Additionally, Wallbridge reports that a radial quartz-gabbro dyke, which from geochemistry is also likely related to the Sudbury Igneous Complex, has been discovered in the northeastern corner of the property. An intersection of Ni-Cu-PGE mineralization is reported from a drill hole drilled into the Hess Offset Dyke north of the property boundary in this area by Inco in 1967.

Pele President and CEO Al Shefsky stated, "We are very pleased with the exceptional work of our exploration partners, Wallbridge and Coventry Resources Limited, at our Sudbury Nickel and Ardeen Gold projects, respectively. In optioning these properties to capable partners, Pele shareholders realize value from active exploration and discovery while allowing the Company to focus on advancing our core projects at Highland Gold and the Eco Ridge Mine".

The Sudbury Nickel Project covers 14,000 acres on the North Range of the prolific Sudbury Mining Camp of Northern Ontario. Past exploration by Pele and Wallbridge has confirmed the presence of multiple offset dikes and an extensive belt of Sudbury breccia on the property. Offset dikes in the Sudbury area have hosted extensive Ni-Cu-PGE mineralization as well as several successful mining operations. Sudbury breccia is a host lithology often associated with footwall-style Ni-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, a 60-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.

This news release has been reviewed and approved by Peter Dimmell, P. Geo., a Pele director and a Qualified Person under National Instrument 43-101.

About Pele

Pele Mountain Resources is discovering and developing the mineral wealth of Northern Ontario. At its Eco Ridge Mine uranium project, Pele is advancing toward the sustainable development of a safe, secure, and reliable operation near Elliot Lake. At its East Highland Gold project, Pele has located several high-grade showings and is working to identify mineable gold resources. The Company also holds the Ardeen Gold and Sudbury Nickel projects, which are actively explored under option agreements with Coventry Resources Ltd. and Wallbridge Mining Company, respectively. Pele's shares are listed on the TSX Venture Exchange under the symbol "GEM".

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 the 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 Inc.
Al Shefsky
President
(800) 315-7353
www.pelemountain.com

SOURCE: Pele Mountain Resources Inc.

http://www.pelemountain.com

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Hess Corp (NYSE:HES) Hess Corporation, incorporated in 1920, explores for, develops, produces, purchases, transports, and sells crude oil and natural gas. These exploration and production activities take place in the United States, United Kingdom, Norway, Denmark, Russia, Equatorial Guinea, Algeria, Gabon, Libya, Indonesia, Thailand, Azerbaijan, Malaysia and other countries. The Company also manufactures, purchases, trades and markets refined petroleum and other energy products. It owns 50% of a refinery joint venture in the United States Virgin Islands, and another refining facility, terminals and retail gasoline stations located on the East Coast of the United States. As of December 31, 2005, the Company had 692 million barrels of proved crude oil and natural gas liquids reserves.

Exploration and Production

During the year ended December 31, 2005, 23% of Hess Corporation's crude oil and natural gas liquids production and 25% of its natural gas production were from United States operations. The Company operates mainly offshore in the Gulf of Mexico and onshore in Texas, Louisiana and North Dakota. The Llano field in Garden Banks Blocks 385 and 386 in the Gulf of Mexico produced at the rate of 15,000 barrels of oil equivalent per day (boepd) in 2005. In 2005, it acquired an additional 64,000 acres in the Bakken Shale resource play in the Williston Basin of North Dakota. At December 31, 2005, the Corporation has interests in approximately 355 exploration blocks in the Gulf of Mexico, of which it operates 260.

During 2005, 47% of Hess Corporation's crude oil and natural gas liquids production and 50% of its natural gas production were from European operations. The Company's activities in the United Kingdom are conducted by its wholly owned subsidiary, Amerada Hess Limited. Production in 2005 of crude oil and natural gas liquids from the United Kingdom North Sea was 57,000 barrels per day principally from its non-operated interests in the Beryl (AHC 22.2%), Bittern (AHC 28.3%) and Schiehallion (AHC 15.7%) fields. In addition, production from the Clair field (AHC 9.3%) commenced in 2005. Natural gas production from the United Kingdom in 2005 was 222,000 thousand cubic feet (Mcf), primarily from gas fields in the Easington Catchment Area (AHC 28.8%), as well as Everest (AHC 18.7%), Lomond (AHC 16.7%) and Beryl (AHC 22.2%). Hess Corporation's activities in Norway are conducted through its wholly owned Norwegian subsidiary, Amerada Hess Norge A/ S. Norwegian operations accounted for crude oil and natural gas liquids production of 27,000 barrels per day in 2005. Natural gas production averaged 28,000 Mcf per day in 2005. Substantially all of the Norwegian production is from the Corporation's 28.1% interest in the Valhall field.

