Definitive Agreement to Advance Ardeen Gold Project

 

TORONTO, ON - Pele Mountain Resources Inc. reported the signing of a definitive option agreement for its Ardeen Gold Project with Coventry Resources Limited, one of several natural resource companies controlled by Australian company MQB Ventures Pty Ltd.

Pele Mountain President and CEO Al Shefsky stated, "With today's robust gold market, we are very excited to resume work at Ardeen which, hosts high-grade gold and silver mineralization. We are also pleased to be working with the accomplished technical group at Coventry, who are demonstrating their commitment to the project with an imminent drill program to begin near the historic gold mine on the property. Partnering with Coventry at Ardeen also advances our strategy of realizing value from our gold assets while Pele continues to focus on development of our Eco Ridge Mine uranium project near Elliot Lake."

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. More than 12,000 metres of past core drilling by Pele has returned numerous high-grade gold intercepts. The Shebandowan Belt also offers excellent base metal potential as evidenced by presence of the nearby past producing North Coldstream Mine which produced over 100 million pounds of copper. The Ardeen Project is 100-percent owned by Pele Gold Corporation, a wholly-owned subsidiary of the Company, which entered into the Definitive Agreement with Coventry.

The company’s address is 2200 Yonge Street, Suite 905, Toronto, ON M4S 2C6, 416-368-7224, fax: 416-368-7230.