Pelangio Exploration Inc.
TSX VENTURE : PX

Pelangio Exploration Inc.

September 24, 2009 09:00 ET

Pelangio Exploration Commissions 7,500 Metre Phase I Drill Program on the Obuasi Property

TORONTO, ONTARIO--(Marketwire - Sept. 24, 2009) - Pelangio Exploration Inc. (TSX VENTURE:PX) ("Pelangio" or the "Company") is pleased to announce that it has commissioned a 7,500 metre drill program on the Company's property in Obuasi, Ghana (the "Obuasi Property"), which will be the first phase of an intended 27,500 metre program. The Company expects the program to commence by early-October.

The first phase drill program will focus on eight-kilometres of the Main Obuasi Mine Trend, particularly near the Mount Kate, East Copper and Boundary showings (see location of planned drill targets via the following link: http://media3.marketwire.com/docs/px924.pdf). Pelangio has identified numerous drill targets on the Main Obuasi Mine Trend through structural mapping, geophysical and geochemical surveying and prospecting. The Company will review assays received during the first phase program and optimize the 20,000 metre second phase program accordingly, with the intention to commence the second phase program in early 2010.

About Pelangio

Pelangio is a gold exploration company active in the top-ranked mining jurisdictions in the world, Canada and Ghana. The Company's main focus is to advance its exploration programs on its premier land position in Ghana totaling 290 square kilometres, located on strike and adjacent to AngloGold Ashanti's Obuasi gold mine.

For additional information, please visit our website at www.pelangio.com.

Forward Looking Statements

Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. With respect to forward-looking statements and information contained herein, we have made numerous assumptions. Forward-looking statements and information include statements regarding our exploration plans and exploration results with respect to our Obuasi property, and are subject to forward-looking risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks include gold price volatility, changes in equity markets, political developments in Ghana, increases in costs, exchange rate fluctuations and other risks involved in the gold exploration industry. See our annual and quarterly financial statements and management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement.

Neither 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.

Contact Information

  • Pelangio Exploration Inc.
    Ingrid Hibbard
    President & CEO
    905-875-3828 / Toll-free: 1-877-746-1632
    or
    Pelangio Exploration Inc.
    Warren Bates
    Senior Vice President Exploration
    905-875-3828 / Toll-free: 1-877-746-1632
    info@pelangio.com