Mr. Al Shefsky reports

PELE MOUNTAIN ANNOUNCES PROPOSED SHARES-FOR-DEBT SETTLEMENT

Pele Mountain Resources Inc. has entered into shares-for-debt agreements with certain creditors. Upon approval of requisite filings, Pele will issue 3,680,922 common shares, at a deemed price of five cents per common share, to satisfy aggregate debts of $196,489.96. The shares-for-debt transactions are subject to approval of the TSX Venture Exchange, and the common shares will be subject to a four-month hold.

We seek Safe Harbor.