Pele Mountain Commences Trading in the United States on OTCQX International

Symbol: GEM
Listing: TSX Venture Exchange
Common Shares Outstanding: 133,918,746

TORONTO, May 3 /PRNewswire/ - Pele Mountain Resources Inc. (TSX Venture: GEM; OTCQX:GOLDF) ("Pele" or the "Company") announced today that its shares have commenced trading in the United States on the OTC market's prestigious tier, OTCQX International.  Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcqx.com and www.otcmarkets.com. Pele's U.S. trading symbol is "GOLDF".  Pele's shares are also listed on Canada's TSX Venture Exchange under the symbol "GEM".

Pele President and CEO Al Shefsky stated, "With rapidly increasing interest in our Eco Ridge Mine Rare Earths and Uranium Project and our portfolio of Northern Ontario gold properties, we are pleased to begin trading on OTCQX International.  The OTCQX will provide Pele with a cost-effective means of enhancing its visibility and liquidity, benefiting all of our investors, especially those residing in the United States."

Pele anticipates delivery of an updated Preliminary Assessment for Eco Ridge, including economic modeling and a timeline for advancing the project through the feasibility and licensing stages, during the current calendar quarter.  Pele recently received an updated NI 43-101 Resource Estimate for Eco Ridge which, for the first time, included both rare earth oxides and uranium oxide.  The Eco Ridge Resource Estimate can be viewed at: http://www.pelemountain.com/mineral-resources.php.

The OTCQX is the premium tier of the OTC marketplace, providing Pele with exposure to American institutional and retail investors.  OTCQX International is reserved for companies that are listed on a qualified stock exchange in their home country, providing a visible presence in the U.S., without the duplicative regulatory burdens of a traditional U.S. exchange listing.

Merriman Capital, Inc. of San Francisco will serve as Pele's Principal American Liaison ("PAL") on OTCQX International, and will be responsible for providing guidance on OTCQX requirements and compliance with U.S. securities laws.  Merriman Capital, Inc. is a wholly-owned subsidiary of Merriman Holdings, Inc. (NASDAQ: MERR) and is a member of FINRA and SIPC.

About Pele

Pele Mountain Resources is focused on the sustainable development of its 100-percent owned Eco Ridge Mine Rare Earths and Uranium Project.  Eco Ridge is one of very few North American deposits with NI 43-101 compliant REO resources and is located in Elliot Lake, the only Canadian mining camp to have ever achieved commercial REO production.  An updated Preliminary Assessment is on schedule for expected delivery during the second quarter of 2011, incorporating design enhancements achieved since the initial positive Scoping Study in 2007 and, for the first time, providing a detailed economic model based on revenues from both REO and U₃O₈.  With well-understood geology, excellent regional infrastructure, and strong local support, Eco Ridge is an ideal location for a safe, secure, and reliable long-term supply of REO and U₃O₈.  Pele also holds interests in a portfolio of Northern Ontario gold properties at Highland and Ardeen.  Pele's shares are listed on the TSX Venture Exchange under the symbol "GEM" and on the OTCQX under the symbol "GOLDF".

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates the world's largest electronic marketplace for broker-dealers to trade unlisted stocks.  The OTC Link^™ platform supports an open network of competing broker-dealers that provide investors with the best prices in over 10,000 OTC securities.  In 2010, securities on OTC Link traded over $144 billion in dollar volume, making it the third largest U.S. equity trading venue after NASDAQ and the New York Stock Exchange.   The wide spectrum of OTC-traded companies can be categorized into three tiers - OTCQX (the quality-controlled marketplace for investor friendly companies), OTCQB^® (the U.S. reporting company marketplace for development stage companies), and OTC Pink^™ (the speculative trading marketplace) - so investors can identify the level and quality of information companies provide.  To learn more about how OTC Markets Group makes the unlisted markets more transparent, informed, and efficient, visit www.otcmarkets.com.

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.  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.

SOURCE Pele Mountain Resources Inc.