Pele Mountain Acquires Westward Extension Of The Murphy Gold Mine

TORONTO, ON - Pele Mountain Resources reported that Pele Gold Corporation, a wholly-owned subsidiary of the Company, has made its final payment to the former licensees of a property that includes portions of the mineralized westward extension of the historic Murphy Gold Mine. The property is part of Pele Gold's 100-percent owned Highland Project in Northern Ontario.
Pele President and CEO Al Shefsky stated, "While we continue to focus on advancing our Elliot Lake Uranium Mine Project, our diverse portfolio of Northern Ontario exploration projects remains intact. With gold prices near all-time highs, we are continuing discussions on several fronts regarding how to best advance our excellent gold projects at Highland and Ardeen in order to realize their value for our shareholders."
The gold-bearing shear zones of the Murphy Gold Mine occur at the eastern contact of the Gutcher Lake Stock within the Goudreau-Lochalsh Deformation Zone ("GLDZ"). The property includes the western extension of the Main Vein and the entire North Vein of the Murphy Gold Mine. In the late-1980s, Orequest Consultants Ltd. drilled 51 holes totaling nearly 12,000-metres to the west of the Murphy No.1 shaft, demonstrating that both veins contain ore-grade gold values over 1 to 2-metre widths at depths of 300 metres or less. Additional drilling on both veins will be required to determine their resource potential in compliance with NI 43-101.
The Highland project covers more than 10,000 acres of the GLDZ, giving Pele one of the largest land positions within this historic and re-emerging mining camp. The Company has drilled over 10,000 metres at Highland to-date and has successfully mined a 10,000-tonne bulk sample that was transported to Hemlo for processing and gold recovery. With encouraging exploration results, nearby custom milling facilities and outstanding local infrastructure, Pele management believes that this project is well positioned to benefit from the current rising trend in gold prices.
The company's address is 2200 Yonge Street, Suite 905, Toronto, ON M4S 2C6, 416-368-7224 , fax: 416-368-7230, email:  [email protected], www.pelemountain.com.