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Friday, 20th March 2009 (826 views)

Pele Mountain Resources has revealed that it has reactivated its Highland gold project in response to rising gold prices.

The Toronto-based firm is planning to follow up exploration work in late 2008 with outlining near-term mineral resources on the property.

Covering over 10,000 hectares in the Michipicoten Greenstone Belt of northern Ontario, the Highland gold project comprises a series of consolidated fragmented mining claims covering favorable geology, acquired by Pele over the past 12 years.

According to the company, the property covers shear-hosted gold occurrences containing visible gold, two of which have historic underground workings.

Al Shefsky, Pele Mountain president and chief executive, stated: "With three operating mill facilities nearby and outstanding local infrastructure, we believe there is excellent potential to rapidly develop revenue generating operations at Highland."

Pele Mountain Resources is listed on the Toronto stock exchange and has a diverse portfolio of exploration projects in northern Ontario.

 

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