Pele Mountain Engages Jacob Securities for Advisory Services to Advance Eco Ridge Mine Rare Earth and Uranium Project

TORONTO, ONTARIO -- (Marketwire) -- 02/27/13 -- Pele Mountain Resources Inc. (TSX VENTURE: GEM)(OTCQX: GOLDF) ("Pele" or the "Company") announced today that it has engaged Jacob Securities Inc. to provide financial advisory services to Pele as it advances its flagship Eco Ridge Mine Rare Earth and Uranium Project in Elliot Lake, Ontario.

Pele President Al Shefsky stated, "With the achievement of each project milestone, we continue to demonstrate that Eco Ridge can provide a secure and reliable long-term supply of critical rare earths and uranium. Our Elliot Lake location, outstanding local infrastructure, extensive and expandable resources, well understood geology and mineralogy, and our world-class development team are just a few of our many competitive advantages at Eco Ridge."

Mr. Shefsky continued, "We believe that the long term solution to financing development at Eco Ridge is likely to involve long term uranium off-take agreements with nuclear utilities and a strategic partnership with end-users of critical rare earths. We are confident that Jacob Securities can elevate our market profile within the sector and assist us in these efforts. We look forward to working with them."

Jacob Securities President and CEO Sasha Jacob added, "As the market for energy metals, including uranium and rare earths, has retrenched since 2011, the landscape has changed dramatically. Consistent with our long-standing view that being among the leaders in the race to production of critical rare earths outside of China is paramount to success in this sector, we believe the time is right to take a closer look at some of the lesser-known companies which, perhaps, have lower hurdles to production than some of their better-known peers. As such, we believe that Pele is a good fit for our firm and we look forward to working with them."

Jacob Securities Inc. is an independent full-service investment bank providing a wide range of services including underwriting, financial advisory services, research, market making and other services to companies in the renewable power, infrastructure, energy and mining sectors. The firm has comprehensive coverage of the complete energy spectrum, from renewable energy and clean technology to conventional utilities to oil and gas, and with particular focus in the energy related commodities, including uranium and rare earth. The Jacob Securities team has participated in more than $3-Billion in renewable equity financing.

Jacob Securities will provide Pele with certain advisory services including market intelligence and market making support utilizing Jacob Securities' own capital. For these and related services, Pele will pay a monthly advisory fee of $10,000 per month. The initial term of the agreement is until July 15, 2013, following which, the agreement will be automatically renewed monthly until terminated in accordance with the terms of the agreement.

About Pele

Pele Mountain Resources is focused on the sustainable development of its 100-percent owned Eco Ridge Mine Rare Earth and Uranium Project. Eco Ridge is located in Elliot Lake, the only Canadian mining camp to have ever achieved commercial rare earth production. Elliot Lake was once the major source of heavy rare earth, yttrium and uranium production in North America. With well-understood geology, mineralogy, and metallurgy, excellent regional infrastructure, and strong local support, Eco Ridge is an ideal location for the development of a safe, secure, and reliable long-term supply of critical rare earths and uranium. Pele's shares are listed on the TSX Venture Exchange under the symbol "GEM" and on the OTCQX under the symbol "GOLDF".

For further information please visit the Pele website at www.pelemountain.com.

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.

Shares Outstanding: 153,151,246

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