Pelangio Exploration Inc.
TSX VENTURE : PX

Pelangio Exploration Inc.

September 03, 2009 08:00 ET

Pelangio Exploration Identifies Significant New Gold Showings on the Obuasi Main Mine Trend

TORONTO, ONTARIO--(Marketwire - Sept. 3, 2009) - Pelangio Exploration Inc. (TSX VENTURE:PX) ("Pelangio" or the "Company") is pleased to announce its 2009 prospecting and surveying results to date and to provide an update on the Company's Obuasi property (the "Obuasi Property") in Ghana:

- New gold showings grading up to 6.6 g/t

- New MMI anomalies measuring up to 100m x 1000m

- 2009 VTEM survey extends Main Obuasi Mine Trend by 7kms

- Preliminary 7,000m drill program planned for fourth quarter

Prospecting and Surveying Results Identify New Gold Showings

The Company has identified six new gold showings from outcropping grading 2.1 g/t to 6.6 g/t on the extension of the Obuasi Main Mine Trend in the eastern portion of the Obuasi Property. The Company has also identified two new MMI (mobile metal ion) anomalies in the Mount Kate area of the Obuasi Main Mine Trend, measuring 1000 metres by 100 metres and 500 metres by 200 metres, respectively.

"Finding gold occurrences on surface beside a mine with more than 30 million ounces in resources is very promising," commented Warren Bates, Senior Vice President Exploration of Pelangio. "We continue to find gold by prospecting in areas indicated by our geophysical and geochemical surveying, which bodes well for the 7,000 metre drill program we plan to commence early in the fourth quarter and for our future drill programs."

The gold-bearing grab samples were found by prospecting near conductor axes established during the 2007 VTEM helicopter-borne electromagnetic survey. Similarly, the new MMI anomalies were sampled on grids derived from the 2007 VTEM survey and magnetic data. The following link provides a map of these new gold showings and MMI anomalies in relation to certain of the Company's previous surveying and prospecting results: http://media3.marketwire.com/docs/px903fig1.pdf

Encouraging Results From 2009 VTEM Aerial Survey

Pelangio is also pleased to announce that the results and analysis of the Company's 2009 VTEM aerial survey (announced April 7, 2009) have confirmed that the Obuasi Main Mine Trend extends a further seven kilometres through the Obuasi Property.

"Today's VTEM results confirm that the structures running from the Obuasi Mine onto our property cross almost 50% more of our property than was previously recognized," commented Mr. Bates. "Most significantly, our previous drilling has confirmed that these structures are gold-bearing."

The following link provides a map of the latest VTEM survey: http://media3.marketwire.com/docs/px903fig2.pdf

The Company has now confirmed that the Obuasi Main Mine Trend traverses a minimum of approximately 15 kilometres of the Obuasi Property from the southwest to the northeast. It has not yet been determined whether the granitic intrusion delineated by the survey pre-dates or post-dates gold mineralization in the region, which determination could increase the known extent of the Trend through the Obuasi Property.

Pelangio has also been working throughout the summer with SRK Consulting (Canada) Inc. and Condor Consulting Inc. on a detailed structural analysis of geophysical surveying conducted to date. The resulting interpretation accords closely with the results of the Company's prospecting and geochemical surveying and defines numerous priority drill targets on the Obuasi Main Mine Trend, as well as elsewhere on the Obuasi Property.

The following link provides an image that collates certain results from Pelangio's prospecting, drilling, geophysical and geochemical surveying and structural analysis: http://media3.marketwire.com/docs/px903fig3.pdf

The ore at the Obuasi Mine is contained within a series of shallow-plunging shoots, which plunge and trend towards Pelangio's Obuasi Property (see Pelangio's website at www.pelangio.com for an animation of the local geology). The shoots are hosted in conductive sheared argillites, which are visible in VTEM surveys such as those completed by Pelangio in 2007 and 2009. The Company has used the results of these surveys as a structural mapping tool to locate areas of the Obuasi Property with higher potential for gold mineralization. The Company's goal is to locate Obuasi Mine-style shoots within the Obuasi Property's boundaries.

Pelangio currently has bids from nine drill contractors and expects to commence a preliminary 7,000 metre drill program early in the fourth quarter focusing on the portion of the Obuasi Main Mine Trend closest to the Obuasi Mine.

The exploration program at the Obuasi Property is managed by Mr. Chris Pegg, P. Geo., a Qualified Person within the meaning of National Instrument 43-101. Mr. Pegg has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information.

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