Pele Mountain Announces Closing of Financing With MineralFields Group

TORONTO, ONTARIO, Jul 10 (MARKET WIRE) --
Pele Mountain Resources Inc. (TSX VENTURE: GEM) ("Pele" or the "Company")
is pleased to announce that it has closed a non-brokered private
placement offering (the "Offering") with MineralFields Group for an
aggregate of 4,166,666 flow-through units in the capital of the Company
(each a "Unit") at a purchase price of $0.12 per Unit for gross proceeds
of $500,000. Each Unit is comprised of one (1) common share (each a
"Share") on a flow-through basis (as that term is defined in the Income
Tax Act (Canada)) and one half (1/2) transferable Series HH purchase
warrant (each a "Series HH Warrant") issued for nominal consideration,
where each whole Series HH Warrant is exercisable for a period of twelve
(12) months after closing to purchase one (1) additional common share of
Pele at a purchase price of $0.25 per share.

In connection with the Offering, Pele paid a cash finder's fee to Limited
Market Dealer Inc. in the aggregate amount of $32,500 and also issued a
total of 291,666 compensation options (the "Compensation Options"). Each
Compensation Option is exercisable for 12 months from closing to purchase
up to 291,666 Units at a price of $0.12 per Unit.

The securities issued pursuant to the Offering will all be subject to a
four (4) month statutory hold commencing from the date of issuance. The
Offering is subject to TSX Venture Exchange acceptance of requisite
regulatory filings.

All proceeds raised under this Offering will be used by Pele to finance
qualified Canadian exploration and development expenditures on its
Canadian resource properties. All costs associated with the Offering will
be paid by the Corporation from its general funds.

About Pele Mountain Resources

Pele is focused on the sustainable development of the Eco Ridge Mine in
the historic Elliot Lake mining camp. The company is developing a safe,
secure, and reliable uranium project 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 MineralFields, Pathway and First Canadian Securities (R)

MineralFields Group (a division of Pathway Asset Management), based in
Toronto and Vancouver, is a mining fund with significant assets under
administration that offers its tax-advantaged super flow-through limited
partnerships to investors throughout Canada as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway
Asset Management also specializes in the manufacturing and distribution
of structured products and mutual funds (including the Pathway Multi
Series Funds Inc. corporate-class mutual fund series). Information about
MineralFields Group is available at www.mineralfields.com. First Canadian
Securities (R) is active in leading resource financings (both
flow-through and hard dollar PIPE financings) on competitive, effective
and service-friendly terms, and offers investment banking, mergers and
acquisitions, and mining industry consulting, services to resource
companies. MineralFields and Pathway have financed several hundred mining
and oil and gas exploration companies to date through First Canadian
Securities (R).

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 Elliot Lake Project has not yet been
demonstrated by a preliminary feasibility study.

Common Shares Outstanding: 95,486,944

Neither TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.

Contacts:
Pele Mountain Resources
Al Shefsky
President
1 (800) 315-7353
www.pelemountain.com

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