FOR IMMEDIATE RELEASE
July 25, 2007
– Toronto – Pele Mountain Resources Inc. (TSX
Venture: GEM) ("Pele" or the "Corporation")
is pleased to announce that it has retained O&M Partners LLC
(“O&M Partners”) to assist with its
corporate investor relations and marketing program. O&M
Partners is a New York-based investor relations company, specializing
in the institutional marketing of micro and small-cap companies.
Al Shefsky,
President and CEO of Pele, stated, “O&M Partners have a
proven track record of assisting resource companies to build
institutional support. With uranium prices trading near all-time
highs, it is important that we reach a broad audience with our message
of superior leverage to uranium through our Elliot Lake project.”
The
consulting agreement between Pele and O&M Partners is effective
from July 24, 2007 for a term of one year. O&M Partners will
receive a monthly fee of US$10,000 for eight months of the term. In
addition, Pele has agreed to grant 300,000 incentive stock options (the
"Stock Options") to O&M Partners to
acquire up to an aggregate of 300,000 common shares of the Corporation,
of which 150,000 are exercisable at $1.00 and 150,000 are exercisable
at $2.00 per share. The Stock Options will vest in accordance
with the TSX Venture Exchange guidelines and the Corporation’s
stock option plan. All Stock Options expire on July 24, 2008.
O&M Partners’ appointment as an investor relations consultant
of Pele and the granting of the Stock Options remain subject to
regulatory acceptance of applicable filings with the TSX Venture
Exchange.
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 ongoing bull market in
natural resources. Pele stock trades 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.