03:47 PM EST - Pele Mountain Resources Inc. : announced that it has signed an option agreement for its Ardeen Gold Project with Coventry Resources Limited, one of several natural resource companies controlled by Australian company MQB Ventures Pty Ltd. Terms of the Option Agreement call for Coventry to make a $25,000 initial payment to Pele Gold in consideration of a 90-day exclusivity period for Coventry to perform due diligence at Ardeen which has already begun. If Coventry decides to exercise its option on the project, a definitive option agreement is to be entered into between Pele Gold and Coventry. Pele Mountain Resources Inc.
shares V.GEM are trading down $0.005 at $0.12.