Amerada Hess ApS, the Company's wholly owned Danish subsidiary, operates the South Arne field. Net production from its 57.5% interest in the South Arne field was 24,000 barrels of crude oil per day in 2005. Natural gas production was 24,000 Mcf per day in 2005. During 2005, Amerada Hess Corporation acquired a controlling interest in a corporate joint venture operating in the Volga-Urals region of Russia. Subsequent to the acquisition, this venture acquired additional licenses and assets. Production averaged 6,000 barrels per day in 2005.

During 2005, 27% of Hess Corporation's crude oil and natural gas liquids production were from African operations. The Company has interests in production sharing contracts covering two offshore blocks. Block G contains the Okume Complex and Ceiba field where the Company is an operator and owns an 85% interest. Net production from the Ceiba field averaged 30,000 barrels of crude oil per day in 2005.

Hess Corporation has a 49% interest in a venture with the Algerian national oil company that is redeveloping three oil fields. The Company's share of production averaged 25,000 barrels of crude oil per day in 2005. Amerada Hess Production Gabon, the Company's 77.5%-owned Gabonese subsidiary, has interests in the Rabi Kounga, Toucan and Atora fields.

The SqueezeTrigger database of approximately 1 billion short sale transactions goes back to January 1, 2005 and calculates the exact price at which the Total Short Interest is short in each stock. This data was never before available prior to January 1, 2005 because the Self Regulatory Organizations (primary exchanges) guarded it aggressively. After the SEC passed Regulation SHO, exchanges were forced to allow data processors like SqueezeTrigger.com to access the data. Total Short Interest is the number of shares shorted but not yet covered, and is different from total short volume. To access SqueezeTrigger Prices ahead of potential short squeezes beginning, visit http://www.squeezetrigger.com

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SQUEEZETRIGGER.COM has built a massive database that collects, analyzes and publishes a proprietary SqueezeTrigger for each stock that has been shorted. The SqueezeTrigger database of nearly one billion short sale transactions goes back to January 1, 2005 and calculates the exact price at which the Total Short Interest is short in each stock. This data was never before available prior to January 1, 2005 because the Self Regulatory Organizations (primary exchanges) guarded it aggressively. After the SEC passed Regulation SHO, exchanges were forced to allow data processors like SqueezeTrigger.com to access the data.

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Additionally, Wallbridge reports that a radial quartz-gabbro dyke, which from geochemistry is also likely related to the Sudbury Igneous Complex, has been discovered in the northeastern corner of the property. An intersection of Ni-Cu-PGE mineralization is reported from a drill hole drilled into the Hess Offset Dyke north of the property boundary in this area by Inco in 1967.

Pele President and CEO Al Shefsky stated, "We are very pleased with the exceptional work of our exploration partners, Wallbridge and Coventry Resources Limited, at our Sudbury Nickel and Ardeen Gold projects, respectively. In optioning these properties to capable partners, Pele shareholders realize value from active exploration and discovery while allowing the Company to focus on advancing our core projects at Highland Gold and the Eco Ridge Mine".

The Sudbury Nickel Project covers 14,000 acres on the North Range of the prolific Sudbury Mining Camp of Northern Ontario. Past exploration by Pele and Wallbridge has confirmed the presence of multiple offset dikes and an extensive belt of Sudbury breccia on the property. Offset dikes in the Sudbury area have hosted extensive Ni-Cu-PGE mineralization as well as several successful mining operations. Sudbury breccia is a host lithology often associated with footwall-style Ni-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, a 60-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.

This news release has been reviewed and approved by Peter Dimmell, P. Geo., a Pele director and a Qualified Person under National Instrument 43-101.

About Pele

Pele Mountain Resources is discovering and developing the mineral wealth of Northern Ontario. At its Eco Ridge Mine uranium project, Pele is advancing toward the sustainable development of a safe, secure, and reliable operation near Elliot Lake. At its East Highland Gold project, Pele has located several high-grade showings and is working to identify mineable gold resources. The Company also holds the Ardeen Gold and Sudbury Nickel projects, which are actively explored under option agreements with Coventry Resources Ltd. and Wallbridge Mining Company, respectively. Pele's shares are listed on the TSX Venture Exchange under the symbol "GEM".

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

SOURCE: Pele Mountain Resources Inc.

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