Option Agreement to Sell Its Timmins Nickel Project

TORONTO, ON - Pele Mountain Resources Inc. and Fletcher Nickel Inc. reported that they have entered into an option agreement pursuant to which Fletcher may acquire 100-percent of Pele's Timmins Nickel Project, subject to a 1.5-percent Net Smelter Returns royalty, in favour of Pele. The project consists of certain unpatented mining claims and interests located approximately 35 kilometres south of Timmins in Northern Ontario.
Pele President and CEO Al Shefsky stated, "The Option Agreement for our Timmins project illustrates our strategy to joint-venture and/or monetize our non-core assets as we focus on developing our Elliot Lake Uranium Mine Project. The progress achieved in our ongoing optimization studies has led to the decision to conduct a pre-feasibility study which we expect to complete by year-end. We remain on schedule to submit our application to the Canadian Nuclear Safety Commission ("CNSC") this summer, to commence the formal licensing process for a new mine at Elliot Lake. Our objective is to develop a safe, secure, and reliable uranium mine, providing a model for excellence in sustainable long-term development."
The company's address is 2200 Yonge Street, Suite 905, Toronto, ON M4S 2C6, 416-368-7224, fax: 416 368 7230, www.pelemountain.com.