ECO RIDGE (ELLIOT LAKE)

Pele Mountain Resources announced the confirmation of significant concentrations of all rare earth oxides (“REO”) in each of the 30 drill holes analyzed for REO to-date at its Eco Ridge Mine uranium project in Northern Ontario. A total of 29 of the 30 analyzed holes were drilled over an area 2 kilometres across strike and 1 kilometre down dip within the area of the defined NI 43-101 uranium resources

Pele Mountain Resources announced that new analysis of certain drill intersections has confirmed the presence of extensive Rare Earth Elements ("REE") at its Eco Ridge Mine uranium project in Northern Ontario. REE mineralization is significant and relatively consistent, occurring as Rare Earth Oxides ("REO") in conjunction with uranium oxide in the Main Conglomerate Bed ("MCB"). Although Yttrium and heavy REE comprise a minority of the overall REO content of the deposit, these minerals have far greater economic value than the light REE and have demonstrated good recoverability. Preliminary leach testing indicates potential recoveries of approximately 64-% of combined Yttrium and heavy REE.

Announced drill results from its Eco Ridge Mine Project. Since its last drilling update in March 2008, Pele has completed an additional 84 holes, totaling nearly 15,000 metres. The program included both in-fill and step-out drilling, along with additional drilling to acquire core for metallurgical testing. The uranium mineralization has been intersected in holes at a depth of 1,000 meters and over a dip length of about 3,800 meters. Highlights include 2.52 m from 237.48 m at 0.112% U3O8 in hole PM08-89; and, 1.75 m at 0.010% U3O8 from 317.80 m in hole PM08-90.