TORONTO, ONTARIO–(Marketwired – Feb. 24, 2016) – Pele Mountain Resources Inc. (TSX VENTURE:GEM)(OTCQX:GOLDF) (“Pele” or the “Company“) is pleased to announce that it has entered into a shares-for-debt settlement agreement with certain creditors. Upon approval of requisite filings, Pele will issue 2,785,001 common shares, at a deemed price of $0.05 per common share, to satisfy total debts of $139,250.05. The shares-for debt transaction is subject to approval of the TSX Venture Exchange and the common shares will be subject to a four (4) month hold.

About Pele

Pele Mountain Resources is focused on the sustainable development of its Eco Ridge property in Elliot Lake, Ontario. The Eco Ridge property has unique characteristics that make it an attractive development site, including excellent regional infrastructure, strong local support, and its strategic location within Canada’s only historic rare earth mining camp.

Pele is focused on advancing Eco Ridge as host to Canada’s first rare earth processing centre and is assessing its potential to host a large-scale renewable energy project. The NI 43-101 mineral resources at Eco Ridge also provide Pele shareholders with exposure and leverage to the growing global demand for rare earths and uranium.

Pele shares are listed on the TSX Venture Exchange under the symbol “GEM” and on the OTCQX under the symbol “GOLDF“.

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.

Shares Outstanding: 209,396,930