FOR
IMMEDIATE RELEASE
September 1, 2009 - Toronto
- Pele Mountain Resources Inc. (TSX Venture: GEM) ("Pele" or
the "Company") today announced the commencement of a
4,000-metre diamond drill program at its Ardeen gold project in Northern
Ontario. Pele's wholly-owned subsidiary,
Pele Gold Corporation, recently signed a definitive option
agreement with Australian-based Coventry Resources Ltd. ("Coventry"),
which can earn up to a 100-percent interest in the project by meeting
certain funding requirements. (See Pele's press release dated
July 20, 2009 for details.) The Ardeen gold project is
100-percent owned by Pele Gold Corporation.
Coventry, the project operator, has
informed Pele that its initial program will test extensions of
high-grade, near-surface gold zones at Fisher, McKellar, and Trench 2
where drilling by Pele in the late-1990s had returned high-grade gold
intercepts (please see Pele's press release dated September 22, 2004).
Mineralization in all three zones remains open along strike
and to depth. Coventry
has also informed Pele that it is sampling and assaying some of the
approximately 12,000 metres of core drilled by Pele at Ardeen,
including certain parts of the core that were not previously analysed.
Pele Mountain Resources is
discovering and developing the mineral wealth of Northern
Ontario. At its Eco Ridge Mine uranium project, Pele
is advancing toward the sustainable development of a safe, secure, and
reliable operation near Elliot Lake.
At its Highland Gold project, Pele has established several high-grade
showings and is working to identify mineable gold resources. The
Company also holds the Ardeen Gold and Sudbury Nickel projects, which
are actively explored under option agreements with Coventry Resources
Ltd. and Wallbridge Mining Company, respectively. Pele's shares
are 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.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
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.