Pele Mountain Announces Option Grants

TORONTO, ONTARIO, Jan 13, 2010 (MARKETWIRE via COMTEX News Network) --

Pele Mountain Resources Inc. (TSX VENTURE: GEM) ("Pele" or the "Company") announced that earlier today it granted 925,000 incentive stock options to members of management of the Company (the "Management Options") and an aggregate of 600,000 incentive stock options to the remaining four (4) directors of the Company under its Stock Option Plan (collectively, the "Director Options"). In addition, the Company also announced that it has granted 150,000 incentive stock options to certain employees of the Company (the "Employee Options") to acquire up to an aggregate of 150,000 common shares of Pele. All Management Options, Director Options and Employee Options are exercisable at $0.27 per share and expire on December 31, 2012.

The Company also announced that it has granted 175,000 incentive stock options to certain consultants of Pele (the "Consultant Options") to acquire up to an aggregate of 175,000 common shares of Pele. The Consultant Options are exercisable at $0.27 per common share and expire on December 31, 2010.

The exercise price of all options granted is equal to the closing price of Pele's common shares on the TSX Venture Exchange on the date of immediately preceding the date of grant. All options granted and any common shares issued upon their due exercise will be subject to a statutory four-month hold expiring May 14, 2010. The granting of the options are subject to regulatory acceptance of applicable filings.

About Pele Mountain Resources

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: 101,843,608