Prep an 8 inch square pan by spraying it with non stick spray. Then line the pan with parchment. Set aside.
In a small saucepan combine sugar, corn syrup and water and cook over medium heat, stirring until the sugar dissolves. Stop stirring and let it come to a boil over medium high heat until it reaches 260 degrees.
In the meantime put 3/4 cup of water in a heat proof bowl and sprinkle the gelatin over it. Let stand for 5 minutes while it softens. Now set the bowl of gelatin over a pot of simmering water and whisk it constantly until the gelatin dissolves. Remove from the heat and add the peppernint extract. Set aside.
Now beat the eggs whites in a stand mixer with the whisk attachment until they get a bit stiff.
Take your gelatin mixture and add it to the sugar mixture. Give it a stir then gradually add this to the mixer with the egg white mixture. Mix until it thickens a lot, takes about 12 to 15 minutes.
Pour this into the pan you prepared earlier and smooth out. Work fast and add drops of red food colouring to the pan. Take a toothpick and drag it back and forth through the pan to swirl the red into the white.
Let the marshmallows set for about 3 hours, or overnight.
Cut into squares.
Use in hot chocolate, or put into tins or plastic bags to give as gifts.
Serve with a big old pepperminty smile!