feature is the Sudbury
Basin. It is a
65-kilometre long elliptical structure that features Ni-Cu-PGE deposits
along the contact and footwall of the Sudbury Igneous Complex, which
forms the outer rim of the Sudbury
Basin, as well as within
offset dikes that emanate radially outward from it.
About Pele
Mountain Resources
Pele
Mountain Resources is focused on the sustainable development of its Eco
Ridge Mine uranium project in the historic Elliot Lake
mining camp. The Company is developing a safe, secure, and
reliable long-term source of uranium in order to deliver lasting
benefits to local communities and its shareholders. 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".
About Wallbridge Mining
Wallbridge Mining Company Limited's
primary focus is the exploration of nickel, copper and platinum group
element ("PGE") deposits
in the Sudbury area of Ontario.
The Sudbury area hosts the
world's largest concentration of nickel deposits and is currently the
most active mining camp in North America. Major
joint venture partners in Sudbury
include Vale Inco, Xstrata Nickel, Lonmin Plc and Impala Platinum
Holdings Limited. Wallbridge also has a major shareholding in
Duluth Metals Limited, which has defined a large copper-nickel-PGE
resource in the rapidly emerging Duluth Complex base metal camp in Minnesota.
Wallbridge is also exploring a large porphyry copper-gold-molybdenum
property in south-western British Columbia
and has interests in copper-zinc and gold properties in north-eastern Ontario.
For further information please contact Al
Shefsky, President, at (800) 315-7353, 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 resources at Pele's Eco Ridge Mine has not yet been
demonstrated by a pre feasibility study.