Pelangio Exploration Inc.
TSX VENTURE : PX

Pelangio Exploration Inc.

December 17, 2009 16:15 ET

Pelangio Exploration Provides Exploration Update on the Obuasi Property

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2009) - Pelangio Exploration Inc. (TSX VENTURE:PX) ("Pelangio" or the "Company") is pleased to provide an update on the drilling program on its property near Obuasi, Ghana (the "Obuasi Property"). The Company has now completed drilling for the year, having drilled 12 holes totaling 4,200 metres. These holes are part of Pelangio's first phase drilling program, which now contemplates 40 holes totaling 12,000 metres to be drilled by the end of the first quarter of 2010. Pelangio expects to commence the second phase of the program, approximately 20,000 metres, in the second quarter of 2010.

Pelangio has used VTEM surveying to trace the structures associated with gold mineralization at the Obuasi Mine through the Obuasi Property. The drilling completed to date has successfully encountered these structures, assays on which are pending.

Pelangio expects to release the assays from all drilling completed to date in mid- to late-January 2010.

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).

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
    www.pelangio.com