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Pele Mountain

Monday, October 15th, 2007

Pele Mountain Resources Inc. announce that the recently-completed Scoping Study for the Elliot Lake Uranium Project is now available on the Pele website at http://www.pelemountain.com or on SEDAR at http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00009154. The Scoping Study was authored by Scott Wilson Roscoe Postle Associates and provides the basis for an economically-viable, environmentally-compliant uranium mining and processing facility at Elliot Lake.1 Pele continues to build its technical and executive teams with a clear objective of advancing the project through licensing and feasibility toward development and production.
The Scoping Study presents a “base case” mining and processing scenario that includes less than half of the project’s known uranium resources and which retains significant upside potential in many of its parameters. Highlights of the Scoping Study include an 18-year mine life that produces 826,000 pounds of U3O8 annually at a cash operating cost of US$55.51 per pound, an innovative mining and processing plan comprised of conventional mining and acid-leaching along with underground bioleaching, and an updated NI 43-101 mineral resource estimate that includes 6.39 million pounds U3O8 (grading 0.051-percent) classified as “indicated” and 36.15 million pounds U3O8 (grading 0.044-percent) classified as “inferred”. Details of the Scoping Study can be reviewed in Pele’s press release dated October 4, 2007.
Pele is systematically pursuing opportunities to increase projected revenues, reduce projected costs, and advance the project to the licensing and feasibility stages, following recommendations provided by Scott Wilson RPA in the Scoping Study. Details of Pele’s active work programs at Elliot Lake will be released beginning next week.

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