Pelangio Exploration Inc.

Pelangio Exploration Inc.

October 30, 2009 16:15 ET

Pelangio Exploration Makes Option Payments on The Obuasi Property

TORONTO, ONTARIO--(Marketwire - Oct. 30, 2009) - Pelangio Exploration Inc. (TSX VENTURE:PX) ("Pelangio" or the "Company") is pleased to announce that it has made the first payments totaling six million common shares and US$750,000 pursuant to its options to acquire the remaining 49% of its three concessions totaling 290 km2 in Obuasi, Ghana (the "Obuasi Property"). The Company currently holds a 51% interest in the Obuasi Property and, following today's payments, may acquire the remainder by making further payments totaling US$1,500,000 (US$750,000 on or before June 19, 2010 and US$750,000 on or before June 19, 2011).

About Pelangio

Pelangio is a gold exploration company active in two of the top-ranked mining jurisdictions in the world, Canada and Ghana. The Company's primary goal is to discover Obuasi Mine-style gold ore shoots on its 290 km2 property located on strike and adjacent to AngloGold Ashanti's Obuasi Mine, which has produced 30 M oz of gold since 1897 and holds current reserves and resources of 37 M oz (9.7 M oz reserve in a global resource comprising: 24.5 M oz measured and indicated; 12.5 M oz inferred - as further described in AngloGold Ashanti's Mineral Resource and Ore Reserve Report 2008).

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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
    Pelangio Exploration Inc.
    Brendan Cahill
    Vice President Corporate Development
    905-875-3828 or Toll-free: 1-877-746-1632