Pelangio Mines Inc.

Pelangio Mines Inc.

April 17, 2007 17:41 ET

Pelangio Closes Private Placement

TORONTO, ONTARIO--(CCNMatthews - April 17, 2007) -


Pelangio Mines Inc. ("Pelangio" or the "Company") (TSX:PLG)is pleased to announce that its previously announced non-brokered private placement (the "Flow-Through Private Placement") has closed, raising gross proceeds of $501,200 through the issuance and sale of 358,000 flow-through common shares of the Company at a price of $1.40 per share. The funds raised under the Flow-Through Private Placement will be used to advance exploration at Pelangio's Hemlo Seeley Lake Project and Black Township Project.

Pelangio also closed its private placement (the "Private Placement") in the amount of $173,250 through the issuance and sale of 175,000 common shares of the Company at a price of $0.99 per share. The proceeds from the sale will be used for working capital.

The Toronto Stock Exchange conditionally approved for listing the common shares issued under the Flow-Through Private Placement and Private Placement on April 10, 2007.

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 411 square kilometres, located on strike and adjacent to AngloGold Ashanti's Obuasi gold mine.

Pelangio also has a 50% equity interest in Detour Gold Corporation ("Detour Gold"), which controls the Detour Lake advanced exploration project. The near-term objective of Detour Gold is to advance the Detour Lake project to development and production.

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. Forward-looking statements and information include statements regarding our proposed plans in respect of the use of the funds raised under the private placement. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including the closing of the private placements. Forward-looking statements and information are by their nature based on assumptions and involve known and unknown 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, the uncertainties involved in interpreting trenching and channel sampling results and other geological data, increase in costs and exchange rate fluctuations and other risks involved in the gold exploration and development industry. See our annual information form, management information circular, and our quarterly and annual management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statements 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 Pelangio. Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information herein are qualified by this cautionary statement.

Contact Information

  • Pelangio Mines Inc.
    Ingrid Hibbard
    President & CEO
    (905) 875-3828
    (905) 875-3829 (FAX)
    Pelangio Mines Inc.
    Laurie Gaborit
    Investor Relations
    (416) 350-2112
    (905) 875-3829 (FAX)