-- Posted Tuesday, 1 September 2009 | Digg This Article
| | Source: GoldSeek.com
TORONTO, ONTARIO--(Marketwire - Sept. 1, 2009) - Pele Mountain Resources Inc. (TSX VENTURE:GEM - News; "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.
The Ardeen project covers more than 10,000 acres along the Shebandowan greenstone belt west of Thunder Bay and includes Northern Ontario's first gold mine. The Ardeen mine was developed to a depth of 380 metres with three shafts on eight levels over a strike length of 850 metres, with recorded production of approximately 30,000 ounces of gold and 140,000 ounces of silver.
This news release has been reviewed and approved by Peter Dimmell, P.Geo, a Pele director and a qualified person under National Instrument 43-101.
About Pele
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".
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.
Common Shares Outstanding: 95,486,944
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.
Contact:
Al Shefsky
Pele Mountain Resources Inc.
President
(800) 315-7353
www.pelemountain.com
-- Posted Tuesday, 1 September 2009 | Digg This Article | Source: GoldSeek.com
