Mr. Al Shefsky reports

PELE MOUNTAIN SHAREHOLDERS APPROVE ALL MATTERS PRESENTED AT THE ANNUAL AND SPECIAL MEETING OF THE SHAREHOLDERS

Pele Mountain Resources Inc. shareholders have approved all matters voted on at the company's annual and special meeting of shareholders held on March 9, 2017, being: election of management's proposed slate of directors of the company; reappointment of Collins Barrow LLP as the auditors of the company; approving an amendment to the company's stock option plan; and approving a consolidation of the company's common shares on the basis of up to 10 preconsolidation common shares for each one postconsolidation common share; and approving the change of the company's name from "Pele Mountain Resources Inc." to "Griffin Energy & Metals Ltd."

More specific details of the matters approved at the meeting are set forth in a management information circular of the company dated Jan. 27, 2017, and posted on the System for Electronic Data Analysis and Retrieval (SEDAR).

About Pele Mountain Resources Inc.

Pele Mountain Resources is focused on the sustainable development of mineral processing facilities to produce rare earths at its 100-per-cent-owned Eco Ridge rare earth and uranium project at Elliot Lake in Ontario. By processing imported minerals, Pele seeks to produce a secure, sustainable and scalable rare earth supply without the high costs of hard rock mine development.