Pelangio Exploration Inc.

Pelangio Exploration Inc.

September 01, 2011 08:00 ET

Pelangio Exploration Acquires 100% of the Manfo Gold Property

TORONTO, ONTARIO--(Marketwire - Sept. 1, 2011) - Pelangio Exploration Inc. (TSX VENTURE:PX) ("Pelangio" or the "Company") is pleased to announce that it has acquired a 100% interest in the 100 km2 Manfo Property in Ghana (subject to the Government of Ghana's legislated 10% carried interest upon commencement of mining operations). The Company recently completed the final payment and granted the applicable royalties under the option agreements in respect of the Manfo Property. Subject to the approval of the Minister of Lands and Natural Resources of the Republic of Ghana, title to the Manfo Property will be transferred to Pelangio in due course.

"In less than one year on the Manfo Property, we have made four new, near surface discoveries, both high grade and bulk tonnage," stated Ingrid Hibbard, President and Chief Executive Officer. "We have an aggressive drilling program planned for the next 12 months that is designed to expand the identified zones along strike and at depth and discover new zones as we move towards completing an initial resource estimate on the property during 2012. The Manfo Property continues to prove itself as a company-maker and we plan to build on this asset during the coming year."

About Pelangio

Pelangio successfully acquires and explores camp-sized land packages in world-class gold belts, while using innovative corporate restructuring to maximize shareholder value. Drilling is currently underway on two 100%-owned camp-sized properties in Ghana, West Africa: the company-making 100 km2 Manfo Property on the Sefwi greenstone belt between the Ahafo and Chirano mines, respectively operated by Newmont and Kinross, is the site of four recent near-surface, high grade and bulk tonnage, gold discoveries; and the potentially game-changing 290 km2 Obuasi Property on the Ashanti greenstone belt is located four kilometres on strike and adjacent to AngloGold Ashanti's prolific, high-grade Obuasi Mine, which has produced over 30 million ounces of gold since 1897.

For additional information, please visit our website at or follow us on Twitter @PelangioEx.

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 the Company's exploration plans and exploration results with respect to the Obuasi Property and the Manfo Property, and are subject to forward-looking risks, uncertainties and other factors which may cause the Company's 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 the Company's 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.

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