Pre-Feasibility Study for Elliot Lake Uranium Mine

TORONTO, ON - Pele Mountain Resources Inc. reported that it will initiate a NI 43-101 compliant pre-feasibility study for its Elliot Lake Uranium Mine Project. Pele is advancing its 100-percent owned project to the licensing and feasibility stages, following recommendations provided by Scott Wilson Roscoe Postle Associates ("SWRPA") in its positive scoping study.
Pele President and CEO Al Shefsky stated, "On-going mining, processing, and waste management optimization studies at Elliot Lake are advancing the project beyond last October's Scoping Study, leading us to conclude that a pre-feasibility study will add significant value. We continue to assess and pursue opportunities to maximize the project's economic, environmental, and social benefits. Our objective is to develop a safe, secure, and reliable uranium mine at Elliot Lake, providing sustainable long-term growth for our shareholders and the local communities."
Pele has requested proposals from SRK Consulting and SNC-Lavalin Inc. to prepare the pre-feasibility study with a target completion date of year-end 2008. Meanwhile, Pele is continuing work programs to upgrade NI 43-101 resources that will be included in the pre-feasibility study, preparations for the Environmental Assessment and the licensing application process, and its community relations activities.
The company's address is 2200 Yonge Street, Suite 905, Toronto, ON M4S 2C6, 416-368-7224, fax: 416 368 7230, www.pelemountain.com.