PRZOOM - /newswire/ -
Toronto, Ontario, Canada, 2009/01/09 - Pele Mountain Resources, Inc. announced that Wallbridge Mining Co. Ltd has fulfilled its option commitment at Pele’s Sudbury Nickel Project through 2008 by spending an add. $300K on qualifying exploration expenditures [TSX: WM FWB: WC7]. TSX Venture: GEM
Pele Mountain Resources Inc. (“Pele” or the “Company”) announced today that Wallbridge Mining Company Ltd (“Wallbridge”) has fulfilled its option commitment at Pele’s Sudbury Nickel Project through 2008 by spending an additional $300,000 on qualifying exploration expenditures in 2008 and by recently issuing an additional 400,000 of its common shares to Pele.
Listing: TSX Venture Exchange
Common Shares Outstanding: 90,900,278
Wallbridge is expected to complete its earn-in of a 60-percent interest in the project by spending an additional $500,000 on exploration by year-end 2009 and can increase its interest to 72.5-percent by completing a bankable feasibility study and arranging project financing through to commercial production. The Option agreement at Sudbury demonstrates Pele’s corporate strategy to joint-venture and/or monetize non-core assets in order to focus on development of its Eco Ridge Mine uranium project in Elliot Lake.
The Sudbury project covers approximately 14,000 acres on the North Range of the prolific Sudbury Mining Camp of Northern Ontario. Past exploration by Pele and Wallbridge has discovered two new offset dikes and an extensive belt of Sudbury Breccia on the Pele property. Offset dikes in the Sudbury area have hosted extensive Ni-Cu-PGE mineralization as well as several highly successful, historical and on-going mining operations. Sudbury Breccia is a host lithology often associated with footwall-style Cu-PGE mineralization.
The Sudbury Mining Camp is the most productive nickel mining district in the world, continuing to deliver world-class base and precious metal output after more than a century of operation. The camp’s dominant feature is the Sudbury Basin. It is a 65-kilometre long elliptical structure that features Ni-Cu-PGE deposits along the contact and footwall of the Sudbury Igneous Complex, which forms the outer rim of the Sudbury Basin, as well as within offset dikes that emanate radially outward from it.
About Pele Mountain Resources
Pele Mountain Resources (pelemountain.net) is focused on the sustainable development of its Eco Ridge Mine uranium project in the historic Elliot Lake mining camp. The Company is developing a safe, secure, and reliable long-term source of uranium in order to deliver lasting benefits to local communities and its shareholders.
Pele also holds a diverse portfolio of gold, diamond, and base metal projects in Northern Ontario. Pele stock is listed on the TSX Venture Exchange under the symbol “GEM”.
About Wallbridge Mining
Wallbridge Mining Company Limited’s primary focus is the exploration of nickel, copper and platinum group element (“PGE”) deposits in the Sudbury area of Ontario. The Sudbury area hosts the world’s largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Vale Inco, Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota.
Wallbridge is also exploring a large porphyry copper-gold-molybdenum property in south-western British Columbia and has interests in copper-zinc and gold properties in north-eastern Ontario.
For further information please contact Al Shefsky, President, at (800) 315-7353.
The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe Pele's future plans, objectives or goals, including words to the effect that Pele or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. The economic viability of the 43-101 mineral resource at Pele's Eco Ridge Mine Project has not yet been demonstrated by a pre feasibility study.