VTEM Survey Completed At Elliot Lake

TORONTO - Pele Mountain Resources Inc. reported that an airborne VTEM survey has been completed as part of Pele's expanding exploration program to target higher grade remobilized uranium at its Elliot Lake uranium mine project in Northern Ontario.
The Basal Conglomerate Bed ("BCB") is located about 15 metres below the Main Conglomerate Bed ("MCB") near the unconformity between the Archean basement rocks and the overlying Huronian sediments (the "Unconformity"). Earlier mineralogical and assay analyses indicate that the BCB hosts higher-grade remobilized uranium that has resulted in localized grades up to 10 times higher than the average grade of the MCB, suggesting the potential to increase resources and providing a highly prospective exploration target.
Scott Wilson Roscoe Postle Associates in its recent positive Scoping Study for the project has recommended continued exploration of the BCB for deposits of higher-grade remobilized uranium with geophysics and drilling. The airborne "VTEM" electromagnetic data will be analysed for conductors, representing possible sulphide or graphite zones that may represent reductants capable of concentrating remobilized uranium. These conductive targets will then be drill-tested.
As the exploration program targeting higher grade remobilized uranium near the Unconformity advances, Pele's ongoing 26-hole, 5,000-metre in-fill drill program is continuing on schedule in order to upgrade inferred resources in the MCB to the indicated classification for feasibility study purposes.
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.